Wow…the sold price per square foot has been steadily climbing! This past week, homes sold for an average of $670 per sq/ft, the previous two weeks it was $642. Since the end of January, we have been over $600.00 a sq/ft. These higher prices are a reflection of the low inventory that we have had since the beginning of the year.
Lack of inventory continues to be an issue. We currently have 77 homes available in NW Seattle. We had 124 new homes come on the market over the past two weeks and 117 homes go under contract in the same time period. Buyers continue to snap up homes as they hit the market.
Interest rates are also creeping up. Conforming rates are now at 4.25% and Jumbo at 3.5%. Conforming rates are up a ½ point since the end of January and Jumbo up a ¼. Historically though, we are still doing well. Check out the rate history for the past 50 years. Of course it is all relative. Back in the early 80s when rates were over 16%, the median home price in King County was under 75K.
-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
