Last week was our 5-year anniversary for tracking stats! We started tracking right at the beginning of the pandemic. It’s kind of interesting to go back and look at where things were at – Inventory level for NW Seattle was 114 homes and interest rates were 3.625%! That feels like a lifetime ago.
So what’s happening now…interest rates are remaining steady and bouncing between 6.25% and 6.5%. The Fed, as expected, did not change the Fed Fund Rate, but did signal that there will most likely be two interest rate cuts this year.
In NW Seattle inventory continues to grow with more new listings. While homes going under contract are up for the past two weeks by 22%, looking at just the past week homes going under contract are down by 28%. Hopefully this is not a trend, but we will be watching this closely. In SW Snohomish County Buyer activity is up for the past weeks and week-over-week.
A few weeks ago I had mentioned the surprising number of homes in SW Snohomish that went Pending after just a few days on the market and did not have review dates. It is nice to see that this past week, only about 10% sold so quickly versus 33% previously. Whether we are expecting multiple offers or not, we think having a review date and ensuring adequate market exposure is important for Sellers.
Happy Spring!
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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®
CELL 206-769-9577
SANDRA BRENNER
Managing Broker | REALTOR® | MCNE | SRS | CRS®
CELL 206-271-7100
WINDERMERE REAL ESTATE / NORTHWEST
311 N 85th St
Seattle, WA 98103
MAIN (206) 527-5250
brennerhill.com
Equal Housing Opportunity
