Happy Juneuary and welcome to week 116 of our Monday Market Updates. For the past few posts we’ve been talking about a shift in the market and that one of the key data points that we watch is how many new listings have review dates. The stronger Brokers feel the market is, the more listings will have review dates. For the past two weeks, on average 48% of new listings had review dates. This is low compared to what we normally see. However, it will be interesting to see if this number is similar next week. These past two weeks have been impacted by the Memorial Holiday and I suspect the numbers are skewed because of this.
For the past 2 weeks, we had 106 homes come on the market, and 89 homes go Pending. This past week, we did have pretty light buyer activity with only 33 homes going Pending. Again, I believe this is because of the holiday. Interest rates ticked up an 1/8 of a point for most common loan programs but are still lower than their highs earlier in May. The Days on Market (number of days it takes for a home to go Pending) are also inching up a bit. The days on market had been stable bouncing between 5 and 6 days. For the week ending June 5, the days on market were 14, and for the week ending 5/29 it was 9. Again, this could be because of the holiday.
The sold price per sq/ft dropped this past week to $592. However, the overall price per sq/ft in May for NW Seattle was $663.00. This number represents homes going under contract in April and early May.
Our next update will be on June 23rd. I will be really curious to see if the stats rebound a bit, or if they remain the same. Thanks everyone!
-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
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Windermere Real Estate /FN
