What stood out to me, looking at stats for the past week, was the low volume of homes going under contract in NW Seattle. Buyer activity was down by nearly 50% from the previous week. SW Snohomish County was also down for the past week, but only by 17%.
I find this interesting, because right now is actually a good time to be buying. Inventory levels are up, so Buyers have a good selection of homes to choose from. Mortgage interest rates have crept up to 6%, but this is still a pretty decent rate, especially when you consider that rates a year ago hit 8%. Home prices are softening, which is typical this time of year. In NW Seattle there are currently 309 homes available for sale, not including condos. Nearly 37% of these listings have had price reductions, with an average reduction of 5.2%. SW Snohomish County is similar – 33% of active listings have had price reductions, with the average reduction just under 5%.
We hope everyone is enjoying these last days of gorgeous Fall weather!
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
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