We did not get the landslide of new listing this week and I had expected we would. We saw 7 more houses come on the market this week compared to last week, and 9 fewer condos. The total number of houses and condos available for sale has climbed again this week.
Other interesting thing to note is that we have 969 condos for sale. The last time we had this many condos for sale was 2011. Oye! We still don’t see as many condos in the 90+ days on market as we did last year, so at least over inventory is turning over in a reasonable amount of time. We may still have a few more weeks of increasing number of total properties for sale before the seasonal slowing starts.
We are still seeing a lot of new listings this week, but we may be on the decline officially for 2020.
This is the second week in a row that we have had fewer new listings for houses. Typically, we start to see fewer new listings starting late July, but since we had a delayed peak season (thanks COVID!), we are doing everything later this year. We also saw fewer condos come on the market this week when compared to last week. But I don’t think the peak has hit yet for condos.
When it comes to the offer review date (one way to measure how competitive the market is), we are seeing the prevalence of the offer review date drop just a bit. Houses are seeing about 40% of new listings come on the market with an offer review date, and of those homes about 2/3 of them go pending on the offer review date. Condos are a different story. only 13% of condos hit the market with an offer review date, and of those that do have the offer review date, only 1/3 of them go pending on the date.
The Big News is that we continue to see more total homes and condos for sale:
The market is still absorbing about 2/3 of all the new house listing each week, with our number of total houses for sale creeping up by about 15 houses per week, even though we are seeing about 200 new listing each week,
Condos continue to add inventory to an already over saturated market. Last week had 150 new condos come on the market, and only 57 go pending. We are adding roughly 40 total condos each week to the total number of condos for sale. We have not had this many condos for sale since I started tracking this weekly data 5 years ago:
Houses are still selling like hot-cakes, and condos continue to be challenging to sell. The homes that officially sold and closed in the past two weeks have sold, on average, for 105% of list price and condos are selling for an average of 98% of list price. Quite the drastic difference!
We got a late start, but we are catching up quickly:
Covid stunted the traditional incline of the Seattle real estate market. We were starting the Spring market early, in mid-February. Prices and competition spiked in March, just to be halted by the Stay Home Order and the general fear of big life changes during a pandemic. As Seattle started to settle into the realization that this is our new normal for the foreseeable future, the real estate market heated back up and did so quickly!
This time last year was when we saw the peak number of total houses for sale. Our peak number of condos for sale didn’t happen until the second week of August in 2019, but it’s safe to say that this time last year, the Settle real estate market was at the top of the seasonal surge. I suspect we still have 4-6 weeks left until we hit the height of our annual real estate market top, since we had an 8 week delay during what is usually our busiest time of year.
Fewer houses and condos went pending this week than last week, but we still saw significantly more properties go pending than we did this same time last year. The offer review date continues to inch up in popularity, and we are seeing more total properties for sale each week.
I feel like a broken record, but houses are still HOT and the condo market is still soft. The condos that are going pending are all well priced and further away from the traditionally hot neighborhoods of Downtown, Belltown, Queen Anne and Capitol Hill. Combine COVID with continuing protests, and we have a temporarily decline in the appeal of our more central neighborhoods.
*From the Field*
I was able to help a couple score a sweet starter home in Shoreline with NO OTHER OFFERS! The other interested buyers were afraid it would escalate too high and they didn’t even submit an offer. Learn from that! If you love a house, go for it! This hot market is scaring a lot of buyers into inaction, and your bravery to go for it in this hot market could score you the house you really want!
And yet still other homes are getting multiple offers. The stunning mid century home I brought on the market last week received multiple offers and will end up selling significantly over the list price. We would have even more offers, but 5 agents told me their clients loved the home but were afraid they just couldn’t compete. Again, I encourage you TAKE THE SHOT!