It’s a Wonky Market!
The local housing market continues to feel unsettled, with no strong momentum in either direction. We seem to be stuck somewhere between a soft seller’s market and a balanced market, making it difficult for both buyers and sellers to gauge where things are headed next. Economic uncertainty, global concerns, and rising interest rates are all contributing to a slower pace. Over the past two weeks alone, mortgage rates have climbed from approximately 6% to 6.375%, adding another layer of hesitation for buyers.
At the same time, part of the challenge in interpreting the market comes down to the type of inventory currently available. In Northwest Seattle, roughly 70% of the homes for sale are townhomes or other high-density properties. Buyer demand for these homes tends to be weaker than for traditional single-family homes, and the large volume of high-density inventory is skewing the overall market data.
Because of this shift in inventory, it has become increasingly difficult to make accurate year-over-year comparisons. The makeup of today’s market looks very different than it did even a year ago, let alone several years ago. As a result, broad statistics don’t always reflect what is happening within specific property types or neighborhoods.
The numbers also show buyers struggling to keep pace with the flow of new listings. In Northwest Seattle, new listings are down 11%, while homes going under contract have fallen nearly 23%. In Southwest Snohomish County, new listings are up 21%, yet pending sales have increased by only about 9%. In both areas, inventory is growing faster than buyer demand, which is contributing to longer market times and a more cautious overall market environment.
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