Mid-winter Break Update

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You might be thinking, “What’s mid-winter break?” That’s a great question. I never heard of it until my kids started school. Many area schools take the entire week of the President’s Day holiday off and call it mid-winter break. I tried to find the history of it, but all I could find was a guide of things to do.

The reason this matters to the real estate market is because many people with or without kids leave town for President’s Day weekend or week, and families who stay behind have their hands full. Typically we don’t see much real estate activity this week. This year we saw a flurry of activity, especially in NW Seattle, where new listings were up 57% over last week, but overall the inventory was flat from last week.

This week we saw 192 new listings come online in the Seattle / Bellevue / Kirkland areas that we’re closely monitoring and 26 are already sold. New listings are down 2% this week and the percent sold the same week is down 40%, but that’s the same level it was 2 weeks ago. This is consistent with what we’d expect for a holiday week.

Here’s how that breaks down by each region we’re tracking. Again, most of the action was on the Seattle side of Lake Washington this week with the biggest jump in NW Seattle. Sales activity was slower everywhere.

Since everyone was out of town, this was a great week to buy. There were several cool properties, including this University District condo that didn’t get offers on their review date. We helped some of our clients beat out the competition on this very unique Green Lake home¬†last night.¬†Even though it was dark out, we ran out and installed our SOLD sign last night.

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