Monday NW Seattle Real Estate Market Update | May 10th, 2021
April, May and June tend to be the months with the highest number of new inventory coming on the market. In April alone in NW Seattle, we added 357 listings. While this number is high, it’s still not keeping up with Buyer demand.
This week we discuss the Absorption Rate in NW Seattle over the past 3 months. The term absorption rate refers to a metric used in the real estate market to evaluate the rate at which available homes are sold in a specific market during a given time period. It is calculated by dividing the number of homes sold in the allotted time period by the total number of available homes.
BUYER TIP: Check out homes that have been on the market for a long time. You may be able to get a deal!
SELLER TIP: Homes are selling FAST and for a lot of money! If you’ve been thinking about selling, now is the time!
If you’re curious what your home is worth in the 2021 Real Estate Market, click here.
We will email you a free Market Analysis Report for 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:
Welcome to Week 61 of our Monday Market Update. We’ve said this before, and I’m gonna say it again, April, May and June tend to be our highest months of new inventory for homes coming on the market. In April for Northwest Seattle, we added 357 new listings, which is a lot, but there still wasn’t enough to keep up with buyer demand.
Right. So for the past three months, our absorption rate has been through the roof. And the absorption rate is basically an indication of how fast the market is moving or how fast homes are getting absorbed out of the market, meaning going under contract. So for those of you who might be curious about this calculation, you take the number of homes that went pending in a specific time period and then divide by the number of homes available for sale. So the average absorption rate for the past three months for pending properties in Northwest Seattle was 230%. Compare that to the same time period in 2020, which was 119%, which was still a really great number.
Right. But of course not every home sells right away. We currently have 147 homes available in Northwest Seattle, but 54% of these have been for sale for 10 days or more with an average market time of 62 days. So some of these homes have been on the market for a long time.
Right. Buyers, if you’re are tired of competing in multiple offers, start looking at those homes that are lingering on the market. You might get a great deal.
This past week, we added 68 new listings. The vast majority of these, 82% had review dates. We had 60 homes go pending sale and 85% were on the market for nine days or less.
Fifty-three homes closed last week for an average price per square foot of $566, which is up from the previous week of $544. 53% of those homes sold for above their asking price and sold at 113% of their list price. And of course that ranged from just a little bit over asking to a whopping, and I mean a whopping, 33%.
In conclusion, sellers, homes are selling fast and for a lot of money.
That is true, Professor Steve. So curious what your home might be worth? Click the link, tell us a little bit about your house, such as any updates you’ve made, and I will get that report right out to you. And don’t forget to hit the like button and please subscribe to our channel and have an amazing week. It is going to be sunny and beautiful in Seattle.
