We hope everyone had a lovely holiday weekend! The real estate market is chugging along. Closed prices have been moving upward in NW Seattle. As you see from the data table below, this past two weeks had an average price per sq/ft of $598 versus $571 for the previous two weeks. The average days on market for both periods was roughly 21 days.
SW Snohomish saw a slight decline from $455 sq/ft for the two weeks ending on June 4th to $439 for the two week period ending June 18th. The days on market doubled from just 9 days for the week ending June 4th to 18 days for the week ending June 18th. While that is a jump, it is still below the average for NW Seattle. In general SW Snohomish has been a slightly more robust market than NW Seattle.
In the past week the number of new listings with review dates went down in both markets. This past week in SW Snohomish, 46% of new listings had review dates, down from 63% the previous week. In NW Seattle we went from 57% the previous week to 47% this past week. One reason for the decline could be attributed to the 3-day holiday weekend. We saw a drop in review dates over Memorial Weekend too. We are also moving into the Summer months when our region’s real estate market tends to slow down a bit.
Interest rates were stable in June, which is great news for everyone. While conforming rates are still relatively high at about 7%, they have at least been unchanged for three weeks. Jumbo rates have more slowly come down ¼ point since the end of May and are finally back to mid-May rates. As you may already know, the Fed unanimously voted at the June meeting to not raise rates. They have indicated that this does not mean they are through with rate hikes. At this point, Fed watchers believe that there is a 65% chance for another ¼ point hike at the July meeting. While that is disappointing, the good news is that the economy is heading in the right direction and possibly the end is in sight for an end to rate hikes. Fingers crossed!
| During the Last 2 Weeks: | Previous 2 Weeks: |
| Inventory – 198 | Inventory – 187 |
| New Listings – 102 | New Listings – 87 |
| Under Contract – 87 | Under Contract – 81 |
| Sold – 68 | Sold – 70 |
| Price per Sq/Ft – $598 | Price per Sq/Ft – $571 |
-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
