Seattle weekly wrap-up: are potential sellers now deferring to 2023?
Whoa! Big drop in new listings in Seattle; they were down 25% week-over-week to just 189 new listings. I suspect we might be seeing the start of sellers opting to list in 2023 in the hopes that the market is better than now. As for sellers on market, 194 cut their prices last week, trying to find buyers.
In terms of buyer activity, buyers put 156 homes under contract last week; fall 2022 is continuing to be the slowest in terms of buyer activity of the last five years (which is as far back as we track). High interest rates are to blame, but thankfully we saw rates decline from 7.38% to 7.08% over the course of the week.
Curious about Infinity Shore Club? We recently posted a hardhat video tour!
Thinking of buying this year or next? Check out our next home buying class November 8 at 4pm.