Interest Rates are Rising, But Buyers Haven’t Gone Away
The Northwest Seattle market continued to show resilience over the past two weeks despite mortgage rates climbing back to 6.625%. The rate increase is due to the bond market’s reaction to the increased hostilities in Iran. Inventory increased 3.3% as more sellers entered the market, with new listings up 16.5% compared to the previous two weeks. Buyer activity remained remarkably steady, with homes going under contract essentially unchanged, while closed sales increased nearly 14%. Perhaps most encouraging, the average sold price per square foot held firm at $582, demonstrating that well-priced, well-presented homes continue to command strong values even as buyers have more choices.
Southwest Snohomish County told a different story. Inventory edged up just over 2%, but buyer activity softened slightly, with pending sales down nearly 5%. Closed sales fell sharply compared to the previous two weeks, though it’s important to remember that sold data reflects contracts written several weeks earlier and can fluctuate significantly over short time periods. The average sold price per square foot also declined by over 11% to $432, a reminder that individual sales and the mix of homes closing can have a meaningful impact on short-term pricing statistics.
Overall, we’re seeing a market that remains balanced. Higher interest rates may be impacting buyer affordability, but increased inventory is giving buyers more choices and greater negotiating power. At the same time, sellers who price their homes accurately and present them well continue to achieve strong results. As we head toward the end of summer, realistic pricing, strategic preparation, and effective marketing remain the keys to a successful sale.
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