NW Seattle Sellers Are Facing a More Selective Market
The latest two-week numbers show a noticeable divergence between the NW Seattle and SW Snohomish County markets. While both areas are dealing with mortgage rates in the mid-6% range, the latest activity suggests buyers in each market are responding differently to inventory and pricing.
In NW Seattle, inventory edged higher while the number of homes going under contract declined by 22%. SW Snohomish County, on the other hand, saw inventory and new listings decline slightly and homes going under contract increased by a modest 3%. The numbers suggest that buyers may currently be more active in the Snohomish County market, while NW Seattle sellers are facing a more challenging environment.
There is another trend that is becoming increasingly noticeable in NW Seattle. The number of homes receiving offers on their review date has been declining. In the most recent week, 78% of homes did not receive an offer on their review date, compared with 50% the previous week. Prior to that, it was more typical for roughly one-third of homes not to receive an offer. At the same time, fewer homes are coming on the market with review dates.
Mortgage rates have also moved in the wrong direction, increasing from 6.375% to 6.625% over these two reporting periods. Even a quarter-point increase can affect purchasing power and monthly payments, adding another challenge for buyers who are already dealing with elevated home prices and global uncertainty.
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