The first half of August is now in the rearview mirror and so far, the August market has not been too shabby!
August is typically our slowest month for activity in our region, but the numbers for the past two weeks are surprisingly neutral! Inventory levels have averaged 254 and homes going under contract have almost kept up with new homes being listed. We’ve had 109 new listings. The vast majority of these homes were vacant and only 29% had review dates. We had 73 homes go Pending and 20 go Pending Inspection.
Since the end of June, we have been seeing more listings cancel or expire each week and about 40% are not re-listing in the same week. Just as an FYI, it’s hard for me to track how many ultimately do re-list. But what I have noticed is that several of the properties that are not re-listing are Townhouses. When markets start to slow down, often the townhouse market is the first to feel it.
Most sellers are getting their asking price. The vast majority of homes, 68% for the past 7 weeks, are still selling at or above their last list price. This indicates that both Brokers and Sellers are paying extra attention to their list prices and are trying to price appropriately for the current market, versus pricing for the market in May or even June.
Interest rates have also been relatively stable for Buyers over the past three weeks. I would think that this has helped give Buyers a bit more confidence. They are also now getting used to the new normal for interest rates.
The bottom line is that our gorgeous August weather gets a big thumbs up from us as does the August real estate market for staying relatively neutral!
-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
