Wow!…inventory is going in the wrong direction! We are back down to only 40 homes available in all of NW Seattle, which is just slightly above where we started the year out. In the past two weeks we had 69 new listings hit the market. In that same time period, we had 93 homes go under contract. It’s easy to see why inventory levels are not growing. Nearly 90% of homes are going under contract in about a week.
With these numbers it’s not surprising that Buyers are feeling super frustrated with the current state of the market. There just aren’t enough homes available right now. Buyers are also feeling pressure to buy something before interest rates rise even further. Over the weekend I had several conversations with Buyers and they all pretty much lamented the same concerns – very little inventory and fear of rising interest rates. We started the year off with conforming rates at 3.375%, now at the end of the month they are at 3.75%. Jumbo rates have been a bit more stable moving from 3% to 3.25% currently.
Of course there is no crystal ball. However, we think Sellers who are on the market during this period of super low inventory will most likely get a premium for their properties because demand is significantly outstripping supply. Recently we had Buyers who were one of 43 offers on a home in Bothell. This is a prime example of demand far exceeding supply.
We believe 2022 overall will be another good year for local sellers. If you are curious what your home might be worth, please reach out to us. We are happy to put together a Market Value report for you.
