NW Seattle Real Estate Market Update | February 27, 2023

Review dates are steadily making a comeback in NW Seattle. This past week, 53% of new listings had review dates up from 45% the previous week and 32% before that. What was noticeable in the past two weeks was the number of townhouses that also had review dates. I think of townhouses as the proverbial “canary in the coal mine”. They are the first segment of the single-family market to be affected when the market slows down, and they are the last to start rebounding. Seeing more review dates with townhouses is just another indication that the market is picking up for Sellers. The sold price per sq/ft has also been steadily rising since the beginning of the year, which was expected. More homes still sell below their original list price than above, but that gap is steadily decreasing.

Our neighbors to the north in SW Snohomish are experiencing the same thing. New listings with review dates are steadily increasing and were at 41% last week up from 25% the previous week and 17% before that. The average sold price per sq/ft so far in February is $430, up modestly from $421 in January. Lack of inventory continues to help stabilize the market. There are currently just 71 homes available for sale.

Interest rates hikes have been a concern for Buyers in February. We went from 5.875% to 6.5% in just a few weeks. As we all know, this has a negative impact on Buyers purchasing power.

Northwest Seattle Real Estate Market Activity

During the Last 2 Weeks:Previous 2 Weeks:
Inventory – 130Inventory – 125
New Listings – 65New Listings – 52
Under Contract – 59Under Contract – 75
Sold – 63Sold – 48
Price per Sq/Ft – $548Price per Sq/Ft – $528

-Steve & Sandra
𝐴𝑛𝑑 𝑎𝑠 𝑎𝑙𝑤𝑎𝑦𝑠, 𝑖𝑓 𝑦𝑜𝑢 ℎ𝑎𝑣𝑒 𝑎𝑛𝑦 𝑎𝑑𝑑𝑖𝑡𝑖𝑜𝑛𝑎𝑙 𝑟𝑒𝑎𝑙 𝑒𝑠𝑡𝑎𝑡𝑒 𝑞𝑢𝑒𝑠𝑡𝑖𝑜𝑛𝑠, 𝑓𝑒𝑒𝑙 𝑓𝑟𝑒𝑒 𝑡𝑜 𝑐𝑎𝑙𝑙/𝑡𝑒𝑥𝑡 𝑢𝑠 𝑎𝑛𝑦 𝑡𝑖𝑚𝑒! 𝑊𝑒’𝑟𝑒 𝑎𝑙𝑤𝑎𝑦𝑠 ℎ𝑒𝑟𝑒 𝑡𝑜 ℎ𝑒𝑙𝑝!
Steve 📲 (c) 206-769-9577 📧stevehill@windermere.com
Sandra 📲 (c) 206-271-7100 📧sbrenner@windermere.com
🔗 Brennerhill.com

Windermere Real Estate /FN

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