This week we tread softly. We had some minor changes, but overall not a lot of drastic movement.
This week, we saw 8% less homes hit the market and EXACTLY the same number of condos hit the market when we compare this week with last week. The total number of available homes for sale dipped for the fourth consecutive week, and now we have 1,400 homes for sale. Condos saw a tiny uptick in the number of total condos for sale, and we are currently sitting at 719 condos for sale in Seattle.
What is most notable is that we have an aging population. By that I mean that of the total homes and condos for sale, we are seeing an increasingly high percentage of those with high days on market. Over 30% of all the homes for sale have been on the market for over 60 days, and almost 40% of all condos have been on the market that long as well. When we see over 50% of our inventory with days on market over 30, we see a city wide issue of buyer slow-down and over-priced listings.
If you are thinking of selling, it is ESSENTIAL that you price right from Day #1 to avoid becoming a “Crusty Rusty”. Refresh yourself of the “Ebay V Price Is Right” market trends here.