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– Hey, hello Seattle.

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This is Christy Kinnaird
with Seattle Living Spaces

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coming to you with your
Seattle real estate report

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for the month of May 2020 and let’s.

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(imitating brakes sound)

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Before I give you all the nerdy data

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I need to take you on a little journey

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through the specific timelines

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for the impact of COVID-19
in the city of Seattle.

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And yes that is no fun

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and we’re all sick of
hearing about it, okay?

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But it’s important for you to understand

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what was happening during the time

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that all of these transactions

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that I’m about to report
on were initiated.

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So let’s look at some dates, shall we?

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The bummer news is on February 26th

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the first COVID death was
reported in the city of Seattle.

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And on February 29th
Governor Inslee declared

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a state of emergency.

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And then on March 9th
the governor announced

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his set of new rules.

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On March 12th all public schools
closed, bless your hearts.

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You new teachers with kiddos
homeschooling, bless you.

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March 15th all sit down
restaurants were closed.

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And on March 23rd our first
stay-at-home order was issued.

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All right, so now we’ve had a chance

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to talk about the doom and gloom

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and the timeline of our dreaded COVID-19

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in the city of Seattle.

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And so now let’s talk
about prices, shall we?

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Because that’s what
ya’ll really care about.

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So remember we were deep in the
very worst parts of COVID-19

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during the moment all of
these transactions initiated

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because it takes about 30
days from contract to keys.

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So we have all of the numbers

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that we’re gonna go over
today are lagging indicators.

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And there are a lot of numbers.

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And this month is different.

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We’re not gonna go over each
and every one of them in depth.

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But I am gonna give you kind
of the big picture overview.

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And it’s frankly shocking.

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Remember we were in the middle

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of the worst part of COVID-19
in the city of Seattle.

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So during the month of April 2020,

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the median sales price,
not for condos, for houses

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because that’s where we
always start was $800,000.

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$800,000.

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That is back at peak pricing.

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That is the exact same median sales price

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that we had back in 2018.

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And it is a far jump from
this same time last year

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where the median sales price was $745,000.

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And even a jump from last month.

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In March our median
sales price was $781,000.

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It’s incredible.

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Homes were still selling
for way above list price.

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102 percent above what the
price was listed at on average.

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And selling in a record short
amount of time, 13 days.

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13 days.

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That is unbelievable.

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And currently in the city of Seattle

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we only have 1.6 months
supply of inventory.

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That indicates an incredibly
strong seller’s market.

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So man, even though we are in the middle

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of a global pandemic,
when it comes to houses

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sellers are still in charge

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and competition is still fierce.

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So as unbelievable as it is,

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we are back to peak prices for houses.

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But condos are behaving
exactly the opposite, okay?

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Last month in the city of Seattle

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the median sales price
for a condo, $465,000.

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$465,000 is a gigantic decrease.

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Well not gigantic.

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Last year it was $475,000

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so we’re only 10 grand off from last year.

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Last month it was $484,000

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so we’re almost 20 grand
off from the March prices.

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And you wanna know what it
was during the peak 2018?

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$535,000.

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So we are a good $70,000
below peak prices of 2018.

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But a condo’s still
selling for 100 percent

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of list price on average.

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Selling in 18 days which is 10 days faster

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than the month before.

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And we’re sitting on 3.1 months supply

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which is almost double
what we had back in March.

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So condos are a different
story than houses.

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The long and the short of it is

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single family houses and
townhouses are still very robust.

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Even though we’re seeing a different,

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a lower volume of transactions,

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we’re actually seeing it
being more competitive

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than it was this time last year.

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Now condos are a different story.

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They are moving in, I would say a balanced

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to slightly favoring the buyer market

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and I will be interested
to see what happens

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with condo prices as
we can kind of continue

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to slog through this slow recovery.

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So speaking of recoveries,
what I care most about

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is each and every one of you.

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I hope that you are self,
selfie, not a selfie,

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that you are healthy and safe.

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I love you Seattle.

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We’ll do this again next month.

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(upbeat music)