Seattle Real Estate – 2019 in Review

Seattle Real Estate – 2019 in Review


– Seattle real estate in 2019. We can say it wasn’t all that exciting up until the very end. All right, y’all know that I come to you with weekly trends, with monthly recaps, all that stuff, but it is very important as we are entering into 2020 to look back onto 2019 and
see kind of big picture what happened in Seattle
real estate for the year. And in case I forgot to
mention it, hello Seattle! This is Christy Kinnaird,
Seattle Living Spaces and I say that every time
because by law, I have to. Anyway, you’re not here for that. You’re here for the data. So let’s taco ’bout it, shall we? Single family houses
in the city of Seattle over the last year. This is actually three years. Now, if you have a hard time seeing these. You can go to the blog,
seattlelivingspaces.com. All of this plus more
hilarious commentary is there. You can download it,
you can zoom in on it, you can do all of the things. Okay, but we’re just doing this for now. So basically the green is 2017. The red, which is actually the top right? Our highest prices were in 2018, and then yellow mellow
is the yellow, right? Mellow yellow is 2019. So, 2019 was predictable. Prices are always lowest at the beginning slash end of the year. And they go up, and then
they peak in early summer and then they kind of creep back down. We have a fun little peak here in October, but then we ended the year, right about where we’ve actually
ended the last three years. So houses in Seattle, again houses include single family houses and town houses. You know, we were below peak 2018 prices for most of the year,
but we’re above 2017. And we just ended the
year like we always do, right about at the same place. Now (laughs) , let’s talk about condos ’cause that’s a little bit different. What in the drunk money
is this crap (laughs). Okay, I’m gonna have to snuggle up with this camera right now to show you. So (laughs), again green 2017, red 2018, yellow 2019. Houses follow a very predictable seasonal made in sales price trend. Condos, not so much. Condos are like toddlers. Condos are like your friend
that had too much to drink and you’re just trying to get her home. – Gonna go down to the river (laughs). – You know who you are, okay. Condos totally unpredictable. So we, this was the most exciting thing that happened in all
of Seattle real estate. And honestly as a person who own condos and hopes people sell
condos and buy condos this doesn’t feel exciting if you’re trying to transact real estate. Basically, condo prices vary. They vary by price point,
they vary by neighborhood, they vary by how realistic the seller is about the price that people are currently willing to
pay for their condo is. Kay, just because I paid more, I paid like 50 thousand
dollars more than my condo would sell for today, okay. I hate that, but if I went to sell it I would price It accordingly, because, just because I overpaid doesn’t mean that these more savvy buyers are going to overpay. Okay, and then we’re gonna talk about good old supply and demand. For sale slash sold. Hey, now, do you guys remember
when we used to do this back on the big white board? The gap, not the place that you
go to get those sweatshirts. I do love those when I was in high school, but I’m not putting on a Gap
sweatshirt right now, the gap. Well, the lighting over
there was terrible, so now were over here in the good lighting with the little charts and graphs and we’re getting up close and personal. Okay, number of for sale and sold. Supply and demand, it’s
really just quite that simple. Houses, you know, the top line is the
number of homes for sale. This bottom line is the
number of homes sold. And then looky-loo in December. I went over this in the monthly recap, but we had a very, this
is a really lovely market. This is a market where buyers
aren’t really in charge. Sellers are still a little bit in charge, but if you’re looking at houses you’ve got more than like three options. This is really nice. And then in December (growls),
it literally got to be where there were fewer options
than there were buyers, and ish got bananas in December. But for the entire rest of the year, nice mellow fellow. And if we move over here to condos, notice there’s a larger cap. I at least say mind the gap. When the gap is the largest that is when it’s most
favorable to be a buyer. And when the gap is the smallest that is when it’s most
favorable to be the seller. But boy, condos were just consistent. Like, just kinda of a consistent gap all throughout the year. And then, we turn to my final favorite, Year End Review Metric which is, how long were houses on the market? The pace of the market is an indicator of how
much demand there is, and how much prices are going to go up. So, if we have a lot
more supply then demand then we have prices are probably gonna stay steady or decrease. If houses are selling slower, that also means the prices are
probably going to stay soft or maybe even decrease. And here, whoa red. January, red for the houses are on the top the condos are on the bottom. Red, January is definitely the month where houses take the longest on average. For houses 40 days, condos 60 days. So homes that sold in January, took either 40 or 60 days
to get an accepted offer. That’s a long time. Compare that to June, hottest time. This used to be, a couple years ago July, but now June is definitely the month where it is the hottest,
there is the most competition, they sell the fastest and the prices are the highest. So there we go, 2019 end review. It’s like a “A Tale of Two Cities”, right? We have houses which are following the same trend
that they always follow. Then we have the condos
that are drunk monkeys. And I believe that we have
actually more exciting stuff coming up in 2020. I will be releasing my
real estate predictions video and blog for 2020 no
later then February 7th. So there it is kids. I appreciate you getting nerdy with me. Have a wonderful 2020,
and I’ll talk to you soon. (upbeat music)

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