Buyers and Sellers are back from the Labor Day Holiday
More Activity Returns to the Market
The Northwest Seattle and Southwest Snohomish County markets both saw a noticeable increase in activity this past week, likely reflecting buyers and sellers getting fully back into their routines following the Labor Day holiday weekend. In Northwest Seattle, homes going under contract jumped 78% week over week, while Southwest Snohomish County saw a 30% increase. The percentage of homes with Review Dates also increased in both markets, another sign that more Brokers are potentially anticipating buyer activity and preparing for offers. Looking at the full two-week period, Northwest Seattle had 64 homes go under contract, up 16.4% from the previous two weeks, while Snohomish County had 53, down 19.7%.
New listings also increased significantly as the post-holiday market picked up. Northwest Seattle added 137 new listings, more than double the previous two-week period, while Southwest Snohomish County added 80, up nearly 74%. That increase pushed inventory higher as well, to 460 homes in Northwest Seattle and 379 in Southwest Snohomish County. This is the highest inventory we’ve seen since 2008. Closed sales were mixed, with Northwest Seattle up 13.7% and Snohomish County down 25.9%. Price per square foot was relatively stable in NW Seattle at $553, while Snohomish County increased to $494.
Mortgage Rates Continue to Move Higher
Mortgage rates have been steadily moving up with the average 30-year fixed rate increasing from 6.625% to 7% over the past two weeks. The higher rates may temper some of the momentum we’re seeing as buyers weigh affordability, but the recent uptick in pending activity suggests there are still buyers actively shopping. With more homes coming onto the market, buyers have more choices, while sellers will need to pay close attention to pricing and presentation to stand out.
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
Equal Housing Opportunity