We are off to a good start to 2023. In the past two weeks in NW Seattle we’ve had 48 new listings come on the market and 53 go under contract. Currently, homes going under contract are more than keeping up with new inventory coming on the market. We are still seeing about 10% of new listings have review dates. We had 34 homes close in the past two weeks for an average price per sq/ft of $509.00 and had an average market time of 34 days. The previous two weeks we had 44 homes close for $550.00 per sq/ft and had 40 days of market time. This is a 7.5% drop in the price per sq/ft. There is nothing to panic about. The price per sq/ft does fluctuate. However the average price per sq/ft has been trending down since the height in May, and were pleasantly surprised to see a rise in December.
Other parts of the area are showing similar activity. In SW Snohomish, 26 homes went under contract in the past two weeks and sold for an average of $428 per sq/ft with 33 days of market time. The previous two week there were 42 homes that sold for an average of $415 sq/ft with 37 days of market time. They had a little over 3% gain in past two weeks. They also saw a modest rise in price per sq/ft for December. Their peak month for price per sq/ft was in April.
Interest rates have thankfully been coming back down again! Conforming rates are down ¼ point and Jumbo rates are down 3/8 from a week ago. While this saves Buyers money each month, it also gives them a boost of market confidence, which I would argue is even more important.
Northwest Seattle Real Estate Market Activity
| During the Last 2 Weeks: | Previous 2 Weeks: |
| Inventory – 154 | Inventory – 152 |
| New Listings – 48 | New Listings – 6 |
| Under Contract – 53 | Under Contract – 30 |
| Sold – 34 | Sold – 44 |
| Price per Sq/Ft – $509 | Price per Sq/Ft – $550 |
-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
