Over the past two weeks, homes going under contract in NW Seattle are down by 7.2% over the previous two-week period. This is not the right direction for the spring market. I assume the rise in mortgage rates over the past three weeks is a driving factor in the decline in buyer activity. Interest rates at the end of February were around 5.625%, the lowest they had been since 2022. Now they are around 6.25%. This is a big increase in a short period of time. Interestingly though, SW Snohomish buyer activity has remained steady with a slight increase over the previous two weeks.
This past week we saw more homes get listed with review dates. In the past, the vast majority of homes with review dates did go under contract on the review date. This is encouraging for new listings.
Inventory numbers continue to go up which is good news for Buyers as they have more inventory to choose from. New listings were up nearly 26% in NW Seattle and 11% in SW Snohomish County. In both areas, Buyer activity is not keeping up with new listings.
If you’ve been considering selling but are unsure how broader events might affect your home’s value, now’s a great time to get clarity. Contact us for a personalized market analysis and expert guidance on timing your move—so you can make confident decisions in any market.
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