Throughout most of April and May in NW Seattle, homes going under contract have not kept up with new inventory coming on the market. This has enabled our inventory levels to rise. This past week we had 62 new listings, but only 40 homes go under contract. The previous week was a bit better with 47 new listings and 41 homes going under contract. Our friends to the North in SW Snohomish have fared better. Throughout April and May, homes going under contract have mostly been able to keep up with new listings coming on the market. This has slightly softened, but their new listings to homes going under contract ratio of 78% is still quite a bit better than 64% for NW Seattle.
This past week in SW Snohomish 64% of new listings had review dates, versus 50% of new listings in NW Seattle had review dates. Reminder, the higher the percentage of review dates, the more robust Brokers feel the market is.
Interest rates went up by about 3/8th of a point late last week.
This is due to the looming debt ceiling issue. The one-month Treasury bill spiked to 5.60%, up from 4% just a few weeks ago. This dramatic spike moved the 10-year yield and mortgage rates up. The former hit two-month highs on Thursday, which caused mortgage rates to also go up. There is optimism that there will be a resolution on the debt limit. However, until then there will be upward pressure on rates, which will have an impact on near-term buyer activity. It will be interesting to see what happens in both real estate markets this week.
| During the Last 2 Weeks: | Previous 2 Weeks: |
| Inventory – 188 | Inventory – 162 |
| New Listings – 109 | New Listings – 89 |
| Under Contract – 81 | Under Contract – 83 |
| Sold – 85 | Sold – 80 |
| Price per Sq/Ft – $558 | Price per Sq/Ft – $579 |
-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
