Where are all the Sellers?
Inventory levels continue to dwindle in NW Seattle. We currently only have 98 homes available for sale in all of NW Seattle. That is half the inventory we had this same time last year. This is the lowest we’ve been in nearly 9 months. The lack of new listings coming on the market is allowing some of our older inventory to get absorbed. We expect just a handful of homes to come on the market the week of Thanksgiving, but more should come on the following week.
I thought it was interesting to compare the stats from the week of Thanksgiving 2020 to this year. As you can see, available homes are half of last year. New listings and homes going under contract are down this year compared to 2020. Closed sales were up this year versus last and the average price per square foot is up by about 15% over the same week last year.
| 2021 | 2020 | |
|---|---|---|
| Total Inventory | 98 | 196 |
| New Listings | 37 | 46 |
| Pending | 36 | 41 |
| Pending Inspection | 15 | 26 |
| Closed | 50 | 44 |
| Avg $ sq/ft | $569 | $486 |
| Conforming Rates | 3.25% | 2.75% |
| Jumbo Rate | 2.875% | 3.00% |
Interest rates continue to be stable. But, as we’ve talked about in the past, interest rates are anticipated to move up by middle of 2022. Biden just renominated Jerome Powell for another term as Federal Reserve Chairman. This means no significant change is expected in Federal Reserve policy…basically, steady as she goes!
We hope you have a lovely Thanksgiving holiday!
