Monday NW Seattle Real Estate Market Update | February 8th, 2021
As promised, this week, we start out by discussing some key differences in the NW Seattle Real Estate Market between 2020 and 2021. We look at Home Inventory Levels, New Listings, Pending Sales, & the Absorption Rate.
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Seattle continues to be a very robust Seller’s market, but Buyers, hang in there! Inventory will begin to rise and things will start to level off again, making it less challenging to find a home.
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If you are curious what your home is worth in 2021, we’d be happy to put together a free market analysis report for you. We think it is always a good idea to know your home’s value.
Click here to find out what your home is worth in today’s market!
We hope you have a great week!
We understand that it is a confusing time right now. Each Monday, we will be sending out an update based on our experience over the past week to give you the NW Seattle Real Estate Market’s “Temperature”. We are getting real time updates from our Lender each week as well. We want to make sure that you are as informed as we are. Please don’t hesitate to give us a call or shoot us an email if at any point you have additional questions or questions that relate to your specific situation.
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Steve π² (c) 206-769-9577 π§stevehill@windermere.com
Sandra π² (c) 206-271-7100 π§sbrenner@windermere.com
Hey, everybody, welcome to week 48 of our Monday market update. And we are closing into almost a year of doing this update. So I think on our 52nd episode, I don’t know, maybe we should have balloons going off or something we’ll see.
Last week, I had talked about comparing last January to this past January, and how this past January felt significantly more robust than we did at the beginning of 2020. And so I was right, which I love being right, as Steve will smile and nod.
But anyhow, so inventory levels at the end of January, were up by 20%. And then new listings, new listings were actually significantly higher in January than what I thought they were, they were actually up 62% compared to January of 2020. And pending homes. So homes that are under contract, but not yet closed, those homes were up 41%, which is a lot. And so then the absorption rate, which is basically how fast the market is moving the absorption rate in January 2021 was 145%, actually just a hair under 145%. And in 2020, it was I think it was 123.5, something like that. But anyhow, the absorption rate was up 17%. And then the average days on market for this past January, we’re basically almost half of what they were in January 2020. In 2020, they were 46 days on market this past January 24 days on market.
So, you know, like we’ve been feeling it’s been a very robust seller’s market. But hang in there buyers, more and more inventory will come on, and it will start to kind of level out and not be quite so challenging to secure a home. But Steve, what has happened this past week in Northwest Seattle?
Well, as you mentioned, there’s not many homes for sale in all of Northwest Seattle. 99 Homes For Sale last week. So that was just a, you know, still really, really low. New homes for sale. 48 homes came on the market. 88% of those were vacant, 24 homes had a review date. And that was 50% of the inventory. But if you take out townhouses and pre-sales or homes that are not yet built, that number goes up to 80%. So that’s significant. And then pending sales, homes that went pending. 50 homes went pending, with an average market time of 18 days on the market. Homes that went pending inspections. 17 homes went pending inspection with an average market time of 41 days and 24 homes sold last week with an average market time of 21 days. And the average price per square foot is hovering around $500 a square foot so that is what happened last week in Northwest Seattle.
So have an awesome week, everybody and we’ll see you next Monday.
Thank you.
