The Labor Day Effect: A Quieter Week in Real Estate
We hope everyone is enjoying the long holiday weekend!
As expected, the Labor Day holiday brought a quieter-than-usual week to the local housing market, with fewer new listings and fewer closed sales across both Northwest Seattle and Southwest Snohomish County. Mortgage rates increased by 0.125% during the past week, ending at 6.625%, although they were unchanged over the full two-week period. The decline in inventory in both markets—down 5.4% in Northwest Seattle and 7.6% in Southwest Snohomish County—is largely a result of fewer new listings during the holiday period. New listings were down 28% in Northwest Seattle and 31% in Southwest Snohomish County compared with the previous two-week period.
Buyer activity was relatively steady in Northwest Seattle, with 29 homes going under contract this past week compared with 26 the previous week. Over the full two-week period, pending sales were essentially flat, down just 1.8%. Southwest Snohomish County showed a different pattern, with homes going under contract dropping from 39 the previous week to 27 this past week. However, the two-week total was still slightly higher than the previous period, suggesting that the holiday may account for some of the week-to-week slowdown.
Despite the lighter activity, prices showed some resilience. Northwest Seattle’s average price per square foot increased 5.6% over the two-week period to $564, while Southwest Snohomish County was down slightly at $443 per square foot. As we move beyond the Labor Day holiday and into the fall market, the next few weeks should provide a better indication of whether the recent slowdown is primarily seasonal or a sign of a broader shift in buyer demand. For sellers, pricing competitively remains important as buyers continue to have more choices and are taking their time before making a move.
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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