Monday (Tuesday) NW Seattle Real Estate Market Update 📅May 26th, 2020
🏡This week we discuss how the Seattle market temperature is heating up to a SIZZLING Seller’s Market! For Buyers we talk of the historically low interest rates. Like every week, we go over the numbers compared to last week for the housing market in NW Seattle, and do a bit of analysis comparing it to last year at this time.
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We have this awesome program called Neighborhood News. You can do it either by a zip code or we can map the area, but it is a once a month email. It will show all of the active properties and the sold properties. It’s dynamic, so you can go back 30, 60 or 90 days. You can sort by price, number of bedrooms, square feet, it’s pretty cool. It doesn’t tell you what your home is worth, for an accurate opinion of value you definitely want to chat with a broker, preferably you and I. You and I. but yes, so that is a great way to stay on top of what’s happening in your neighborhood.
What is happening in the market? Well, first off I have to say it’s a hot sizzling market in a lot of places around Seattle. We listed a house on Friday and it had multiple offers, it had three offers yesterday, and it escalated. This is not uncommon in Seattle right now, it just kind of blows me away that there’s just such great activity for home sellers. other great news for buyers is interest rates right now 3.125% for both conforming and jumbos for 15 years, kind of crazy.
Yeah that’s that’s pretty amazing.
Yeah it is. So let’s talk about stats for Northwest Seattle. So, this week there were a total of a 178 homes for sale and last week there were 181, so pretty comparable. In the last seven days there were 50 new listings and the previous week there were 45 so pretty similar. And then pending sales this week there were 40 and their average days on market were 14. Last week there were 42 homes for sale and their average days on the market was 27, so days on market definitely tightened up. Pending inspection, this last week there were 19 homes that were pending inspection with an average days market of 19 days. And then the previous week 14 homes where pending inspection with 32 days average market time. And then close sales, homes that are sold. 39 homes this last week with average days on market of 16 and the previous week 29 homes closed with the same amount of days on market 16. So you know we’re really in a great seller’s market.
Well yeah and too seeing the days on market go down for the homes that have gone under contract, yeah I mean that’s basically just telling us that the market’s starting to move faster. And of course I looked at the MLS stats system-wide and you know really kind of the same thing. So the way the MLS looks at it is what week are we in as far as the year and so they’re they’re a week behind what you and I do Steve so these stats were for week 20 which basically was ended last week. Pending homes, so again the homes that are under contract for 2020, they were pretty on par with what was happening that same weekend in 2019. So the number of homes going under contract was pretty much the same. But the inventory level has really come down from this year to last year which is why we are still seeing such a robust market because the number of homes going under contract are the same but the number of homes available are quite a bit less. And then closed listings for week 20 in 2020, were about half of what they were in 2019. And again that’s all just the lower inventory. Prices have pretty much for 2020 have been above where we’re at in 2019. One thing unclosed sales, this is always kind of a challenge when we’re in a super hot sellers market but we don’t have a lot of closed homes. It can be really challenging to find really good comps for those closed homes and you know you might say why does it matter? If three people wanna pay X amount for that house, it’s worth that. But so our challenge is when we have the appraiser that’s going through because they have to write up a report and they have to show comparable homes that support that price so that’s always kind of the challenge when we’re in this type of market.
I agree with you and it’s challenging. It’s challenging to price a house when we’re working with buyers and they want to write an offer and we can’t even go up in price to be competitive, what is the house really worth? Trying to figure out where we should offer could be problematic too.
Yeah I know it is definitely challenging.
But I wanna say, with all of the bad news right now, I’m just happy we could talk about something positive.
And we’ll chat next week.
We understand that it is a confusing time right now. Each Monday, we will be sending out an update based on our experience over the past week to give you the NW Seattle Real Estate Market’s “Temperature”. We are getting real time updates from our Lender each week as well. We want to make sure that you are as informed as we are. Please don’t hesitate to give us a call or shoot us an email if at any point you have additional questions or questions that relate to your specific situation. We are always happy to help.
Cheers!
-Steve & Sandra
Steve 206-769-9577 stevehill@windermere.com
Sandra 206-271-7100 sbrenner@windermere.com
