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.

Seattle Real Estate Trends – Episode 4 – 11/22/19

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:

Seattle Houses: 

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.  

Seattle Condos: 

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.

Watch the Video Here.

 

Access the transcript here.

 

Seattle Real Estate Trends – 11/15/19

Something is brewing… We are seeing a lot more buyers come out of the woodwork than we normally do this time of year.   The Seattle housing market heated up a little bit this week:

This week in Seattle Real Estate

Seattle Houses: 

  Let’s talk about the most notable thing that happened this week.  We had fewer new listings (both when compared to last week and last year), we have fewer total houses for sale, but we saw an increase in the number of pending listings.  What that boils down to is that we are seeing an increase in buyer activity, but not in seller activity.  That means the market was a bit hotter this week than it has been.  If this trend continues, we could be seeing a changing landscape for Seattle real estate.

Other fun metrics:
  • 40 houses canceled their listing (compared to 54 last week).
  • 12 houses had their listings expire (compared to 35 last week).
  • 181 officially sold last week (compared to 179 last week).

Seattle Condos:

 We are seeing the same type of behavior for condos as we are for houses (which doesn’t happen that often!).  Condos also saw fewer new listings and fewer total listings, but with an increase in the number of buyers getting into contract.  It may be the continued low interest rates and some savvy buyers taking advantage of this sweet spot in the Seattle real estate market.  

Other fun metrics:
  • 13 condos canceled their listing (compared to 34 last week).
  • 11 condos had their listings expire (compared to 21 last week).
  • 36 officially sold last week (compared to 44 last week).
Watch the Video Here

 

Get the Video Transcript HERE

Seattle Real Estate Trends – 11/8/19

The Seattle Real Estate Market if Finally Behaving!

If the real estate market was a dog, this week it would be the Golden Retriever at the dog park that is friendly with everyone.

This week in Seattle Real Estate:

Seattle Houses: 

We continue to see the seasonal slowdown in the number of new houses and townhouses that are coming to the market.  The more surprising thing is that we saw 99 houses go pending this week.  That is more than last week or last year.  When we combine fewer new listings with increasing number of pending listings, we see an unusual pick-up in the tempo of the real estate market.  It is likely just a fluke, much like running into the worlds friendliest golden retriever at the dog park.  If we continue to see declining number of new listings and an increase in pending listings, it could be signs we are heading back into a more competitive market.

 

Seattle Condos:

  The Seattle condo market behaved a lot like the Seattle house market this week.  We saw a DRASTIC decline in the number of new listings, and a substantial increase in the number of pending listings.

 

  This is the 6th consecutive week that the total number of condos for sale in Seattle has gone down.  The Seattle condo market has been soft for about a year, it is good news that we see fewer and fewer total condos for sale each week.  We currently don’t have a big enough buyer pool to purchase (or absorb) the current number of condos for sale.  And since buyer demands historically continues to decline through the end of the year, a decreasing number of total properties for sale will help keep the market stable. 

Other fun metrics:
  • 34 condos canceled their listing (compared to 19 last week).
  • 21 condos had their listings expire (compared to 10 last week).
  • 44 officially sold last week (compared to 57 last week).

Watch the Video Here

 

Get the video transcript here.

Seattle Real Estate Trends – 11/1/19

Seattle real estate can change as fast as our weather. 

 Some metrics are best only summarized and analyzed monthly, such as house prices in Seattle and if homes in Seattle are taking longer to sell.  Some metrics can be reviewed weekly, such as the number of homes in Seattle that sold and and how many new condos are coming on the market each week.   So in the spirit of keeping things fun, fresh AND informative, we are overhauling the weekly update.

   RIP Weekly Inventory Update.   We are moving to a little less hard data and a little more overview of the health of the Seattle Real Estate market.  Enjoy the first week of the new and improved Seattle Real Estate Trends.

Watch the Video Here

This week in Seattle Real Estate:

Seattle Houses: 

This category includes single family houses (the freestanding type with their own yards) as well as townhouses (the type with shared walls and driveways, and often with little or no yards).  The Seattle housing market is always a bit less volatile than the Seattle condo market, and often has higher highs than condos and fewer lows.

Over the last 7 days, we continue the trend of fewer sellers putting their homes on the market.  This is the time of year that historically less and less home owners choose to sell their homes.  This Seattle real estate market trend should continue through the end of the year.   

   One thing that did surprise me was that we had 106 homes go pending during the week.  That is 10 more homes than last week, and 23 more houses than last year.  Increasing pending numbers is a sign of buyer demand.  Increasing pending numbers can be early signs that we are in an increasingly competitive market.

Other fun metrics:
  • 33 houses canceled their listing (compared to 13 last week).
  • 46 houses had their listings expire (compared to 34 last week).
  • 191 officially sold last week (compared to 181 last week).

Seattle Condos:

  Condos are defined as units within a controlled community.  Most of these are in the classic apartment style buildings, but some homes in planned communities are also considered condos because they have overarching community rules and pay monthly HOA dues.

  The number of condos coming on the market this week was almost the same as last week, and only 7 fewer than this same time last year.  While that is good news, since we seem to have a bit of a glut of condos for sale, we didn’t see very many condos go pending this week.  Only 21 buyers came out this week and put in an accepted offer on a condo.   Last week 29 buyers got into contract on a condo, and last year 24 lucky condos found buyers.   Until we see a sharp decline in the number of new condos coming up for sale or a large influx of people wanting to buy condos, we will continue to see a soft Seattle condo market.

Other fun metrics:
  • 23 condos canceled their listing (compared to 19 last week).
  • 28 condos had their listings expire (compared to 10 last week).
  • 57 officially sold last week (compared to 57 last week).

Access the video transcript here.