Seattle Real Estate Trends – Episode 9 – 12/27/19


– Hello, Seattle. This is Christy Kinnaird
with Seattle Living Spaces coming to you with your weekly trends. (upbeat music) All right, y’all, we
just wrapped up the week that enclosed both Christmas and Hanukah and I honestly can’t
believe that I actually have real estate data to report but I do. And we’re gonna start
with the big picture. I believe the real estate
market is heating up and here is why. If we are looking at, this
is just single family, okay, but if we look in 2018, this week in 2018, we had 831 houses for sale. This week this year, 593. That’s a 40% drop, okay? 53% of them last year were stale, as in 91 days or longer on the market. This year only 33% of them are stale. That’s a 60% decrease in the
number of stale listings. So, you guys, 2018 was like you know when you’re in the hot tub and then
you get out of the hot tub and you jump in the pool. It feels freaking cold. We were suffering from such
a huge lack of inventory in 2014, ’15, ’16, ’17
and the first half of 2018 that when we finally
started to get up to these inventory numbers of 831,
we were up to 1,600 listings at one point during 2018. It felt like a shock. It felt like we were
jumping from the hot tub into the pool. Even though the pool’s heated. And if you went straight from the regular, regular house into the pool
it wouldn’t feel that cold. Because we have been
suffering from such extreme lack of inventory, 2018
and 2019 really felt like a punch in the gut, but
what I think they were were a swift correction
of our hyper-inflated real estate market. So, that’s just the big picture. Oh, and I’m gonna be coming out with my real estate predictions for 2020 here in the next couple
weeks so stay tuned. Now, there isn’t a whole lot of data because it was Christmas/Hanukah
but there was some data. 34 people felt that this was the best week for them to put their house on the market. Okay, actually genius idea
because 45 people decided to put a house under contract this week. So, more buyers than
sellers and that’s always a position as a seller you want to be in. And like I said, we have
593 houses on the market. And that’s even 52 fewer
that we had the week before and only 10% of them are fresh. Dudes, if you want to sell your house in the next couple of months do it now. So, sellers, you want to be on the market when there are only 10% of
the total homes for sale fresh listings. That’s like being the
only box of chocolates left at the 7-11 on
Valentine’s Day at 3:00 p.m. People are gonna be
fighting over you, okay, because they need you. So, 10% fresh listings
is pretty darn crazy but this time last year, only
5% of the listings were fresh. Holy smokes. Okay, moving over to condos. Nobody in condo land wanted to do anything over the holidays because look, eight people thought it was a good week to put their condo on the market. And six people thought it was a good time to put a condo under contract. And we have 385 condos for sale which is 30-ish fewer
than we had last week, but a lot fewer than we had, 450 this same time last year. 6% of all the condos for sale are fresh. Again, you can’t really time the market but there are these
indicators, like I don’t know, very, very few new condos
or new homes to choose from or limited supply. I mean, we haven’t seen total number of available properties for sale this low in a very long time. So, again I think it’s
gonna flip just like this, just like it was a buyer’s market up until like three weeks ago. I think we have this seller’s
market for another week or two and then everyone is gonna
be a new year, new me, back to work, put the house on the market, and then we’re gonna back into
our normal market pattern. So, there it is, ladies and gentlemen. Not much happening on this particular week but definitely some
interesting and quickly moving cycles here in the Seattle
real estate market. Thanks for tuning in and
I will see you next week.

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