1
00:00:00,920 –> 00:00:02,100
– Hi, hello Seattle.

2
00:00:02,100 –> 00:00:03,930
This is Christy Kinnaird,
Seattle Living Spaces,

3
00:00:03,930 –> 00:00:06,610
coming to you with a
weekly inventory update.

4
00:00:06,610 –> 00:00:08,460
Today is the 25th day of October.

5
00:00:08,460 –> 00:00:10,503
I think we need to talk about it.

6
00:00:14,310 –> 00:00:16,590
As we always do, single-family houses

7
00:00:16,590 –> 00:00:19,240
in the city of Seattle
over the last seven days,

8
00:00:19,240 –> 00:00:24,240
160 new listings, and that is
fewer than the 205 last week,

9
00:00:25,020 –> 00:00:26,810
and even fewer than
the same time last year

10
00:00:26,810 –> 00:00:29,050
when we had 198.

11
00:00:29,050 –> 00:00:32,640
And, we had 96 homes go
pending, which is good.

12
00:00:32,640 –> 00:00:35,160
It’s not quite the 107
that we had last week,

13
00:00:35,160 –> 00:00:38,550
but it’s five more than we
had the same time last year,

14
00:00:38,550 –> 00:00:40,840
and we, at this exact moment in time,

15
00:00:40,840 –> 00:00:44,320
in the city of Seattle, we have 1319 homes

16
00:00:44,320 –> 00:00:46,740
for you to choose from.

17
00:00:46,740 –> 00:00:51,740
Last week it was 1,369, last year 1,453.

18
00:00:51,850 –> 00:00:53,880
Now notice, no absorption rate.

19
00:00:53,880 –> 00:00:56,110
I’m taking absorption
rate out of the video.

20
00:00:56,110 –> 00:00:57,560
It’s always gonna be in the blog,

21
00:00:57,560 –> 00:00:59,310
which I will link to
down in the show notes,

22
00:00:59,310 –> 00:01:03,840
but it’s just too crazy, I don’t love it.

23
00:01:03,840 –> 00:01:07,200
I know there are some fans
of the absorption rate,

24
00:01:07,200 –> 00:01:09,470
so it’s still there for
you in the blog post,

25
00:01:09,470 –> 00:01:11,220
but we’re keeping it out of the video.

26
00:01:11,220 –> 00:01:14,240
So, of these 1,319 houses for sale,

27
00:01:14,240 –> 00:01:15,650
how long have they been on the market?

28
00:01:15,650 –> 00:01:17,280
Funny you should ask.

29
00:01:17,280 –> 00:01:19,970
21% of them are runway
models, brand new listings.

30
00:01:19,970 –> 00:01:20,960
It’s the same as last week,

31
00:01:20,960 –> 00:01:23,230
and about two percentage points lower than

32
00:01:23,230 –> 00:01:24,880
it was this same time last year.

33
00:01:24,880 –> 00:01:28,360
19% of them are in that
15-30 day category,

34
00:01:28,360 –> 00:01:31,160
23% of them are in the 31-60 day category,

35
00:01:31,160 –> 00:01:33,520
and then those darn crusty rusties.

36
00:01:33,520 –> 00:01:34,710
And the crusty rusty, again,

37
00:01:34,710 –> 00:01:36,580
for those of you that are just tuning in,

38
00:01:36,580 –> 00:01:38,270
is a home that has been actively for sale

39
00:01:38,270 –> 00:01:40,380
for 61 days or longer.

40
00:01:40,380 –> 00:01:43,120
Those are 37% of the entire pool of homes

41
00:01:43,120 –> 00:01:44,720
that we have available for sale.

42
00:01:44,720 –> 00:01:48,330
Last week it was 36%, last year 27%.

43
00:01:48,330 –> 00:01:51,020
The primary difference between
this year and last year

44
00:01:51,020 –> 00:01:55,600
is that we had really
unnerved buyers and sellers,

45
00:01:55,600 –> 00:01:57,860
we had tons more inventory
than we were used to,

46
00:01:57,860 –> 00:01:59,870
and we had a lot newer inventory.

