Seattle weekly wrap-up: rates drop to 6.57%
Wild weekend with some bank turmoil and a time change!
After a big jump in new listings the week before, this past week we saw 11% fewer new listings. So we’re continuing to see far fewer new listings at this time of the year than we’d expect; we’d normally see 300 new listings this week, not 205! It is likely this low inventory that has seemly stabilized the single-family home median price 20% below its peak set in April and May last year and is leading to bidding wars on many single-family homes. As a result of this anemic amount of new listings we’re telling our buyer clients to be patient and urging our sellers to get on the market sooner rather than later!
As for buyers, they put 184 homes under contract last week, up 4% week-over-week. And if those buyers waited until today to lock their rate, they’re in luck; as of Thursday the 30-year fixed was at 7% and today it has dropped to 6.57%!
What caught our eye? The relisting of this $3.85m remodeled Magnolia waterfront, a 1977 contemporary in Cedar Park and a midcentury rambler already pending with 6 offers.
Matt
