Buyer activity has dropped off over the past few weeks. Contracts are down by nearly 23% in NW Seattle and a little over 14% in SW Snohomish. I think it is safe to assume that the increase in mortgage interest rates is a driving factor for this drop. Rates are up a ½ point, which adds at least a few hundred dollars to a buyer’s monthly mortgage payment. For some buyers, this higher payment may mean that they no longer qualify for that purchase amount.
Stats for September are in, and the market slowed down in both NW Seattle and SW Snohomish. Inventory levels rose because of higher numbers of new listings, and fewer numbers of homes going under contract. Even though the market slowed, Sellers still fared better in September 2023 than Sellers in September 2022. The average sold price per square foot was higher in both markets than last year and overall, a Seller’s chances of selling was much better this year. For both areas, we are still in a Seller’s Market. SW Snohomish is slightly more robust than NW Seattle, as the latter is on the precipice of moving into balanced market territory.
Our final Home Selling Seminar of the year is coming up on Thursday, November 9th. If you are curious about the market and are starting to contemplate selling, please join us! The information presented is data driven and not a sales pitch on our services. Please check out all of our upcoming classes in October and November.
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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