Monday NW Seattle Real Estate Market Update July 27th, 2020
It continues to be a hot Seller’s Market in NW Seattle.
For week 20, we look at the numbers from last week, the phenomenal interest rates and our upcoming event:
Virtual Home Improvement Workshop.
To register your spot, visit https://bit.ly/HomeImprovementWorkshop
Welcome to week 20 of our Monday Market Update. And the Northwest Seattle Market just continues to do really well. Part of that is because interest rates are so phenomenal. And interest rates have not really changed from last week. Conforming, 30 year conforming is still 3.125, 15 year conforming did go up just a tad to 2.75 and then jumbo rates, great money, 3.25. And this is all courtesy of our friend, Katie McGovern at Wells Fargo.
It is a screaming sellers market. There were 179 homes for sale, there were 52 new listings. 64% of those are vacant, pending homes sales, 49 with an average of eight days on the market. That’s really, really low. Pending inspections, 18 homes with an average of 31 days on the market and homes that closed. 34 homes closed and those average market days of those homes were 15 days. And then the average price per square foot in Northwest Seattle was $525 up from $506 the previous week.
We would love to invite you to our first easy home improvement workshop. And it will be Wednesday, August 12th at 5:30 PM. And this will be a Webinar-style on zoom. So not quite your zoom call that most of us are all used to. Yeah, it should be just a ton of fun. We’re gonna talk about really easy and relatively inexpensive fixes that people can do to help improve the value of their home. Whether you’re thinking about selling or not, really, it doesn’t matter, because everybody wants to improve their home’s value. And we’ll have before and after photos, And then, there will be time for questions and answers, and it will get recorded. So if you miss it, let us know and we can send you out the recording.
And also too, we always say this, but we really wish that if you’re thinking about selling like five years out, we always wish that people would connect with a realtor kinda of early on. Because a lot of times people will do things, that maybe they shouldn’t have done, or they’ll pick colors on surfaces that maybe they shouldn’t have picked and if they had gotten in touch with a realtor kind of early in the process, then we could save you from making some mistakes. Because if you’re gonna spend this money on, let’s say putting in a carpet, you should put in something that is that is neutral, that a wide variety of buyers are going to appreciate. But if you’re planning on being there for I don’t know, 10 or 15 years, then yeah, put in the color of carpet that you want, because by the time you go to sell, you’re gonna need to change it out anyway.
So we hope everybody has an awesome, safe, fun week. Stay cool, It’s going to hit 90s today. So Seattle is just hot.
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 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
