Interest rates rose again last week. This was one of the highest changes in rates we’ve seen in several years. Rising interest rates will have an effect on Buyers purchasing power. We’re seeing that with Buyers that we are working with. We’ve had a couple of Buyers lower their top search price to accommodate the change in interest rates. However, even though they’ve lowered their purchase price, they are still excited about buying. This was definitely the sentiment that we heard from other buyers that came into our open houses this past weekend. While they were concerned about rising interest rates, they seemed more concerned that if they didn’t buy, they may get priced out of the market.
It will be interesting to see how the rising interest rates impact our local real estate market. So far, we aren’t seeing an impact, but of course we continue to monitor this weekly.
The vast majority of homes (92%) are selling in under 10 days. The percentage of homes that are selling in 4 days or less is also rising. This past week 29% of the homes that went under contract did so in less than 5 days. This number has slowly been rising over the past few weeks, which tells us that the market is moving even faster. The average sold price per square foot is also on the rise. This past week the average was $683.00. This is the highest we’ve seen since tracking the market weekly for a little over two years now.
The low inventory will continue to put upward pressure on sale prices. The housing demand is still outpacing supply by quite a bit. I have to admit, I am a little surprised that inventory hasn’t risen more than it has. Throughout February and March, we typically had anywhere from 70 – 77 homes available in Northwest Seattle. Which is not nearly enough for the current demand.
-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
