Fewer Listings and Steady Buyer Activity Bring Inventory Down
Despite mortgage rates remaining relatively high, there was more buyer activity than expected over the past two weeks, particularly in Southwest Snohomish County. Homes going under contract increased 45% there, from 38 to 55. Northwest Seattle saw 56 homes go under contract, slightly below the previous two-week period but still a solid level of activity. It’s encouraging to see buyers continuing to move forward, even with the higher borrowing costs we’ve seen in recent months. The 30-year conventional rate did improve, moving from 7.25% to 7.0%, this welcome news for buyers watching affordability.
We’re also seeing a welcome shift in inventory. The number of new listings declined in both markets, down 33% in Northwest Seattle and 17% in Southwest Snohomish County. With fewer homes coming onto the market, total inventory dropped 7.6% in Seattle and 8.3% in Snohomish County. Closed sales also increased by nearly 30% in both areas, while price per square foot moved up modestly. As we move toward the end of the year, we would typically expect fewer new listings and continued seasonal declines in inventory. If buyer activity holds up, this could help keep the market moving through the remainder of the year.
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 | SRES | CRS®
CELL 206-271-7100
WINDERMERE REAL ESTATE / NORTHWEST
311 N 85th St
Seattle, WA 98103
brennerhill.com
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