It is unbelievable that the Seattle housing market is so robust during a global pandemic.
It is also shocking that the house market and the condo market are behaving so differently!
For the second week in a row, we see more houses going pending this year when compared to both last week AND last year.
We have 42% FEWER houses for sale, but 34% MORE houses going pending.
When looking at houses, all signs point to a heating up market. Increasing number of pending homes AND an increase in the percentage of homes with an offer review date.
But the condo market is behaving much differently. We have 11% fewer listings than this time last year, and 12% fewer people putting in offers on condos. Only 11% of condos have an offer review date.
This week the odds favored sellers of houses and buyers of condos.
Now Let’s Look At Interest Rates:
According to Freddie Mac, a 30 year fixed loan was at 3.21% last week. Last year at this time it was 3.82%. Low interest rates help ease the affordability issue we have in Seattle and spur buyers into action, therefore increasing demand.