Welcome to November and another Fed rate hike last week. However, so far that rate hike has not affected our local market. In fact, Buyer activity was actually pretty strong over the last 7 days. Possibly Buyers are nervous of an additional rise in Mortgage interest rates and they want to lock in their rate. For the last month or so we’ve been hearing people say, “date the rate, marry the house”. What they mean by this, is that a house purchase is a long-term commitment, but your mortgage is not. It is widely believed that interest rates will come down in the future, allowing today’s Buyers to refinance in the future.
Overall, October was a pretty good month for our local market. In NW Seattle closed sales were down from September, however Pending homes were up. The average sold price per sq/ft was down 2.5% in October from September and the average sold price is down by 4.5%. This decline is part of the seasonal trend we always see this time of year and an overall softening of the market.
While the market has softened, prices are still for the most part slightly above home values in 2021. May and June of 2021 were the only months last year that had an average sold price above October’s average of $996K. Our average sold price per sq/ft for October was $552, this is on par with the average of last year of $553 for March through November. By all accounts 2021 was a great year for Sellers. Yes, homes are taking much longer to sell today than in 2021. Homes that closed in the past two weeks had an average of 26 days of market time. There are currently 273 homes available for sale. Their average days on market is 54. This just shows what is true in all markets, which is, homes that are priced appropriately for the market sell significantly faster than those that are not.
-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
🔗 Brennerhill.com
Windermere Real Estate /FN
