Monday NW Seattle Real Estate Market Update | June 21st, 2021
This past week we have been feeling the market slow down a bit. Other brokers that we’ve chatted with have said they felt the same. It may feel that way for us because homes are staying on the market a little longer and not selling until after their Review Dates. When we look at the numbers though, we see that it’s still a robust Seller’s Market in Seattle. In this video, we go over those metrics and discuss.
Check out the blog that we recently wrote called “Negotiating Home Plate” if you’re 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! Click here to read the full article.
We hope you enjoy your very sunny 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:
Welcome to week 67 of our Monday Market Update. So Sandra and I were talking about the market and how I kind of feel like it slowed down a little bit. And I’ve talked to other brokers and they’ve stated that you know what, we had a review date on our property and it passed. But with that said, the numbers proved differently. The market is still pretty hot for sellers. So, you know, I think just not making a review date but home selling just a couple of days after tells us it’s a super, super strong market.
That is true, but yes, brokers are definitely seeing a slowdown or feeling a slowdown.
Feeling.
And I think the weekly data is definitely confirming that we are kind of heading into a little bit of a slowdown. So we currently have 165 homes available in northwest Seattle, and 59% of those have been on the market for 10 days or more. And we started tracking this metric at the end of April so we only have seven weeks of data. However, this number is trending up. Homes staying on the market longer are an indication of the market slowing down. Another good metric to watch is the percentage of homes that go pending in nine days or less. Again, as the market slows, this number goes down because it’s taking longer for homes to sell.
Last week, we had 60 homes go pending with average days on market of 12. 78% sold in nine days or less. We had 10 homes go pending inspection with average days on market of 14. And again, as the market slows down, the number of homes that go pending inspection should go up. We had 66 homes that closed last week and their average price per square foot was $592. The average price per square foot for the last four weeks has been really bouncing between the low 530s to the upper 590s, back to the 530s, and then back up to the 590s which has been kind of this weird rollercoaster for four weeks. But the average for those four weeks was 565, so again, things are definitely trending up.
So I know we have talked a lot about the market slowing down, but don’t panic, sellers. Historically, this is still a super hot sellers’ market. Historically in Seattle, our market slows down in the summertime because let’s face it, a lot of us like to be outside playing around and maybe not so much looking at houses.
Right, and regardless of the market conditions you definitely need to have a strategy for listing your home. So please check out a blog post that we wrote, “Negotiating Home Plate.” It’s a great article about having a strategy in-place to put or sellers in the best possible position for success. Have a great week, everybody, and we will see you next Monday.
Enjoy the heat.