The Seattle real estate market continues to heat up. We saw a 16% increase in the number of homes pending this week, along with an increasing number of homes with offer review dates. With interest rates hitting a 5 year low, we are seeing even more buyer demand.
Let’s look at the hard data:
Houses and condos are seeing an uptick in the number of new listings. That is to be expected. From February through August, we almost always see more and more people putting their homes on the market. What is more interesting is that houses are seeing increasing demand. Demand for condos remain steady. The biggest difference between now and last year, is the number of homes for sale. We had roughly 35% more total homes and condos for sale this time last year than we do now.
On February 28th, 2019 (just one year ago), Freddie Mac listed 30 year fixed rates at 4.35%
As of February 27th, 2020 the Freddie Mac 30 year fixed rate was down to 3.45. Look at the change in rates over the last year:
That 0.9% drop adds a lot of purchasing power to buyers, as well as gives them a confidence boost and spurs them to action, fearing these rates may not last long.
Low inventory, low interest rates and increasing buyer demand are causing the Seattle real estate market to move quickly.