Seattle Real Estate Trends – Episode 11 – 2/21/20

– Hello, Seattle. This is Christy Kinnaird, Living Spaces, coming to you with your
Seattle real estate trends. Boy, (sighs) summarizing it all. Look like I’m breathing, like
(sighs), summarized it all. I was at, I went and saw
nine houses this morning, and I have not seen so
many people at a house, an open house ’cause a lot
of the houses that I went to see were during open house times. And I do that on purpose
so I can kind of see how many buyers are out there. And I saw so many cards
in every single house that I went to. So basically this week in real
estate is acting like 2017. In 2017, the real estate
market was very hot, and it favored the sellers. So let’s get into it. Nerdy details for the past seven days. Over the past seven days, we
had 149 houses hit the market, and we had 128 houses go pending. And at this exact moment in
time, in the city of Seattle we have 540 houses for
sale, which is not enough. We need at least 900 right now, so we are down about 40%
in the number of houses that we need to have available for sale. So let’s talk about
these 149, or excuse me the 128 homes that went pending. Of those, 75% of them were on the market for eight days or less. 75% of all the homes that
went pending last week were on the market for eight days or less. That is remarkable. And so here we are, we have
our total number of homes for sale, 75% of them… Can I tear this in a straight line? Oh boy, almost. So 75% of all the homes
for sale went pending in eight days or fewer. And of these 75%, so of
those homes that went pending in eight days or less,
59% of them had an offer or view date. Four weeks ago, the percentage
of offer or view dates was less than 10%. Now I know I’m always
bringing you new numbers. But I’m trying to keep it relevant. I’m trying to give you
information that’s gonna help you understand
what’s going on this week in Seattle real estate because we know if we were only to do this once a month, stuff changes so fast we
need to do it every week. I am like bossy lady today. Okay, we’re gonna rein it in. We’re gonna talk about
condos, which are different but still good. We had 59 condos come on the market. We had 44 of those condos just go pending, which is huge. These numbers haven’t
been this close together in a long time. And at this exact moment in
time in the city of Seattle, we only have 301 condos for sale. We had twice as many condos
for sale this time last year. That’s right. And of these 44 condos that went pending, 57% of them were on the
market eight days or less. Over half the condos that
went pending last week had a market time of eight days or less? You know that our average
market time for condos is 42 days, right? What in the heck is happening? And of this 57%, so of the
condos that went pending that had market times
of eight days or less, almost half, 48% of them
had an offer or view date. Are you kidding me? Offer or view date for condos? In November you couldn’t
give away a condo, and now we’re seeing
multiple offer situations. So there it is kids. The numbers show we still
have more new listings than pending listings, which is good because when the market
was super frenzied, that was not happening. But we’re seeing properties
go in eight days or less, at least half of them. And of those properties,
now the majority of them have offer or view dates. So if you are buying, let’s
buckle down and talk about what we need to do if we get into a multiple offer situation. And if you’re thinking about
selling, congratulations. Market is in your favor mostly. Seattle real estate is also very specific with the home style, the price
point, and the neighborhood. So if you have a $700,000
house in Ballard, hot. Okay you have a $700,000 condo
in White Center, not hot. So just totally different markets, and again the luxury market
which is like 1.5 and above, it moves at its own pace. But we don’t really talk
about that too often here on my videos. Anyway, there it is. I’m long winded. I appreciate you, and I
will see you next week.

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