Seattle Real Estate Trends – Episode 9 – 12/27/19

Who the heck buys a house the week of Christmas?  Who the heck puts their condo up for sale during Hanukkah?  

 

Turns out, lots of people!

 

Houses:

34 people put their home up for sale this week, and 45 people put in an offer on a house this week.   That is almost 80 people that went all-in on late December real estate.  And it might have worked out well for both buyers AND sellers this week.

We have only 10% of all the houses for sale in Seattle having been on the market for less than 2 weeks.  The Seattle housing market is over 50% of all houses for sale having been on the market for over 60 days!

Condos:

  8 brave souls decided to put their condo up for sale this week, and 6 buyers came out and put in offers on condos this week.  The Seattle condo market is sleepy.  Snooze fest.  Boring.  36 lucky buyers closed just in time for Christmas, and Hannah and Tim were one of those sets of people.  Congrats and welcome to the family kids!

Only 6% of all condos for sale have been on the market less than 2 weeks.  Any condo that goes up for sale this coming week and is priced right has a great chance of getting an offer the first week on market.  That would be a nice change of pace from the 30+ days it is taking for most condos to get an accepted offer lately.

It was a sleepy week, but a few bright spots here and there.   Watch the video below for more details.

Download the transcript here.

 

Seattle Real Estate Trends – Episode 8 – 12/20/19

The window of opportunity for buyers has officially closed.   We have seen a seasonally appropriate decline of total homes for sale, but we have not seen the buyer decline to match. 

For houses, buyer demand is down 12% over the last month, but the number of homes for sale is down by 35%.  That leaves a lot fewer homes for the active buyers, therefore increasing demand and creating competition.   Overall condo supply is down 31%, but buyer demand is actually 15% HIGHER than it was a month ago.  Since we had a surplus of condos for sale, the buyer demand has moved us entirely into a competitive market yet, but it has put some life back into a lagging condo market.

 

 

Watch the Video Here.

Download the transcript here.

 

Seattle Real Estate Trends – Episode 7 – 12/13/19

Before we dig into the weekly numbers, let’s zoom out.   In case you wonder why I think it’s so important to look at the number of active and pending properties, let’s look at the last 2 years at the drastic change in the levels of inventory:

 

Houses in Seattle Over the Past 2 Years:

The green line shows how many total houses (including townhouses) we have had for sale over the past year, and the blue area shows the number of pending (the time when an offer has been accepted on a property so it is no longer for sale, but the property has not yet officially sold).  Think back to to 2015, 2016, 2017 and the first half of 2018.  During that time we had record low inventory (homes for sale), and high demand.  That resulted in bidding wars and double digit price increases.  Then in April 2018, everything changed in an instant.   Notice how for the first time, the number of active listings exceeded the number of pending listings.   As the number of total listings almost doubled, we saw the seasonal decline in buyer activity.  This left home sellers and the media convinced that the market was crashing, therefore spurring more people to put their homes up for sale, making the situation even worse.  According to the graph above, the best time to be a buyer is when the green line is furthest from the blue area. 

Condos in Seattle Over the Past 2 Years:

Applying the same logic as we did with houses, you can see that the market flipped on April 2018.   Ever since then, it has been a buyers market for condos.  Sellers, take note that the smallest distance (therefore indicating the best position to be a seller in), is during March and April.  If you are thinking of selling in 2020, I highly suggest you get on the market in early March.

Zooming in on the last week:

  Whoa!   81 new listing AND 81 pending listings for houses this week!!!!  That’s a huge number of pending listings, and a 15% jump in new listings from the previous week.  Last year this week we had 99 new listings, but if you look back at the first chart in the blog, you can see we had too many total listings last year.   Even with the 15% increase in new listings, we saw an 11% drop in the total number of homes for sale compared to last week, and 26% fewer total homes for sale than this time last year.

  Condos saw a lot of the same.  30 new listings this week, 32 last week and 33 last year.  Just 15 pending condos this week, 15 last week, and 20 last year.  Thanks for some sold, expired and canceled listings, the total number of condos for sale dropped 7% from last week and is down 16 from last year.

Watch the Video Here

Download the transcript here.

Seattle Real Estate Trends – Episode 6 – 12/6/19

This week started the day after Thanksgiving, and spanned the long Holiday weekend.   Knowing that, it is no surprise that we had a whole lot of not-much.  The most notable thing going has been happening for over a month.  We have a lot fewer houses for sale in Seattle (and condos for sale) than we did back in early December 2018.   Back then we HAD 30% MORE houses and 14% more condos for sale than we do now.  The lack of properties to purchase is what is helping keep the market in overall healthy shape.

 

This week in Seattle Real Estate:

  As we always do, let’s compare houses (that includes townhouses) against condos (that includes co-ops):

With 71 houses coming on the market this week, new listings were up when compared with the 65 houses that hit the market last week.  When we compare it to 2018, we had almost HALF as many new listings this year.   Even with the increase in new houses for sale, we still saw the total number of available homes for sale drop from 89 last week to 843 this week.  Last year this time we had 1,094 total houses for sale!

32 new Seattle condos hit the market this week.  Last week we only had 26 condos come up for sale, and last year we had 49!   The Seattle condo market currently has 485 condos for sale, a decline from 525 condos last week and 551 condos last year.  

Watch the Video Here

Download the transcript here.

Seattle Real Estate Trends – Episode 5 – 11/29/19

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:

Seattle Houses: 

  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).

Seattle Condos: 

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.

Watch the video here.

Access the transcript here.