NW Seattle September stats are in and it was slower than we anticipated. We ended the month with 309 homes for sale, which is up nearly 34% from August. Today we currently have 301 homes available. Homes going under contract were down 22% from August. Typically Buyer activity picks up during September, but not this year. The recent rise in interest rates have taken quite a bit of sizzle out of the market and a big chunk out of Buyers’ purchasing power. Conforming rates have risen over a point since the end of August and are currently around 6.75%. September brought higher interest rates, higher inventory levels and longer market time. At the end of September, we had two months of inventory – meaning that if no other homes came on the market, it would take two months for all the homes to sell. While 2 months of inventory would nationally be considered a Seller’s Market, here in Seattle this is very much a balanced market with an edge still towards the seller. This is very similar to our 2018/2019 market.
This past week we did see decent Buyer activity with 40 homes going under contract and 42 new listings hitting the market. Only 4 of these new listings had an offer review date. Again, this is just an indication that we are no longer in a Seller’s Market. There are some great buying opportunities out there! 84% of the homes currently on the market have been on the market for 10 days or more. Of those, nearly 50% have had price reductions. Some of these price drops are pretty significant and others are minimal. This past week, 32% of closed sales sold for over asking at an average of just under 105% and had average market time of 6 days. 24% sold for less than asking at an average of 97% and averaged 67 days of market time. As you can see, priced appropriately, homes are still selling quickly and at or slightly above their list price.
Enjoy this beautiful Fall weather – we’ll be back on the 24th!
-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
