Monday NW Seattle Real Estate Market Update | June 14th, 2021
Last week we were a bit concerned that the number of homes going under contract in NW Seattle were down, but we are happy to see that those numbers have gone up!
If you didn’t already know, Seattle is experiencing a super strong Seller’s Market! Many Buyers are getting disillusioned and tending to think that all the homes are selling for way over their asking price and in just a day or two.
In this week’s video, we look at the numbers of what is actually happening in NW Seattle, and you may be surprised to find that those Buyers shouldn’t give up just yet! In fact 56% of the homes that are active have been on the market for over 10 Days.
Another noteworthy fact from this past week is that the average price of a home in Seattle reached over $1,000,000 for the first time!
Home prices are on the rise! To see how much your value has increased, click here for a free Current Market Analysis Report on your home!
We hope you enjoy your week!
-Steve & Sandra
𝐴𝑛𝑑 𝑎𝑠 𝑎𝑙𝑤𝑎𝑦𝑠, 𝑖𝑓 𝑦𝑜𝑢 ℎ𝑎𝑣𝑒 𝑎𝑛𝑦 𝑎𝑑𝑑𝑖𝑡𝑖𝑜𝑛𝑎𝑙 𝑟𝑒𝑎𝑙 𝑒𝑠𝑡𝑎𝑡𝑒 𝑞𝑢𝑒𝑠𝑡𝑖𝑜𝑛𝑠, 𝑓𝑒𝑒𝑙 𝑓𝑟𝑒𝑒 𝑡𝑜 𝑐𝑎𝑙𝑙/𝑡𝑒𝑥𝑡 𝑢𝑠 𝑎𝑛𝑦 𝑡𝑖𝑚𝑒! 𝑊𝑒’𝑟𝑒 𝑎𝑙𝑤𝑎𝑦𝑠 ℎ𝑒𝑟𝑒 𝑡𝑜 ℎ𝑒𝑙𝑝!
Steve 📲 (c) 206-769-9577 📧stevehill@windermere.com
Sandra 📲 (c) 206-271-7100 📧sbrenner@windermere.com
Video Transcript:
Hey everybody, welcome to week 66 of our Monday Market Update. So, last week I was a bit concerned that the number of homes going under contract in Northwest Seattle were down. I am happy to report that contracts are up this week.
We had 56 homes go pending and eight went pending inspection. Nearly 22% of those homes have been on the market for over 10 days. So it was really nice to see some of that older inventory going under contract. We had 79 new listings come on the market, which is pretty much on par with what we’ve been averaging over the last several weeks.
We have 165 homes available and 56% of those have been on the market for 10 days or more. And they average out right around 50 days on the market. We had 54 homes close last week but only 50% sold above asking. And this number may surprise a few buyers and sellers, because everybody’s heard that Seattle is having a super strong sellers market. And of course, everything is selling in multiple offers. But you know, that just really isn’t the case. This isn’t a surprise for us, that we are starting to see this number come down. With more closed homes it should be easier for brokers to start to price their listings closer to the true market value and 11% of the homes that closed sold below the asking price. This is pretty much in line with what we’ve been seeing since the beginning of May, that approximately 12% of homes that sell, do sell below the list price. The average sold price last week was $531 per square foot. Last week, if you remember, we were just under 600 at 597. Again, nothing to be concerned about. This number bounces between, you know, 530 to 597. So again, nothing to be alarmed about.
And then speaking of values. So, May stats are in and for the first time in northwest Seattle, our average sold price was over a million dollars. This shouldn’t come as a surprise if you’ve been just casually paying attention to our local real estate market, you know that values have gone up. Luckily for buyers, interest rates are really stable. Jumbo conforming rates are at 2.875%.
So, curious how much your home value has increased? Click to find out. And if you’ve enjoyed this video, don’t forget to like and subscribe. Have an awesome week everybody.