The market in both NW Seattle and SW Snohomish has been pretty robust the past couple of weeks, especially given that interest rates had been rising. Mortgage rates have actually come down by quite a bit today (3/8 for conforming), which is welcome news for Buyers. We’ve said this before, the Buyers that are house hunting with these higher interest rates are serious Buyers. They understand that they will have the opportunity to refinance to a lower interest rate in the future and are wanting to take advantage of less competition.
Two weeks ago, I mentioned that new listings with review dates had been on the rise. For the past two weeks in NW Seattle, they’ve actually come down from the high of 53% towards the end of February, to just 25% this past week. I am wondering if possibly the rise in interest rates spooked Listing Brokers. It will be interesting to see if this trend continues, or if it was just a blip. Steve and I consider review dates on new listings on a case by case, week by week basis. Which I think in this wonky market only makes sense. Review dates in SW Snohomish have also come down just a tad, but nothing worrisome.
Sold price per sq/ft has steadily been increasing in NW Seattle. The average for the past two weeks was $587.00, up 7% from the previous two weeks. Also the number of homes that are selling at or above their list price has also been increasing. Pricing is definitely still a challenge. Since there are fewer Buyers in the market, there are also fewer sold homes. This means that it is more challenging to find good comparable homes in which to try and price from. Pricing is both science and art. You need to have the skills and knowledge to find and interrupt the data and have a pulse on the current market conditions to give an accurate estimated range of value. When there are fewer sales, we have less data to use. Check out our short video on why you need a pricing expert!
Northwest Seattle Real Estate Market Activity
| During the Last 2 Weeks: | Previous 2 Weeks: |
| Inventory – 122 | Inventory – 130 |
| New Listings – 63 | New Listings – 65 |
| Under Contract – 69 | Under Contract – 59 |
| Sold – 70 | Sold – 63 |
| Price per Sq/Ft – $587 | Price per Sq/Ft – $548 |
-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