47
00:01:59,870 –> 00:02:03,060
So, you notice that we
have definitely fewer homes

48
00:02:03,060 –> 00:02:05,290
for sale right now than we
did the same time last year,

49
00:02:05,290 –> 00:02:08,080
but our inventory is a little bit older,

50
00:02:08,080 –> 00:02:09,610
and again that is the primary difference

51
00:02:09,610 –> 00:02:10,860
between what is going on now

52
00:02:10,860 –> 00:02:12,900
and what was going on back in 2018.

53
00:02:12,900 –> 00:02:16,410
Switching over to condos,
this is also good news.

54
00:02:16,410 –> 00:02:19,170
I feel like, ooh, I worry
about the ye little condos,

55
00:02:19,170 –> 00:02:21,250
right, and I feel like I’ve
got some good news this week.

56
00:02:21,250 –> 00:02:25,240
68 new listings which is fewer
than the 71 we had last week,

57
00:02:25,240 –> 00:02:27,330
and definitely fewer than
the 82 that we were seeing

58
00:02:27,330 –> 00:02:30,050
back in 2018, and we
have a big pending week;

59
00:02:30,050 –> 00:02:31,640
29 go pending this week versus

60
00:02:31,640 –> 00:02:34,730
23 last week and 24 last year.

61
00:02:34,730 –> 00:02:36,830
And at this exact moment
in the city of Seattle,

62
00:02:36,830 –> 00:02:40,560
we have 667 condos for you to choose from.

63
00:02:40,560 –> 00:02:43,090
That’s, you know, five
less than last week,

64
00:02:43,090 –> 00:02:46,150
but definitely way fewer
than this same time

65
00:02:46,150 –> 00:02:46,983
last year.

66
00:02:46,983 –> 00:02:49,590
And of these 667 condos,

67
00:02:49,590 –> 00:02:51,210
how long have they been on the market?

68
00:02:51,210 –> 00:02:56,210
Those brand new runway
models are 17% of our total

69
00:02:57,140 –> 00:02:59,940
choices which is great,
that’s up from 15% last week,

70
00:02:59,940 –> 00:03:01,810
but the same time last year 22%.

71
00:03:01,810 –> 00:03:05,040
Remember, last year all of
our inventory was much newer

72
00:03:05,040 –> 00:03:07,910
because this whole new inventory thing

73
00:03:07,910 –> 00:03:09,586
was new for everybody.

74
00:03:09,586 –> 00:03:13,370
Our 15-30 day category is 16%.

75
00:03:13,370 –> 00:03:16,360
The 31-60 day category is 22%,

76
00:03:16,360 –> 00:03:20,930
and then the crusty rusties,
ooh 45% of all the condos.

77
00:03:20,930 –> 00:03:24,070
It was 44% last week,
and only 25% last year.

78
00:03:24,070 –> 00:03:27,700
So, we are seeing, I kind
of like to call it the

79
00:03:27,700 –> 00:03:29,500
tale of two markets.

80
00:03:29,500 –> 00:03:31,860
Depending on the neighborhood,
and all of this, of course,

81
00:03:31,860 –> 00:03:34,680
is Seattle specific, so if
you have a single-family

82
00:03:34,680 –> 00:03:36,960
house in the city of
Seattle under $600,000,

83
00:03:36,960 –> 00:03:37,996
it gone, it’s selling.

84
00:03:37,996 –> 00:03:41,040
If you have it under
$500,000, multiple offers.

85
00:03:41,040 –> 00:03:43,370
And oddly enough, we are
still seeing multiple offers

86
00:03:43,370 –> 00:03:47,435
in the 800-900s, even the
1-1.2 millions for homes

87
00:03:47,435 –> 00:03:49,850
that are priced correctly.

88
00:03:49,850 –> 00:03:52,330
I give the same lecture every week,

89
00:03:52,330 –> 00:03:56,370
but pricing is the key
for right now’s buyer.

90
00:03:56,370 –> 00:03:58,300
So, there it is, your
weekly inventory update.

91
00:03:58,300 –> 00:04:01,253
Thanks for tuning in, and
I will see you next week.