This week we discuss how, despite the current times, Seattle is continuing to be a hot Sellerâs Market!
We go over our numbers from this past week compared to the previous week and discuss the changes. We cover Interest Rates & Keybox openings as well.
We also made the decision to move our famousÂ
Home Selling SeminarÂ
to the virtual realm and will be holding it on Wednesday July 8th at 5:30PM. via Zoom
If you are interested in joining this free class, visit https://bit.ly/30QDwZz or click below to register now! Weâre looking forward to it, and hope to see you there!
So here we are in week 14 of our Monday Market Update. Most people wouldâve thought that a worldwide pandemic wouldâve stopped our local real estate market in its tracks, but they would be wrong. We are actually seeing the complete opposite. The pandemic has actually pushed a lot of would-be sellers to the sideline, which is creating lower inventory. And itâs just a simple supply and demand. And our demand is currently keeping up with the supply! We expect that this will change, as long as the hospitalization rates remain the same, or hopefully go down, as King County and Seattle start to reopen. We believe there are a lot of sellers that are waiting to see what happens with our COVID numbers, which is understandable. If you need to be in your home while it is on the market, you may not want a bunch of strangers in your home.
And so if youâve been contemplating selling your home this year or even next year, we would love to invite you to our online home selling seminar, which is coming up on Wednesday, July 8th at 5:30 pm.
We will cover our current market conditions, how to prep your home, including how to pass that dreaded home inspection. We will talk about working with offers and your finance options. So if youâd like to sign up, get in touch with us or click above.
Well, we are seeing more homes come on the market, which is expected this time of year. In fact, the big news is that the new listings were up 45% this last week. So letâs take a look at the numbers for Northwest Seattle. Total actives home for sale last week in North Seattle was 182 homes. The previous week was 168. So thatâs up about 8%. New listings that came on the market last week was 61, and the previous week was 42. Homes that went pending sale. Last week, 37 homes went pending sale with an average market time of 21 days. And the previous week, 34 homes went pending sale with an average market time of 14 days. Pending inspection. Homes that went pending inspection last week were 13 with an average market time of 24 days. And the previous week, 16 homes went pending inspection with an average market time of 18 days. Closed homes, or homes that sold, 37 homes sold in Northwest Seattle last week with an average market time of 14 days. And 25 sold the previous week, with an average of 19 days on the market. And the average price per square foot of homes that sold last week was $486 a square foot. And the previous week was $505 a square foot. So to summarize, inventory was up by 8%, new listings were up by a whopping 45%, and homes going under contract did not keep up with the new inventory this past week. Sold price per square foot was down by about 4%, which is not that alarming, but itâs something we watch.
Yeah, and then of course interest rates continue to be amazing. So conforming rates are 3.125%, and jumbo is actually below that at only 3%. And then of course, weâve been tracking the keybox openings, and again, they were up last week like 9.5%, which is pretty cool. And then system wide trends for the MLS were very similar to Northwest Seattle. So new listings were up, homes going under contract were also up, but they did not keep up with the new inventory coming on the market. So have a safe and healthy week, and as always, let us know if you need anything. And we look forward to sharing our next Monday Market Update next Monday!
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 Marketâs âTemperatureâ. We want to make sure that you are as informed as we are. Please donât 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. We are always happy to help.
Cheers!
-Steve & Sandra
Steve 206-769-9577 stevehill@windermere.com
Sandra 206-271-7100 sbrenner@windermere.com
