The market has been holding steady for the past few weeks. In NW Seattle homes going under contract were up nearly 13% over the previous two weeks. However, the previous period, contracts were down nearly 29%. This type of up and down movement is not a surprise. We’ve said this before, 2023 is going to be a wonky market. Contracts were down these past two weeks in SW Snohomish by nearly 13%, but the previous period contracts were up by almost 15%.
Inventory levels have been pretty consistent since the first part of May for NW Seattle and have ranged from 180 to 198. In SW Snohomish, inventory has been consistent as well since the first of June and has been bouncing mostly in the 120s. Overall, there is a decent number of homes for Buyers to look at. The average days on market for NW Seattle is 56 and approximately 82% have been on the market for over 10 days. SW Snohomish is similar. The average days on market are 47 and 74% have been on the market over 10 days. There’s some opportunity in there for Buyers!
Interest rates, unfortunately, have been on a steady climb in August. We started the month at 6.875% for conforming rates and as of Friday, they were 7.25%. Buyers who are in the market are now acclimated to the interest rates. For several months now, they’ve been ranging in the mid to upper 6’s to the low 7’s.
We hope everyone has a fabulous Labor Day weekend! Man, it’s hard to believe it is Labor Day already.
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 HILL
Broker | REALTOR® | Luxury Advisor | Premier Director
CELL 206-769-9577
SANDRA BRENNER
Managing Broker | REALTOR® | MCNE | SRS | CRS®
CELL 206-271-7100
WINDERMERE REAL ESTATE / FN
12250 Greenwood Ave N
Seattle, WA 98133
MAIN 206-367-4720
brennerhill.com
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