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– Oh my goodness, this was
a December to remember.

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You will not believe what happened

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in Seattle real estate in December.

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Hello, Seattle, this is Christy Kinnaird

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with Seattle Living Spaces

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coming to you with your
Seattle housing market recap

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for December 2019.

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And holy bleep to the bleep to the bleep

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was this December bananas.

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And so we’re just gonna get into it,

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starting off with graphs and charts

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’cause this is what I love.

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This is the last 10 years
of median sales prices

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in the city of Seattle.

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Top line is houses, bottom line is condos.

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‘Kay and this is for December
of each and every year

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’cause it’s not fair to compare
December to June, right?

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‘Cause June is often,

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or at least historically
used to be when prices peak.

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But what is funny is, let’s
just look at it, right?

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From, this is 2011 right here,
which was the bottom, huh,

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which is also when I
started in real estate.

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(laughs) Wonderful timing on my part.

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Okay, 2011 was the bottom.

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And then look at this chaotic increase.

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And then this 2017, 2018,
2019, what does that look like?

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A nice, normal, healthy,
balanced real estate market.

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Okay?

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So I had predicted that
prices would be down

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at the end of this year
compared to last year.

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But look, last year, houses, ‘kay,

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this is houses and
townhouses, were $716,000,

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this year, $715,000, last month, $725,000.

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So again, seasonally December is always,

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well, January is typically the lowest,

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but December is never near the peak.

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And condos, look, last
year, 481, this year, 482.

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And back in 2017, 489, last month, 460.

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So we, friends, can now prove

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we’ve been in kind of a
balanced, healthy market.

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But here’s where it gets weird,

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and here’s why it’s a
December to remember.

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‘Kay, December, what
have I been telling you

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during the trends video,
the weekly trends videos?

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December is the time for buyers.

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There’s a rare window of opportunity.

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And then that window closed.

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It got straight 2017 up in
the Seattle real estate market

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in the month of December.

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And here are some numbers
to help explain that.

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Okay?

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So for houses, we had a
total of 581 homes for sale.

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Look how many homes sold, 609.

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This is the first time since May of 2018

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that the number of homes sold

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has exceeded the number of homes for sale.

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For the past year,

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we’ve had double the number
of available for sale

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as we’ve had for sold.

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So let’s say, it was last December

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and we had sold 609 homes.

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That would’ve meant

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that we would have about
1,200 homes for sale.

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The script has been flipped.

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Okay, so what this means
is also we absorbed a bunch

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of the Crusty Rusties.

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So we only have one months of
supply for house right now,

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houses right now.

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Now, condos were not as exaggerated,

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but we still had a really good month.

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We had sold, or there were
367 condos for sale, 172 sold.

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And we have 2.1 months of supply,

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which again we have not
seen since August of 2018.

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So these supply levels, remember,
what is a balanced market?

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A balanced market is four
to six months of inventory.

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A sellers market is less than four months.

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We’re far below, far below.

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And again, we haven’t
seen inventory this tight,

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we haven’t seen this kind of chaos

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since literally the peak of the market.

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May 2018 was the month that
single-family houses peaked.

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Mm-hmm, that’s right.

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So something happened in December.

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I don’t know if it was
the low interest rates,

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if people were trying
to just get it all done

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before the end of the decade or what.

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But December was bananas.

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But what we did not see…

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Normally, when we have this
kind of really limited supply

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where we’ve got more sold
than we have for sale,

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we see prices just really skyrocket.

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Now, we saw prices for
single-family houses actually dip

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10 grand November to December.

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And condos went up, and they
went up, actually, a bit.

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They went up $22,000.

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I don’t know what’s gonna come in January.

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I feel like, I have three new
buyer meetings this weekend.

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Okay, so three people who are
like, ah, new year, new me.

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I’m ready to go.

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But guess who’s not ready to go,

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all the people that plan
on selling their houses

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in the spring.

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So, buyers, I typically love for you

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to buy in December and January.

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And I don’t know if I
feel that way right now,

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unless you sellers,

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you smart sellers wanna
capitalize on the fact

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that there are buyers than homes

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for sale out there right now.

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Get your houses on the market.

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Anyway, I know I’m fired up,

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and I’ve only had one cup
of coffee so far today.

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Aha, there is another cup in my future

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but not before the videos.

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Anyway, bananas, kids, B-A-N-A-N-A-S.

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December was unexpected at best.

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And 2020 real estate predictions
will be coming to you

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no later than the first week
of February, so stay tuned.

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Kinnaird with Seattle Living Spaces

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coming to you with your
Seattle, uh, don’t remember.

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Don’t remember.