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– We all know the Seattle

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real estate market is heating up.

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But what exactly happened in February?

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(upbeat instrumental music)

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Hello, Seattle.

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This is Christy Kinnaird,

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Seattle Living Spaces,

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coming to you with your nerdy

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Seattle real estate recap.

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Today we’re gonna talk about what happened

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in February of 2020.

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How is it 2020 already?

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Anyway, single family houses

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in the city of Seattle.

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Last month here’s what happened.

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Our median sales price $715,000.

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That is a small bit from the month before,

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which was 719,950.

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But funnily enough, look.

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Median sales price is the same this year

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as it was at this time in 2019.

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One whole year,

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zero year over year price increases.

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Interesting.

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So they say the market is so hot,

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which is definitely moving faster,

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but it’s not yet impacting prices.

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All right?

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But here is what is different.

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On average in February homes sold

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for 101% of list price

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and that is because the offer review date

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made a real big comeback in January.

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(laughing)

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And basically the numbers
we are looking at,

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these are all homes that were

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on the market in January

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and went pending in January

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or very, very early February.

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So these month recaps
have a little bit of a lag

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but it’s really good
information to look at.

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Okay.

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So yes, homes sold for 101% list price,

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that is homes sold on average

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for more than they were listed for.

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The month before it was just 100%.

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We were selling on average

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for about what they are listed for.

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And in 2019 we were selling for 99%

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of the list price on average.

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And then,

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here’s where it gets interesting,

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supply and demand.

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We talk about this in
the weekly nerdy videos

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but I don’t always talk about
it in the monthly videos.

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But we’re gonna talk about total for sale

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and total sold because
it’s very interesting.

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Okay!

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In Seattle last month we had 457 houses…

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No, 554 houses for sale.

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Now that’s like 45 more than we had

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in the month previous.

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But look at this compared to 2019.

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Eight hundred, 835
houses for sale in 2019.

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I’m telling you we could use

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that many houses right now.

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We would not be seeing
this number at over 100

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if we had that many houses,

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that’s for sure.

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And we sold 457 houses

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versus 429 last month

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versus 517 last year.

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So way more choices and way more sales.

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If we had more choices

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more people would be buying houses.

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You know how I know there
are more people wanting

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to buy houses than there
are houses for sale?

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The fact that houses
are selling on average

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for more than they’re listed for.

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That doesn’t happen when there’s enough

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houses for people to choose from.

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Okay and now we’re
gonna talk about condos.

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And I like think condos are just making

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the biggest comeback right now.

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And it surprises me every time.

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All right, let’s look at it.

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Remember, kids, houses,

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which normally prices are

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up, up, up, up, up, up, up,

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and condos are

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(ticking)

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Houses had a little bit of a price dip

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over the month and then they were exactly

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the same as they were last year.

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Condos are a different story.

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Condos.

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Median sales price in the city of Seattle

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for a condo is up to $467,500.

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That’s a nice jump up from the 451,500

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and a big jump from last year,

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$425,000 was the median sales price

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for a condo last year.

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We’re up to 467,500.

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That is a dynamic increase.

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And especially when we’re considering that

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single family houses have zero

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increase year over year.

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This is almost shocking.

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All right?

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Now again, the offer review date

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is more common with houses than

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it is with condos right now.

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I suspect that may change.

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So in February condos sold for an average

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of 99% of their list price.

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In January it was 98%

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and last year this time it was also 98%.

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(laughing)

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Talking about inventory, okay?

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The number of houses for sale

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versus the number of houses that sold.

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Okay?

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Condos, excuse me, condos.

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So we had 316 condos for sale in February

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versus 305 in January

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versus a whopping 471 this time last year.

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This time last year was
scary Mary for condos.

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It was definitely a little bit rough.

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(laughing)

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(sighing)

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This is phenomenal.

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This is the most noteworthy thing

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I’m going to show you this whole video,

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208 condos sold in February

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versus 132 the month before

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and even 144 last year.

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When we had so many more
condos to choose from,

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we sold so many less.

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I am predicting that condos,

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maybe not in March,

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but definitely by April

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if we keep this trajectory,

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are going to be selling

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for over list price again.

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We have people scooping up those condos

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like we have not seen in a long time.

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And then one final thing to talk about,

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which I believe is driving
this up, up and away,

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is interest rates.

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All right, if you tune
in on the weekly show

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you know I talked about this already.

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But look at interest rates one year ago

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versus interest rates now.

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At the very end of February

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average 30-year fixed mortgage 3.45%.

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That’s a full percentage point lower

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than it was this exact
same time last year.

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So buyers have a lot
better purchasing power

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and thanks to that giant, you know,

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growth in the stock market,

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which we correctly recently,

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some of it but not all of it,

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people are feeling quite flush

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and with these very
enticing interest rates

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I think that’s doing a good job of

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kind of spurring the demand for

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homes and condos here in Seattle.

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I appreciate you getting nerdy with me.

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And I will see you next time.