The Seattle Real Estate Market if Finally Behaving!
If the real estate market was a dog, this week it would be the Golden Retriever at the dog park that is friendly with everyone.
This week in Seattle Real Estate:
We continue to see the seasonal slowdown in the number of new houses and townhouses that are coming to the market. The more surprising thing is that we saw 99 houses go pending this week. That is more than last week or last year. When we combine fewer new listings with increasing number of pending listings, we see an unusual pick-up in the tempo of the real estate market. It is likely just a fluke, much like running into the worlds friendliest golden retriever at the dog park. If we continue to see declining number of new listings and an increase in pending listings, it could be signs we are heading back into a more competitive market.
The Seattle condo market behaved a lot like the Seattle house market this week. We saw a DRASTIC decline in the number of new listings, and a substantial increase in the number of pending listings.
This is the 6th consecutive week that the total number of condos for sale in Seattle has gone down. The Seattle condo market has been soft for about a year, it is good news that we see fewer and fewer total condos for sale each week. We currently don’t have a big enough buyer pool to purchase (or absorb) the current number of condos for sale. And since buyer demands historically continues to decline through the end of the year, a decreasing number of total properties for sale will help keep the market stable.
Other fun metrics:
- 34 condos canceled their listing (compared to 19 last week).
- 21 condos had their listings expire (compared to 10 last week).
- 44 officially sold last week (compared to 57 last week).