Monday NW Seattle Real Estate Market Update π July 6th, 2021
This past week fewer homes came on the market due to the Independence Day holiday. As a result, available inventory declined as homes already listed sold. We sense a slight slow-down in the market as 88% of homes have been on the market 10 days or more. However, we still are experiencing a robust Sellerβs Market in Northwest Seattle Β In this video, we go over the numbers and statics, and provide our analysis.
Check out the blog that we recently wrote called βNegotiating Home Plateβ if youβre considering selling your home. In this post, we compare the home selling process with running the bases of a baseball diamond. Each base represents a moment in the process that could potentially cause delays. Our goal with our Sellers is to hit a home run without stopping on any base. This ensures the process goes smoothly and with the least amount of stress! Visit our blog to read the full article: https://www.brennerhill.com/blog/homeplate/
We hope you enjoy the respite from our heat spell!
-Steve & Sandra
π΄ππ ππ πππ€ππ¦π , ππ π¦ππ’ βππ£π πππ¦ πππππ‘πππππ ππππ ππ π‘ππ‘π ππ’ππ π‘ππππ , ππππ ππππ π‘π ππππ/π‘ππ₯π‘ π’π πππ¦ π‘πππ! ππβππ 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:
Welcome to week 70 of our Monday Market update. As we expected, very few homes came on the market this past week because of the holiday. We had only 18 new listings come to market in Northwest Seattle. This lack of new listings brought down the overall inventory to 137 homes available. And of those, 121 or 88% have been on the market for 10 days or more. This number is high, but thatβs just because so few homes came on. The market buyers were still really active though. We had 61 homes go under contract, 51 pending and 11 pending inspection.
Yeah, that actually was really good activity from buyers for a holiday week. And what stood out to me this week was on the closed homes. We had 84 closed, but only 50% sold above their asking price and 19% sold below asking, which is the highest number weβve seen so far this year. Right now, Iβm not alarmed by this number, I think as buyers get better at pricing closer to the true market value and not underpricing on purpose for multiple offers, then the number of homes that do sell at or below asking should go up. The indicator to watch, to gauge whether the market is slowing down is the number of homes going pending inspection. This number will start to increase week by week and the number of days it takes for homes to sell will start to increase as the market slows down. So far, both of these numbers have fluctuated each week, but are still well within the range that weβve seen all year. So no alarm bells yet from me. We are officially in the second half of the year. This is the time that people start planning on selling either in the fall or next spring. If you are considering a move, please reach out to us. We are happy to assist in formulating a plan, what you should and should not do to prepare your home for sale. Thereβs never any obligation in meeting with us. If you liked this video, give us a life and donβt forget to subscribe to our channel.
Have a great week, everyone.
