Monday NW Seattle Real Estate Market Update | September 8th, 2020
Welcome to September! We hope you had a restful Labor Day! Although it is Tuesday, we still wanted to get the market update out to you. All of the stats were pulled on Monday 9/7/2020.
Interest Rates continue to stay at a nice and low percentage, and are predicted to remain there throughout 2020. Buyer’s would be wise to take advantage of these low low rates.
NW Seattle housing inventory remains low, which translates into a Seller’s market. Right now is still a really good time to sell!
⚒️ In case you missed it last week, check out out all new “Seattle Seller’s Toolkit” page that’s full of helpful resources for all your home selling needs! Click here to check it out!
We understand that it is a confusing time right now. Each Monday, we will be sending out an update based on our experience over the past week to give you the NW Seattle Real Estate Market’s “Temperature”. We want to make sure that you are as informed as we are. Please don’t hesitate to give us a call or shoot us an email if at any point you have additional questions or questions that relate to your specific situation. We are always happy to help.
Hey, so welcome to week 26 of our Monday market update. And yes, we do know that today is Tuesday, but I did pull all of the stats as of yesterday just to keep everything cohesive. So while we are a day late because of the holiday, the stats are correct and on the same day.
And interest rates continue to be phenomenal. And in fact, I was listening to an interview with chairman Powell and he expects interest rates to stay low for the next year or so, which was not surprising. So good news for sellers and buyers because as interest rates stay low, that encourages more and more buyers to jump into the market. And speaking of low…
so 15 year conforming rates are 2.375% super, super, super cheap money.
30 year conforming 2.875 and jumbo 3%.
And of course, this is courtesy of Kate McGovern from Wells Fargo.
What happened in Northwest Seattle?
There were a total of 206 homes for sale.
54 of those were new listings and 70% of them were vacant.
Pending homes, 35 homes went pending with average 10 days on the market.
And 14 homes went pending inspection with an average market time of 42 days. That one’s a little bit higher than what we’ve seen lately.
Closed homes, homes that sold last week in Northwest Seattle, 56 homes closed with an average market time of 23 days.
Average price per square foot was up a bit last week to $512 a square foot.
Yeah, so it’s been two weeks in a row now where homes going under contract have not quite kept up with new homes coming on the market. They’ve been pretty close, but not quite keeping up. And I think part of that is just the time of year. So again, that is a trend that we will be watching because as more and more inventory comes on the market in theory things do start to kind of level off and turn into less of a seller’s market. But with only a little over 200 homes for sale in Northwest Seattle, that is still very much a seller’s market. So no reason to panic. With the interest rates being incredibly phenomenal, there’s just a lot of buyers that are super excited about buying and, locking in that interest rate.
We’re still very excited about our Seattle Home Seller’s Toolkit. It works for people outside of Seattle too. There’s actually just a lot of really good information about selling your home. We’ve had home selling seminars where we’ve had people that were in other States that attended that just because it’s always just, you know, it’s just a great source of information. So that is it. We hope everybody had an awesome Labor Day and stay safe out there and watch the air quality. It’s a little touchy in places.