The Seattle Real Estate Market if Finally Behaving!
If the real estate market was a dog, this week it would be the Golden Retriever at the dog park that is friendly with everyone.
This week in Seattle Real Estate:
We continue to see the seasonal slowdown in the number of new houses and townhouses that are coming to the market. The more surprising thing is that we saw 99 houses go pending this week. That is more than last week or last year. When we combine fewer new listings with increasing number of pending listings, we see an unusual pick-up in the tempo of the real estate market. It is likely just a fluke, much like running into the worlds friendliest golden retriever at the dog park. If we continue to see declining number of new listings and an increase in pending listings, it could be signs we are heading back into a more competitive market.
The Seattle condo market behaved a lot like the Seattle house market this week. We saw a DRASTIC decline in the number of new listings, and a substantial increase in the number of pending listings.
This is the 6th consecutive week that the total number of condos for sale in Seattle has gone down. The Seattle condo market has been soft for about a year, it is good news that we see fewer and fewer total condos for sale each week. We currently don’t have a big enough buyer pool to purchase (or absorb) the current number of condos for sale. And since buyer demands historically continues to decline through the end of the year, a decreasing number of total properties for sale will help keep the market stable.
Other fun metrics:
34 condos canceled their listing (compared to 19 last week).
21 condos had their listings expire (compared to 10 last week).
44 officially sold last week (compared to 57 last week).
Seattle real estate can change as fast as our weather.
Some metrics are best only summarized and analyzed monthly, such as house prices in Seattle and if homes in Seattle are taking longer to sell. Some metrics can be reviewed weekly, such as the number of homes in Seattle that sold and and how many new condos are coming on the market each week. So in the spirit of keeping things fun, fresh AND informative, we are overhauling the weekly update.
RIP Weekly Inventory Update. We are moving to a little less hard data and a little more overview of the health of the Seattle Real Estate market. Enjoy the first week of the new and improved Seattle Real Estate Trends.
This category includes single family houses (the freestanding type with their own yards) as well as townhouses (the type with shared walls and driveways, and often with little or no yards). The Seattle housing market is always a bit less volatile than the Seattle condo market, and often has higher highs than condos and fewer lows.
Over the last 7 days, we continue the trend of fewer sellers putting their homes on the market. This is the time of year that historically less and less home owners choose to sell their homes. This Seattle real estate market trend should continue through the end of the year.
One thing that did surprise me was that we had 106 homes go pending during the week. That is 10 more homes than last week, and 23 more houses than last year. Increasing pending numbers is a sign of buyer demand. Increasing pending numbers can be early signs that we are in an increasingly competitive market.
Other fun metrics:
33 houses canceled their listing (compared to 13 last week).
46 houses had their listings expire (compared to 34 last week).
191 officially sold last week (compared to 181 last week).
Condos are defined as units within a controlled community. Most of these are in the classic apartment style buildings, but some homes in planned communities are also considered condos because they have overarching community rules and pay monthly HOA dues.
The number of condos coming on the market this week was almost the same as last week, and only 7 fewer than this same time last year. While that is good news, since we seem to have a bit of a glut of condos for sale, we didn’t see very many condos go pending this week. Only 21 buyers came out this week and put in an accepted offer on a condo. Last week 29 buyers got into contract on a condo, and last year 24 lucky condos found buyers. Until we see a sharp decline in the number of new condos coming up for sale or a large influx of people wanting to buy condos, we will continue to see a soft Seattle condo market.
Other fun metrics:
23 condos canceled their listing (compared to 19 last week).
28 condos had their listings expire (compared to 10 last week).
57 officially sold last week (compared to 57 last week).