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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.