Happy New Year! As expected, the activity for the last two weeks of the year was very light in NW Seattle. We only had 20 new listings come on the market and those got snapped up right away by eager Buyers. We are starting the year off with just 35 homes available for sale in all of NW Seattle! Compare that to the start of 2021 when we had 95 homes available. We’ve been talking about the low inventory for quite a while now. The last time we started a year off so low was in 2018 and then prices shot up that first quarter because demand severely outpaced supply. We suspect that inventory will continue to be an issue for the first Quarter of 2022.
While inventory levels will continue to be a huge challenge for Buyers heading into 2022, interest rates will hopefully remain stable. Throughout the last Quarter of 2021 interest rates for both conforming and jumbo loans had only small fluctuations. Conforming rates were primarily in the 3.25% to 3.375% range and Jumbo rates bounced between 2.875% and 3%.
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Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew is the former Principal of Gardner Economics, and has over 30 years of professional experience both in the U.S. and U.K.
Please register by Monday, January 10, 2022
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