The Seattle real estate market continues to see a seasonal slowdown. And condos are back to their old bad habits, behaving almost exactly opposite of houses.
This week in Seattle Real Estate:
We finally see the number of available houses dip below 1,000 this week.
Last week we saw an unusual combo of fewer new listings with a spike in the number of pending listings. That trend does not continue this week. The Seattle real estate market is continuing to slow down (meaning fewer people are putting their homes up for sale and fewer buyers are out putting in offers on homes) as it always does during the Holiday Season. Seattle real estate is still more robust this year than it was this same time in 2018. We have more buyers (higher pending numbers this year) and fewer overall houses for sale.
This was a tough week for condos.
50 new condo listings this week. That is a 28% more new listings that last week OR last year. And to top that off, we only had 17 condos go pending. That is HALF as many buyers as we had the week before, and 25% less than we had last year. Thanks to several sold properties, and some canceled and expired condos, we did see a decline in the overall number of condos for sale. The Seattle condo market continues to be soft, with lots of opportunities for buyers.