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.
If you can’t tell by now, I like dogs a lot more than I like people. And helping my favorite people buy a house for their dog is my favorite story to tell.
Miss Penny (above) has been happily living in a Northgate condo since her mom, Anna, adopted her a few years ago. But as most of us do, Penny started to have hopes and dreams of a bigger home and a yard of her own. Since her parents are so awesome, they decided to follow Pennys dreams and buy a big house and yard for everyone!
Penny and her parents are now happily settled into their forever home with a yard SO BIG, that Penny can get lost in it. Congrats on the new house kids, enjoy that beer at the local dog-friendly brewery!
We saw a sharp increase in the number of new listings this for both houses and condos (when compared with last week), but oddly enough we had more new listings this time last year than we do this year. That is a trend we haven’t seen much of since 2013. The houses and condos that are on the market continue to have longer days on market, with the Crusty Rusties now 40% of all condos for sale (and 36% of all houses).
Us long-term rental owners are now settled into the fact that we must register our rentalsevery two years (pay attention to that, it used to be every five years!), and get our rentals inspected by a licensed inspector at least once every ten years. And now the City of Seattle has decided all short term rentals (think AirBnB) must also be registered with the City unless the rental is your primary residence.