Memorial Day Creates a Temporary Pause as Inventory Reaches New Highs
Holiday weekends almost always create a temporary slowdown in our local real estate market, and Memorial Day was no exception. The impact typically stretches across about two weeks, making week-to-week comparisons a little misleading.
In Northwest Seattle, buyers were noticeably absent last week. The number of homes going under contract fell nearly 50% compared to the prior week. However, when viewed over the full two-week period, pending sales were actually up more than 18%. In other words, buyers appeared to be out in full force before the holiday and then largely took the following week off. The slowdown was also reflected in offer activity, with 69% of homes failing to receive offers on their review dates.
Southwest Snohomish County experienced a similar, though less dramatic, cooling. Homes going under contract declined 24% week-over-week and were down nearly 7% when comparing the full two-week period.
Meanwhile, inventory continues to build in both markets. Northwest Seattle is now approaching 400 active listings, the highest inventory level we’ve seen since late 2010. That said, today’s inventory looks very different from the inventory of that era. A significant portion of current listings consists of higher-density housing, including new construction single-family condos and townhomes.
Mortgage rates provided a bit of good news this week, edging lower. Over the past several weeks, rates have generally fluctuated between 6.25% and 6.5%, and for now that range continues to hold.
As inventory levels continue to rise and buyers become more selective, 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