I find the stats for the past two weeks really interesting – especially when looking at both NW Seattle and SW Snohomish County.
In NW Seattle pretty much every data point except inventory was up over the previous two weeks. New listings are up by 10%. Homes going under contract are up by 31% and the sold price per sq/ft was up a smidge by 2%. 40% of new listings this week had review dates, which is down from the previous week’s 59%. I haven’t dived into the data, however observationally, I believe this is because we had quite a few townhouses come on the market and only a few of them had review dates. The majority of single-family homes appeared to have review dates. You may be wondering why would there be fewer townhomes with review dates. In general, leaving condos out of the conversation, the townhouse market is the first to react to negative news in the real estate market, and the last to recover.
In SW Snohomish County everything is opposite to NW Seattle! Inventory is up just a tad, but all other data points are down. It was a big surprise to see that new listings were down nearly 20%. The lack of new listings had an impact on the number of homes that went under contract, which were down by 17%. The average sold price per sq/ft was also down by 7.1%. What was up this week over last week was review dates – again opposite of NW Seattle. This past week 62% of new listings had review dates, up from 56% the previous week.
I’m not sure what to make of the different short-term trend for SW Snohomish. My hunch is that this was just an anomaly driven by the lack of new listings.
We hope everyone has a fun-filled Valentine’s Day and a relaxing President’s Day next week!
