No surprise that Buyer activity has been down for the past two weeks. This is expected given the time of year and the beginning of the holiday season. New listings are also down, and withdrawn homes or homes that have cancelled their listings have been rising. Both of these are helping our inventory levels come down a bit, which is helpful for Sellers.
A lot of the homes going under contract over the past two weeks are homes that have been on the market for 10 days or more. It’s nice to see some older inventory getting absorbed out of the market. The number of homes selling below their list price has also been going up. For the past two weeks 57% of closed homes sold below their list price and sold for about 93% of their list price. Approximately 10% are selling above their list price.
Interest rates have been coming down since their highs in October. Conforming rates had been over 7% in October and on Friday they were at 6.375%, which is great news for both Buyers and Sellers.
We hope everyone has a fabulous Thanksgiving week!
-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
