December is not slowing down the Seattle real estate market as much as it usually does! We have more than TWICE as many houses hit the market this year than we did last year, and 70% more condo listings. Yet pending numbers for houses are *only* up 56%, and 53% for condos. So although we are seeing more new listings and more pended listings, the overall demand is lower this year than it was in 2019 when compared to available inventory.
Fewer total homes and condos are available, and that decline in overall properties for sale should continue to dip until mid-January, when many savvy sellers will be putting their homes up for sale to capture the backlog of eager buyers and beat out the rush of new listings we will likely see in March, April and May. If you are thinking of selling in 2021, do it as early in the year as possible for best results!
I love to keep an eye on the offer review date and the percentage of price drops, as they are great metrics to determine how competitive the market is. We saw a decline in the popularity of the offer review for houses (and just don’t mind the condos. Since only 3-5 condos each week have an offer review date, it is almost not worth discussing, especially because normally only 1 of those actually goes pending on the set offer review date), and we are also seeing fewer of the homes with offer review dates going pending on the date. Last week, only 42% of homes with an offer review date went pending. Compare that to the average of 68% in July and August, we can see that the market is still hot, but not as red hot as it was in the late summer.
Over half of all the available homes for sale have been on the market for over a month. There is opportunity in houses with 31 or more days on market. When looking at condos, over 2/3 of all the condos for sale have been on the market for longer than a month, and 34% of all condos have been on the market longer than three months!