Happy (almost) Summer and week 118 of our NW Seattle Market update. Inventory levels have been moving up over the past few weeks, which is normal for this time of year for our market. The highest months of new inventory coming on the market in our area is typically May and June. In the past two weeks we’ve had 158 new listings hit the market and in that same time, we’ve had 101 homes go under contract. It’s easy to see that homes going under contract are not keeping up with the new inventory coming on, which is why inventory levels are now at 204. This is the highest it’s been since October 2020 and 55% higher since the beginning of June. This is a welcome relief for Buyers, who are still contending with higher mortgage rates.
Rates had jumped by ½ point across the most common 30 year fixed loan categories – conforming, high-balance conforming and jumbo. On Friday rates came down an 1/8 point on all of these. We’re seeing more Buyers start to use 5 or 10 year ARM (adjustable-rate mortgage) programs to deal with the higher mortgage rates and help keep their monthly mortgage down.
The time that it takes to sell a home is creeping up. This past week, the homes that went pending, had an average market time of 12 days, which isn’t a long time. However, in May the average market time was 6 days. But to keep it in perspective, the average market time for the past two years was 13 days.
While homes are still selling quickly, Brokers are feeling the market slow down. This past week, 56% of new listings had review dates, which is up a tad from last Monday’s stat of 51%. But the overall sentiment is the same — Brokers are feeling the mild slowdown.
The number of homes selling above their list price has also been coming down and was at 47% this past week and 58% the week before. Part of this can also be because Brokers and Sellers are pricing their homes closer to market value. Pricing listings is significantly tougher in a shifting market. This is something we’ve been talking about quite a bit with our up-coming Sellers. Our best judge of market value are comparable homes that are Pending. I’m no longer looking at homes that closed in April, because that was a different market than we have today.
If you have any questions, please reach out to me. Have a great holiday weekend and enjoy the first week of Summer!
-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
