Curious what’s happening in the Seattle Real Estate Market? Here is our NW Seattle Real Estate Market Update
A surprising metric happened in our northwest Seattle real estate market in November that we haven’t seen since June 2018.
November stats are in and so what’s the big surprise and how does it effect you?
For the first time since June 2018, our absorption rate was over 100%. Your probably wondering, what’s an absorption rate? It’s basically tells us how fast homes are coming to market and then selling. So a rate over 100% means that the number of homes sold exceeded the number of homes that came to market. So what does this mean for you? If you’re a seller, it means you have a great chance at selling your home. Sellers often think that our real estate market slows down this time of year and that winter months are not good months to be selling. Well, in Seattle, that’s just not true. We have such mild weather here in Seattle that pretty much year round is great. However, if you’re selling or thinking about selling, being on the market when you don’t have a ton of competition is a great advantage to you.
And if you are a buyer or thinking about buying, the good news for you is that prices remain flat in northwest Seattle from October to November. While the market heated up and moved a bit faster, buyers were not paying more. And of course, interest rates continue to be low. And here’s a little tip, buying in the winter is great. You tend to have less competition and if you’re looking at homes with basements, this is the time of year that you’ll know whether the basement is dry or has moisture issues. We feel this is a great market for both buyers and sellers.
Need more information? Always feel free to reach out to us, we are here to help you in any way that we can.
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