The Early Summer Market Cools
The early summer housing market has shifted gears across both Northwest Seattle and Southwest Snohomish County. While mortgage rates have remained steady at 6.25%, buyer activity has slowed noticeably over the past two weeks. Inventory continues to build, increasing 6.3% in Northwest Seattle and 10.4% in Southwest Snohomish County, while the number of homes going under contract dropped sharply—down 23% and 28%, respectively. Closed sales also declined in both markets, suggesting buyers are taking more time to make decisions and are becoming increasingly selective.
One of the clearest signs of this shift is the changing dynamic around offer review dates. Since late May, about half of Northwest Seattle homes with scheduled review dates have failed to receive any offers. This past week, that number climbed to 67%. Buyers are no longer feeling pressured to compete on every listing, and many are willing to wait for the right home rather than rush into multiple-offer situations. We still suggest having a review date to guarantee market time, but we now coach our sellers that there is a strong possibility that we won’t receive an offer on the review date.
That doesn’t mean homes aren’t selling. Well-priced, well-presented properties continue to attract buyers, and Northwest Seattle even saw its average price per square foot increase 4.2% over the past two weeks. The market is becoming more balanced, giving buyers more choices while rewarding sellers who understand today’s conditions. As we move further into summer, realistic pricing and strong presentation will be more important than ever for achieving 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