This was (obviously) the week of Thanksgiving, therefore we had a pretty sleepy week. The most notable thing that happened this week is that the total number of houses and condos continues to decline at a rate that exceeds the decrease in number of pendings. Or in other words, the number of active buyers is far outpacing the number of new properties for sale. This always puts pressure on the real estate market, and often leads to price increases and more competition, especially for well-priced houses.
This week in Seattle Real Estate:
I find it amazing that during the week leading up to Thanksgiving, 73 buyers got under contract on houses in Seattle. That’s only 8 fewer than last week. More and more signs point to buyers getting serious about taking advantage of low interest rates and reduced competition this time of year.
And it looks like the buyers still prefer the “fresh” listings. In just one week, we went from 17% of the total homes for sale to 13% of the total homes in the “Fresh” category. We also saw a 1% increase in the amount of stale homes (homes that have been on the market for over 90 days).
Almost half as many new listings this week when compared with last week. Yet we had 2 MORE condos go pending this week than the week before. Fewer overall condos for sale again this week, 28 fewer compared to last week and 57 fewer than last year.
Only 11% of the condos for sale have market times of less than two week, and 32% are stale as the stuffing will be next week. Buyer demand has stayed consistent week over week, so with dwindling numbers of new condos coming online, we will hopefully see less than 500 total condos for sale when we report back next week.