Monday NW Seattle Real Estate Market Update | May 17th, 2021
This week we focus on the Average Days on Market. Tracking this number tells us how the market is doing, and aids us in making pricing decisions. We go over the numbers for NW Seattle and give some advice for Sellers whose homes have been on the market for over two weeks without any offers.
Keeping with the Knowledge is Power theme, if you’ve been thinking about selling your home, you can visit our Seller’s Toolkit page. We created this page to be an all in one place for home selling resources. You can access resources like:
✔️Education Videos
✔️Downloadable Guides & Checklists
✔️Our Listing Process
and the option to find out what your home is worth in today’s hot Seller’s Market!
Click here to check it out!
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:
So last week, we talked about the number of new listings that hit the market in April in Northwest Seattle. This week, the trend continues. Welcome to week 62 of our Monday Market Update. We had 83 new homes come on the market this past week
Right. That’s a lot of homes. And with that many new listings, inventory levels are starting to rise. We currently have 156 homes available, but again, as we’ve talked about, not all homes sell right away. Of those 156 homes, 76 have been on the market for 10 days or more, and their average days on market are 49. They ranged anywhere from 10 days to 294 days on the market. There was one that was actually on the market for over 600 days. However, I kicked that one out, because I didn’t want that to skew the number even higher.
So 10 days may not sound like a long time, but it’s all relative. In our fast-moving market, homes really should sell in about a week. Sellers, in general, if your home is still on the market after two weeks, it’s time for a price drop.
Right. There are of course, exceptions to that rule. If you have a very unique property, such as a floating home, value in land, or you’re in a really high price point, your days on market are going to be longer because you just have a much smaller buyer pool to pull from.
Homes going under contract last week did not keep up with new listings. We had 61 homes go pending, with an average market time of eight days. 85% were under contract in nine days or less.
So again, that just shows how fast our market is moving. When the vast majority of homes are going under contract in 10 days or less. So last week we had 55 homes close for an average price of $561 with average days on market of 10 days.
So why do we keep mentioning how many days homes are on the market? Because watching just this one metric will help us spot when the market starts to shift.
Right, that, and along with other data points such as the number of new listings that have review dates, these data points basically are the canary in the coal mine. They enable us to spot trends early so that we can keep our clients better informed. They say knowledge is power. And our goal is to empower our clients so that they can make informed decisions.
And speaking of knowledge, if you are thinking about selling, please check out our Home Seller’s Toolkit. This is a video library covering lots of different topics such as prepping your home, home inspections, pricing, and marketing. There’s also a link there to find out what your home is worth.
Thanks so much for watching and let us know that you liked this information by subscribing to our channel. Have a great week, everyone.
