New listings in NW Seattle were down nearly 26% over the previous two-week period. This lack of new inventory had trickle-down effect on homes going under contract, which were down by 11%. I don’t believe the holiday and school break had an effect on the market, because SW Snohomish County was opposite of NW Seattle.
In SW Snohomish County new listings were up 30% over the previous two weeks and homes going under contract were up nearly 46%. The SW Snohomish market has been slightly more robust than Seattle. In general, more new listings have review dates, which is an indication of the strength of the market.
In NW Seattle 64 homes closed in the past two weeks. Of those, nearly 38% sold over asking at an average of just under 108% of their list price and had on average 5 days of market time. During that same period, nearly 27% sold for less than their original list price, at an average of 94.5% and had an average of 79 days of market time.
As expected, SW Snohomish Sellers did a little better. Nearly 48% of closed homes in the past two weeks sold for over asking at 107% with an average of 12 days of market time. Only 22% sold for under asking at an average of 97% and had an average of 99 days of market time. The good news for Sellers throughout the region is that the vast majority of homes are selling at, or above their list price!
Interest rates have been creeping back up since their low of 6.25% in early February. Buyers are currently looking at rates that have been hovering around 6.75%. The higher rates do not seem to be deterring Buyers. I think as long as rates stay under 7%, Buyers will continue to be positive about the market.
As always, if you have any questions about the market, don’t hesitate to reach out to us.
