Seattle real estate is behaving in a REALLY bizarre way right now! This week we saw fewer new house listings, and more new condo listings. We also had a nice increase in the number of houses and condos go pending.
When we compare what is happening this year compared to last year, we are seeing a lot of similarities, with two notable differences. We are seeing less new listings this year, which a huge change from the past 18 months. Up until 3 weeks ago, we had drastically more new listings in 2019 than we did in 2018. But that flipped a few weeks ago, and now we are seeing slightly fewer.
What is most different is the age of our inventory. Last year, over 60% of the total available properties for sale had been on the market for less than 2 weeks. Now we have almost flipped that, with 62% of condos and 55% of houses having been on the market for MORE than 2 weeks.