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– Hello, Seattle.

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This is Christy Kinnaird, of
Seattle Living Spaces, coming

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to you with your Seattle market
report for November 2019.

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(upbeat music)

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Okay y’all, I know that

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real estate data is boring, but it’s not.

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It’s actually interesting,
and here is why.

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This month was quite unexpected,

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so I’m just gonna get
right into it, right?

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Because what do you care most about?

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The money.

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So let’s talk about prices in November.

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You know I can’t pull November’s data

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until it’s over obviously, so here we go.

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Single family houses
in the city of Seattle,

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our median sales price
last month was $725,000.

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Now, I don’t want you
jumping ahead, but that is,

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last month it was $750,000,
so prices are soft again.

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And what it boils down to,

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is we’re basically back at 2017 prices.

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So here’s the good news, bad
news, big picture stuff, okay?

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In 2016, the median sales
price for a house was $600,000.

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That means right now single
family houses are worth

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21% more than they were in 2016.

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Now in 2017, they were worth $727,500.

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So technically, houses,
on average, are worth

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half a percentage less
than they were in 2017.

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And in 2018, the median
sales price was $743,500.

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That means that right now
houses are about 2.5% less

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in value, on the average,
than they were last year.

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So y’all, I know that
owning home, it stinks

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when you feel like you’ve lost value.

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And that is why, kids, when you go

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to buy houses, what do I tell you?

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If you can’t own this house
for at least five years,

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I don’t want you to buy it, okay?

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Buying is not always the answer, okay?

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Sometimes renting is the right answer.

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But look, if you bought in 2016,

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are you feeling bad
about yourself right now?

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No.

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If you’re like me and you bought in 2017.

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Oh, speaking of me,
let’s talk about condos

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and the prices of condos, okay?

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Oh look at this, I’m like
a school teacher this week.

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The white board just keeps
getting smaller and smaller.

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All right, condos.

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This month, $460,000 was
the median sales price

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for a condo in Seattle.

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Now, last month it was $448,000.

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So condos actually saw an
increase in sales price month

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over month, which is really unusual.

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Especially because single
family houses didn’t.

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I’m kind of team condo this month.

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I feel like, if we look at
the overall bucket of metrics,

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condos are actually a little bit healthier

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than single family houses.

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And we’ll get into why.

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Okay, so if you bought a condo in 2016,

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you’re average sales price was $380,000.

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Again, 21%, your condo’s
worth 21% more now

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than it was in 2016.

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If you bought it in 2017,

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the median sales price was $454,000.

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Your condo is still worth 1% more

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than you paid for it, back in 2017.

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Now if you look at 2018,

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the median sales price was $447,500.

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Meaning that your condo is worth 3% less

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than it was this time last year. (sighs)

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So I know that my happy
homeowners that bought

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in 2016, and 17 and 18 are a
little bit panicked, right?

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We’re concerned about falling values.

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And you know that I’m here

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to just bring you the truth, right?

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Even when it isn’t the funnest truth.

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But please know that real
estate is a long game.

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And we had steep price tumbles

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the second half of the year, in 2018.

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And we’re just trying to catch
our breath, here in 2019.

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So, that’s what’s going on with prices.

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Let’s talk about the other stuff, okay?

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Let’s talk about how long it took

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for properties in Seattle to sell.

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If you are trying to sell
a single family house,

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which is a free-standing
house or a townhouse,

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that’s how the MLS classifies them.

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It would take you 34 days, on average,

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to get an accepted offer.

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And, in case you don’t
know, from the time you get

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an accepted offer until
the time you are closed,

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which means you have handed over the keys

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and gotten your money, it’s
typically about another 30 days.

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So if you’re looking to sell your house,

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and you’re an average
type, it’s gonna take you

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about two months to sell your house.

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Condos, whoo, it’s taken a
long time to sell condos.

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42 days to get an accepted
offer on a condo, on average.

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And, moving right to the next metric,

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condos are selling for
only 98% of list price.

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Houses are selling for 99%.

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Now last month, houses were
at 100%, condos were are 99%.

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But this is the exact same percentage

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that we were seeing back
in November of 2018.

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It’s just kind of that time
of year, where buyers know,

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“Hey, there are deals
to be had up in here.”

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Okay?

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And then supply, months of supply,

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which is a weird metric, okay?

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It’s like how they, I don’t
know how they do this.

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But basically, if no one
knew houses or condos came

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on the market, how long would
it take for the current number

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of buyers to buy all the existing supply?

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So, a balanced market is
four to six months of supply.

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Anything less than four months

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of supply is considered a seller’s market.

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And we have been in a under
four months supply market

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for six or seven years. (laughs)

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and anything more than six
months supply is considered

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to be a buyer favored market.

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So, houses only have 1.4 months of supply.

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This is crazy.

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This number keeps going down month

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over month, over month, over month.

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So, we continue to have fewer and fewer

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and fewer available houses to buy.

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And the buyers are not,
kind of easing back as much

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as they statistically
do this time of year.

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So the supply continues
to dwindle for houses.

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Now condos, we have 3.2 months supply,

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last month, we had 3.4.

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Technically, still a seller’s market.

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But if you’re selling a condo,

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it sure doesn’t feel
like it right now, right?

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Like, you’re not getting
what it’s listed for.

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It’s taking a long time to sell it.

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But remember condo owners,
you’ve got growing median prices.

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So yeah, it may take you a
little bit longer to sell it,

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and you have a little
bit more competition.

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And maybe you’re not
selling it for exactly

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what you’re listed it for,

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but you’re still getting an actual,

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actually, when you look
at year over year metrics,

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condos (claps) are doing
better this month than houses.

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And so, I’m slightly biased
because I live in a condo,

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and because houses always win, right?

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It’s like why everybody
hates, who always wins?

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I’m trying to think of a sports reference

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and I’m failing you miserably,

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’cause the only sports team I
like is the Seattle Mariners.

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And they’re certainly not the
ones that always win. (laughs)

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Anyway, so there it is,

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your November real estate data recap.

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I appreciate you getting ready with me,

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and we will do the same
dance again next month.