Buyers Are Back with More Choices and Less Urgency
The Northwest Seattle and Southwest Snohomish County markets continue to show signs of increased buyer activity, even as mortgage rates move higher. In Northwest Seattle, 77 homes went under contract over the past two weeks, up 20% from the previous period. Southwest Snohomish County also saw an increase, with pending sales up 11%. This continues a trend we’ve been watching over the past several weeks: after the slower activity around Labor Day, buyers appear to be re-engaging with the market. Interestingly, this is happening even as the 30-year fixed rate has risen from 7.0% to 7.25%, suggesting that buyers who are ready to move are continuing to adjust to the higher-rate environment.
In Northwest Seattle, inventory remains relatively steady at 450 homes, while new listings slowed to 73 over the past two weeks. With fewer new listings but stronger pending activity, buyers are absorbing a greater share of the available inventory. There is also an important shift in how homes are selling. Over the past eight weeks, an average of 27% of homes sold above their list price, while 36% sold below list price. While most homes are still selling at or above their asking price, the larger share selling below list is another indication that buyers have more negotiating power than they did in the more competitive markets of recent years. Pricing a home correctly from the start is increasingly important, particularly as buyers have more choices and are less likely to stretch for a home that doesn’t feel appropriately priced.
Southwest Snohomish County saw a similar decline in new listings, with 66 added over the past two weeks, while 59 homes went under contract, up 11%, and closed sales jumped 68% to 67. Price per square foot was $466, down 6% from the previous period. Overall, we’re seeing a market that is more balanced than it was a year or two ago: buyers are active, but they are also more selective and have more room to negotiate. For sellers, the message continues to be consistent—good preparation, realistic pricing and strong presentation matter more than ever.
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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