Welcome to week 110 of our Monday Market Updates! We’ve been tracking real estate stats in NW Seattle for over two years and things have really changed during that time!
The big news this week is that inventory levels are finally above 100. We currently have 108 homes available for sale. It’s been 5 months since we last saw weekly inventory over 100. We saw more homes get listed (up 38%) and a drop in homes going under contract (down 20%) this past week, which is why we had the jump in inventory. 41 homes went under contract last week, 93% were under contract in 9 days or less and 17% were 4 days or less. Both of these numbers are up over the previous week. Also up is the number of homes (11) that took early offers.
I always find it interesting to see how things have changed over time. Below are numbers for the same week in 2021 and 2022. What stands out is the change in the average sold price per square foot which up $119 and the average sold price which is up nearly $200K. Interest rates are also up over 2 percentage points. These two components, price and interest rates, makes our current market a lot tougher for Buyers than a year ago. Taking the average sold price and the prevailing interest rates at the time, today’s Buyers have an increase of about $1,300 to their monthly principal and interest payments. Buyers are still excited about purchasing; however, some are having adjust their purchase price and/or areas that they are searching in.
Have a fabulous two weeks and enjoy the periodic days of sunshine!
-Steve & Sandra
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 📲 (c) 206-769-9577 📧stevehill@windermere.com
Sandra 📲 (c) 206-271-7100 📧sbrenner@windermere.com
🔗 Brennerhill.com
Windermere Real Estate /FN
