NW Seattle Real Estate Market Update | May 8, 2023

Welcome to May! May and June tend to be our highest months of new inventory hitting the market. This first week in May, we had 53 new listings in NW Seattle, which is the highest in one week so far this year. Interestingly, SW Snohomish’s new listings have been down the past few weeks from the previous two weeks.

Mildly concerning for NW Seattle is that contracts (homes going either Pending or Pending Inspection) were down this past week by about 30%. However, SW Snohomish was up by about 28%. Hopefully, this is just a one-week blip and Buyer activity will be back this week.

As you all know, Buyers are impacted by interest rates and the Fed did raise rates at their last meeting by another ¼ point. This is hopefully the last of the Fed rate hikes. Mortgage interest rates also went up last week and are at the highest they’ve been for two months. Some Buyers are also watching the drama around the current debt limit. While I think most economists and politicians believe this will get resolved at the last minute, our political environment is certainly a little crazier than what we experienced during the last debt limit predicament.

As I’ve said before, I believe 2023 will be a year of stop and go – meaning some weeks we’ll have great Buyer activity and then some economic news may slow the market down for the next week. I’m not saying that is what is currently happening. One week’s data with a pullback in one market is not enough information to go on. The combined data for the past two weeks is certainly in line with a steady, improving market. As you all know, we will be watching this closely as we do each and every week!

During the Last 2 Weeks:Previous 2 Weeks:
Inventory – 162Inventory – 161
New Listings – 89New Listings – 94
Under Contract – 83Under Contract – 80
Sold – 80Sold – 63
Price per Sq/Ft – $579Price per Sq/Ft – $575

-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!

Brenner | Hill Real Estate
Steve 📲 (c) 206-769-9577 📧stevehill@windermere.com
Sandra 📲 (c) 206-271-7100 📧sbrenner@windermere.com
🔗 Brennerhill.com

Windermere Real Estate /FN
12250 Greenwood Ave N
Seattle, WA 98133

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