As expected, new listings were up this past week. We added 80 new listings, which is on par with the new listing activity we had in June. Buyer activity was also up this past week compared to the previous two weeks which were impacted by the 4th of July holiday. We had 35 homes go under contract between both Pending and Pending Inspection. While signed contracts were up, they are down about 30% from the weekly average in June. Part of this is our normal summer slow down with kids home from school and people on vacation. However, a good part of the slow down is that Buyers are not feeling the urgency like they did a few months back. The overall buyer sentiment is that there is less competition for them and more and more listings will continue to come on the market. So while they may miss out on a home that they like, they feel more confident that another home that they like just as much will come on the market.
The average sold price per sq/ft was relatively consistent for the last three weeks in June and then started to come down in July. Remember, closed homes reflect the market from 3-5 weeks prior, depending on when they went under contract. Below is graph showing the past 8 weeks for some of the data points we track weekly.
Interest rates came down just a tad last week. Rates for conforming loan limits for the past several weeks have been bouncing in the range of 5.25% and 5.75%. Interest rates can change day to day and sometimes even change during the day. This means Buyers once they are under contract need to have good communication with their lender regarding when to lock their loans. Recently, we’ve had a few Sellers offer $10K towards Buyers closing costs to buy their rate down. This is a better long-term for option for Buyers to get $10K in closing costs, versus $10K price reduction.
As always, if you need anything, please reach out to us!
-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
