Monday NW Seattle Real Estate Market Update | May 24th, 2021

Video Transcript:

Wow. So the big news this week, week 63 of our Monday Market Update is that we had a ton of new listings come on the market in Northwest Seattle.

That’s right, we had 115 new listings, which is a 38% jump. This jump in new listings was pretty much all over the greater Seattle area. This should be a welcome reprieve for buyers.

However, home’s going under contract throughout April and May for the most part, have not quite kept up with new listings coming on the market which is why week by week inventory levels keep moving up. Of the 70 homes that went pending last week, 84% were under contract in nine days or less.

That just shows how fast properly prepped and priced homes are selling. We currently have 185 homes available, which is up 18% over last week. 79 of these homes have been on the market for 10 days or more, and average 47 days on the market.

It kind of feels like there are two markets. You have a little over half that are selling pretty quickly and then the other half are just sitting. And that just tells us that even in a super hot seller’s market, properly pricing and preparation of your home are key factors in getting it sold in today’s market time. Statistically, the shorter the days on market, the higher the sales price will be.

You’re spot on. We have a really good example of that. Of the 65 homes that sold last week, 10 of them sold for under their list price. Their average days on market were 18 days and they sold for an average of 95.8% of their asking price. Compare that to the 33 homes that sold over their asking price, they were on the market for an average of six days and sold for 115% of their asking price.

Wow. That’s really interesting. So six days on the market versus 18 days is really not a huge difference, but that’s a huge difference in the sales price. And what’s also interesting is that the percentage of homes selling above their list price has been coming down. That doesn’t mean that home values aren’t steady or rising but just that brokers and their sellers are finally listing their homes closer to the true market value.

So sold prices were up last week with an average price per square foot of $593, which was a big jump from the previous week. For the past few weeks, the average price per square foot has ranged from $554 to $564 per square foot. Luckily for buyers, interest rates remain low and stable with 30 year conforming loans, a little over 3% and jumbo rates, a little under 3%.

Curious what your home might be worth regardless of whether you’re thinking of selling or not?

Or like me, you plan on being carried out feet first.

Or like Steve, it’s always good to know the value of your home. So click the link in the description to find out the value of your home. And as always, please like this video and subscribe to our channel.

Have a great week everyone and have a great holiday weekend.