Weekly Seattle Real Estate Inventory Update – 10/11/19

– Hey, hello Seattle. This is Christy Kinnaird
with Seattle Living Spaces, coming to you with your
weekly inventory update! Today is the 11th day of October, and as usual, let’s
talk’o ’bout it, shall we? See if we have any houses
in the city of Seattle over the seven days. A sharp decline in the
number of new listings, and I mean sharp. We had 194 homes hit the market
over the past seven days. That’s significantly fewer
than the 265 that we had just a week ago, and also far
down from this time in 2018, where we had 252 houses hit the market. We had 107 go pending, which is, you know, a lot fewer than we did the week before. But a little bit more than we had in 2018. We have a 40% absorption rate, again, that’s because
we had this big (laughs) number of new listings the previous week, and the slight decline in our
number of pending listings. And at this exact moment in
time in the city of Seattle, we have 1,403 homes
for you to choose from, should you be buying a house. The week before, 1,461. This same time in 2018, 1,490. So we are seeing fewer homes total available for sale right now than we did this time
last year, which again, although it was that way last week, it hasn’t been that way for a long time, so it’s interesting that we
have fewer homes for sale this year than we had at
the same time last year. I find that interesting and unusual. But, of those 1,403 homes, how long have they been on the market? My favorite question! The brand new runway model
slipped one percentage point, and they are now a quarter, or 25%, of the total available homes for sale. In the 15 to 30 day category,
we have 19% of the homes. 31 to 60 day category, 21% of the homes. And crusty rustys lost a
point this week there from, went from 36% last week to 35% this week. Last year, they were only 24% of the total available homes for sale. Switching over to condos. Really interesting. So we had 70 condos hit
the market this week, which is more than the
64 that we had last week, but look at last year. 119 new condos hit the market
this same time last year. That’s a lotta condos in one week, mm-hmm! We had 20 condos go pending, which is significantly down
from the 27 that we had the week before, and a
lot fewer than we had this time last year. So our absorption rate is sad, at 21%. And at this exact moment in
time in the city of Seattle, we have 685 condos for sale. Last week, 690. Last year, 680. This is like a very even Steven
number of condos for sale, both week over week and year over year, which doesn’t happen very often. And of these 685 condos, how long have they been on the market? The brand new runway models
stayed the same at 18%. The 15 to 30 day category
took a dip, from 19% to 16%. 31 to 60 day category gained
one point, and is now 22%. And the crusty rustys, man,
45%, they were 41% last week, so condo crusty rusty, this’ll
be 50% before November. We’s have a lot of aging condos, and kind of holding
steady with our inventory. And not a lotta condo
buyers out there right now. So, we’ve got a good amount
of condos to choose from, not a whole lot of active buyers, and some really old inventory. So this means that people
are either gonna have to do some significant price drops, or we’re about to see a lotta people just take their condos off the market, rent ’em out, and then
try again next time. So, there is your weekly inventory update. I appreciate you tuning in, and I will see you next week.

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