Buyer activity was surprisingly strong this past week, especially given that interest rates went up another ¼ point last week and ⅛ the previous week! We had 36 homes go under contract – 25 Pending and 11 Pending Inspection. The previous week we only had 28 go under contract. Homes are taking longer to sell. For the past two weeks Pending homes have averaged about 4 weeks of market time. Even with the longer days on market, closed homes are still mostly selling at their list price or above. For the past two weeks 33% of the closed homes sold below their asking price. This is actually down from where it was earlier in the month when we had the majority of closed homes selling below their asking price. I believe Brokers and Sellers have gotten better at pricing for the current market. The sold price per sq/ft has been fairly steady for the past 4 weeks and has been bouncing between $571 and $595, which is not a huge swing.
New listings are down this week. We will most likely continue to see new listings taper off each week from now to the end of the year. This is typical seasonality for our area. This should also help some of the lingering inventory get absorbed into the market. As of today, we have 299 homes available for sale and 85% of them have been on the market for 10 days or more. We’ve been averaging 22 homes per week that are either canceling, expiring or otherwise temporarily off market. Less than half of these are re-listing. As we finish off the last two months of the year, I expect to see an increase in the number of homes coming off the market due to a failure to sell. Presumably, most of these will re-list early next year.
-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
