We hope everyone had a lovely 4th of July holiday! As expected, activity for both Buyers and Sellers cooled over the past two weeks. There were very few homes that came on the market the week of the holiday, however Buyer activity for that week was surprisingly strong, especially in SW Snohomish County. For the past two weeks homes going under contract in SW Snohomish are only down by 7.5% versus down 22% in NW Seattle.
We have been seeing more and more price reductions in both markets and cancelled and expired listings also continue to go up. In the past two weeks in NW Seattle we’ve had 49 price reductions and 40 expired or cancelled listings. This may not sound like a lot, but considering the inventory level is 345, this is a relatively high number.
Interest rates edged up a bit this past week, but are still in the mid 6s. The next Fed meeting is at the end of July. There is a wide consensus that there will not be a rate cut. However, for the following meeting in September, the sentiment is reversed. It is widely anticipated that the Fed will lower the rate by 25 basis points and possibly 50 basis points.
Stay cool this week!
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
MAIN (206) 527-5250
brennerhill.com
Equal Housing Opportunity