The Latest Market Shift: More Choices, More Selectivity
The past two weeks brought a modest shift in both the Northwest Seattle and SW Snohomish County markets, with inventory edging lower and mortgage rates improving. The 30-year conventional rate declined from 6.625% to 6.375%, which is giving some buyers a little more purchasing power.
In Northwest Seattle, inventory fell 3.4% to 421 homes, while new listings were down 19.2% from the previous two-week period. At the same time, homes going under contract increased 12.5%, from 64 to 72, while closed sales were essentially unchanged. The average price per square foot declined 4.5%, from $582 to $556. While the increase in pending sales is encouraging, it’s worth noting that homes going under contract were down 15% this week compared with last week, suggesting buyer activity may be losing some momentum.
SW Snohomish County showed a similar pattern, although the numbers were somewhat stronger for closed sales. Inventory declined 1.6% to 377 homes, and new listings dropped 20.7%, while homes going under contract increased 8.6%, from 58 to 63. Closed sales were up 12.2%, and the average price per square foot jumped 11.1%, from $432 to $480. A quick note, $432 was an anomaly for the year. However, as in Northwest Seattle, the most recent week showed a sharp drop in pending activity, with homes going under contract down 42% from the prior week. Overall, both markets continue to offer buyers more choices than we’ve seen in recent years, but the week-to-week fluctuations suggest buyers are becoming more selective. For sellers, pricing strategically and making sure a home shows well remain especially important in a market where buyers have more time and options.
Buyers are more selective, which means presentation matters more than ever. One unique way we help our clients stand out is through our complimentary Garden Photography Service. By professionally photographing your garden and landscaping while everything is in full bloom, we can preserve those images for future marketing, such as if you decide to sell during the fall or winter months. Learn more about our Garden Photography Service here: https://www.brennerhill.com/garden-photography-service/ or call or text Steve at 206-769-9577 with any questions.
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 HILL
Broker | REALTOR®
CELL 206-769-9577
SANDRA BRENNER
Managing Broker | REALTOR® | MCNE | SRS | CRS®
CELL 206-271-7100
WINDERMERE REAL ESTATE / NORTHWEST
311 N 85th St
Seattle, WA 98103
brennerhill.com
Equal Housing Opportunity