Happy August! We hope everyone did well in our mini heat wave. I’m just thankful it wasn’t above 100 like last year!
Inventory levels have stayed pretty steady for the past couple of weeks. This past week, homes going under contract were able to keep up with new inventory hitting the market. This is the first week since the end of May that homes going under contract kept up with new inventory. Let’s hope this trend continues! For the past two weeks we have seen an uptick in showing activity and open houses this past weekend were well attended. What I’ve noticed in my conversations with other Brokers and Buyers, is that Buyers who currently own a home are feeling less urgency to buy. Whereas Buyers who are renting seem to have more excitement about buying. This observation is purely anecdotal and not based on data I’ve been tracking.
Hopefully, the downward trend in mortgage interest rates for the past two weeks will help spur more Buyer urgency. This is the lowest rates have been since late April. The Friday rate watch from Wells Fargo had Jumbo rates at 4.375%, on April 22nd the rate was 4.25% and got as high as 4.875% on June 10th.
Homes are still selling relatively quickly. We had 82 homes go Pending over the past two weeks and their average days on the market were under two weeks. We had 17 homes go Pending Inspection and their average market time was about 5 weeks.
We had a surprise rise in the average sold price per sq/ft this past week. The sold price per sq/ft had been steadily declining four weeks in a row from $621 sq/ft on 6/27, to $566 sq/ft on 7/25. This past week’s average was $620 sq/ft. It will be interesting to see what happens in the next few weeks.
Have a great couple of weeks and we will be back on August 15!
-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
