New listings were down this past week in both NW Seattle and SW Snohomish. We also saw fewer listings with review dates. Neither of which is a surprise due to the 4th of July holiday. Buyer activity remained steady in both areas with a similar number of homes going under contract as the previous week. Interest rates ticked up about an 1/8 of a point this past week and for the past several weeks conforming rates have been hovering right around 7%.
I thought it would be interesting to look at June 2023 compared to June 2022. Given where interest rates are compared to June of 2022, our real estate market is doing great! Conforming rates throughout June 2023 have been steady at 7% and ticked up last week to 7.125%. In June of 2022 they ranged from 5.25% to 5.875%. Last June in NW Seattle we had 227 homes close at an average price per sq/ft of $614, with an average of 9 days on the market. This June we had 168 homes close at an average price per sq/ft of $593, with an average of 17 days on the market. The number of sold homes are down 26% and the price per sq/ft is down 3.4% down from last year.
SW Snohomish showed similar numbers. In June 2022 we had 189 homes sell at an average price of $482. This June we had 119 homes sell at an average price of $459 a sq/ft. The number of homes sold is down by 37% and price per sq/ft is down by 4.8%. While the numbers are down from last year, they are remarkably strong. The main reason the market is as strong as it is, is because inventory levels are down. In SW Snohomish inventory is down by a whopping 56% and NW Seattle is down by 12%.
We hope everyone has a safe and fun 4th of July!
| During the Last 2 Weeks: | Previous 2 Weeks: |
| Inventory – 198 | Inventory – 198 |
| New Listings – 87 | New Listings – 102 |
| Under Contract – 80 | Under Contract – 87 |
| Sold – 68 | Sold – 68 |
| Price per Sq/Ft – $591 | Price per Sq/Ft – $598 |
-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!
Brenner | Hill Real Estate
Steve 📲 (c) 206-769-9577 📧stevehill@windermere.com
Sandra 📲 (c) 206-271-7100 📧sbrenner@windermere.com
🔗 Brennerhill.com
Windermere Real Estate /FN
12250 Greenwood Ave N
Seattle, WA 98133
