Monday NW Seattle Real Estate Market Update | January 25th, 2021
Here we are finishing up the first month of 2021. This week we discuss how the Real Estate Market in 2020 was the best it’s been since 2006. It’s been a hot Seller’s Market for awhile now.
The low levels of inventory does make it tough out there for Buyers, but it won’t last forever! One option that Buyers can consider though, is purchasing New Construction. There are many builders out there right now which will result in more inventory on the market!
And as always, we give you the up to date interest rates and the NW Seattle area housing numbers for the past week.
Spots are still available for our new workshop this Thursday at 5:30PM on Zoom.
Are you or anyone you know thinking about Downsizing in the future? Take the first step and join us for a free virtual workshop where we will be discussing housing options when Downsizing. We hope to see you there!
Housing Options When Downsizing
Thursday, Jan 28th @5:30PM on Zoom.
click here to register.
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.
π΄ππ ππ πππ€ππ¦π , ππ π¦ππ’ βππ£π πππ¦ πππππ‘πππππ ππππ ππ π‘ππ‘π π°π³ π₯π°πΈπ―π΄πͺπ»πͺπ―π¨ ππ’ππ π‘ππππ , ππππ ππππ π‘π ππππ/π‘ππ₯π‘ π’π πππ¦ π‘πππ! ππ’ππ πππ€ππ¦π βπππ π‘π βπππ!
Steve π² (c) 206-769-9577 π§stevehill@windermere.com
Sandra π² (c) 206-271-7100 π§sbrenner@windermere.com
Video Transcript:
Hey everybody, welcome to week 46 of our Monday market update. Interest rates remain phenomenal, 2.75% for conforming, and 2.5% for 10 year arms. So if you are planning on paying your house off in maybe 10 years or moving in five to 10 years, a 10 year arm could be a great option for you. And then of course, Jumbo rates 2.875%
I think nobody would be surprised to learn that 2020 was probably one of the best years in real estate since 2006. And then we’ve had definitely a shortage of homes. But there is good news. So home builders are out in force, housing starts are up, new permits for housing starts are up and in fact they are the highest since 2006. So hopefully, you know, maybe six months into 2021 we’ll have some new inventory and of course this is you know stats nationwide, not just for the Seattle metro area. But you know, home builders are out in force here as well.
But Steve what has happened in the last week in northwest Seattle for real estate?
In northwest Seattle, there were a total of 122 Homes for sale. New Homes, there were 52 new homes listed and 81% were vacant and 81% had a review date, 40 homes went pending with an average market time of 11 days, 11 homes went pending inspection with an average market time of 42 days and 22 homes closed with an average market time of 20 days. And average price per square foot is staying fairly high at $521 per square foot. So that’s great news for sellers.
Yeah, and it’s been challenging for buyers. But you know, because we’re working with a handful of buyers kind of all over the the Puget Sound area it’s been tough but inventory levels will pick up so you know, hang in there buyers. It’ll be worth it in the end, but have an awesome week and we will see you all next week.
Have a great one everyone.
