Fall continues to be a great market for Sellers. Inventory levels have steadily decreased each week since mid September. This is what typically happens – listings taper off because Sellers want to list their homes in the Spring. However, Buyers are out in force now. Homes going under contract have easily kept up with new inventory coming on the market. Older inventory is also getting absorbed into the market which is why inventory levels are coming down.
We currently only have 136 homes available in all of NW Seattle. That’s not a lot of homes for sale. We had a nearly 19% month over month drop of new listings, and homes going under contract were also down from September but only by 9.5% – which just shows Buyers are out there.
Interest rates and the fear of rising rates next year is helping to keep Buyers motivated. Rates for jumbo have been pretty stable at under 3%, but conforming rates have been slowly creeping up and are right around 3.25%
On our last Market Update we talked a lot about Review Dates. That for new listings — townhomes tend to not have review dates. The reason for this is because Brokers expect these listings to be on the market longer. Currently of the 136 homes available for sale, a little over 40% of those are Townhomes and 80% of them have been on the market over 10 days.
Currently we have 91 homes in NW Seattle that have been on the market for 10 plus days, and over half of these are townhomes. If you are a Seller of a regular house, your odds of selling in a timely manner are really good right now and you have very little competition! If you have a Townhouse to sell, don’t worry, there are Buyers out there for you, but it is most likely just going to take a little longer for you to sell.
-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
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