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– Hey, hello Seattle,

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this is Christy Kinnaird
with Seattle Living Spaces,

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and I’m coming with you,

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the Seattle real estate
market recap for January 2020.

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(upbeat music)

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Whoo child!

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What, January was bananas
in Seattle real estate,

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so we are gonna get right into

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what is normally the
most interesting point,

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and for this month

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was actually one of the
least interesting points,

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but it’s the money!

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Everybody wants to
know, show me the money,

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Jerry Maguire style, so let’s get into it.

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Single family houses
in the city of Seattle

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over the month of January,
median sales price was,

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dun da da dah, $719,950.

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That’s a small tick up from the $715,000

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from the month before,

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and it is a little bit less than we had

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back in January of 2019.

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But as you can see, prices
in Seattle over the last year

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have just kind of, a little
roller coaster-y right?

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And then let’s talk about
condos, ’cause you know

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it’s never quite as glamorous
or glorious as with condos.

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Median sales price for a condo

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in the city of Seattle was $451,500.

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That is a significant
drop from the $482,500

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that we had the month before,

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and it’s even a little bit less

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than we had the same time last year.

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So there it is, prices,
houses went up a little,

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condos went down a little
bit more than a little,

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but that is not what’s interesting,

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what’s interesting is that,

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the offer review date is back.

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That’s right, ladies and gentlemen,

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January in-sale real
estate was hot, hot, hot!

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We had a third fewer listings

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than we had in January of 2019.

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So basically we have two
thirds of the selection

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that we had one year ago,

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but yet, we had 16% more homes sold.

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So that means even though
were missing a third

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of our normal inventory,

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we still have 16% more
people out there buying.

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And when we have fewer houses for sale,

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and more people buying them, what happens?

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The offer review date is what happens.

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Because these homes were
coming on the market

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and being scooped up in days if not hours.

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So now, (fingers snap) out of the blue,

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almost, I would say 60% of the homes

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that I’ve seen come on the
market in the past two weeks,

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have come on the market
with an offer review date.

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And I’ve been tracking them,

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90% of them are going pending
on their offer review date.

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So, it’s not only a new strategy,

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it’s a new strategy that’s working.

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It’s not a new strategy,

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‘kay this is so 2016,
2017, early 2018, okay,

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but the real estate market
is hot, hot, hot right now!

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If you are a seller, hello!
(hand knocking)

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If you’re a seller, you
need to be the early tulip,

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you need to have had your
house on the market yesterday.

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Because people are trying to
get their houses on the market,

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but a lot of them aren’t quite there yet,

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so I know we’re gonna have a
lot more options coming up,

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and I really doubt that the
buyer demand is gonna go up,

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in kind of parallel

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with the number of new
houses that are for sale.

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So if you need to sell, do it now,

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for your best possible situation.

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More buyers, huh, less competitive homes,

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you as a seller win.

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If you’re a buyer, that’s okay,

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we did this for years,
we’ve got a battle plan.

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You just need to shift your mindset

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from “Hey, how much under list price

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“can I get this house for?”

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To, “Hey, I love this house,

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“how much more over list price

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“am I gonna have to pay to be the winner?”

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But here’s the crazy thing,

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even though we had
drastically decreased supply,

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increasing buyer demand,

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what we did not have was
sky rocketing prices.

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So the buyers right now are
eager but they’re not desperate.

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Okay they are burned by
2016, 2017, and 2018, right?

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They don’t want to be paying

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outrageous amounts of
money for these houses,

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but they still want to buy a house.

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And speaking of wanting to buy houses,

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the total days on market for
homes that sold in January

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was much higher than normal.

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Being normal is 35 days and
January was 48 days, okay?

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And we have the specific
numbers on the blog

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at SeattleLivingSpaces.com,

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but what that actually means

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is that no, it’s not like
the market is slowing down,

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which you would think, right?

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“Oh, homes are taking longer to sell,

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“market must be slowing down.”

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Huh, what it meant for us in January

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was that the buyers were
so eager to buy places,

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and there weren’t many to choose from,

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that they bought those homes

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that have been sitting on the market

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for 60, 90, 120, 300 days, ‘kay?

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The crusty, rustys,

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almost half of them were
absorbed in January,

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which is crazy.

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Okay, so a little bit less
specific data for you today,

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but again, if you love the hard data

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go to SeattleLivingSpaces.com,

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but the long and the short of it

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is that Seattle real estate
market is really hot in January,

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it’s really hot right now,

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and it will probably continue
to be really hot in February.

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So we need jackets outside,

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but we need to keep our
cool when we are inside

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and trying to buy or sell real estate.

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Thanks for tuning in, and
I will see you next month.