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– 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

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trends for the week ending

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November 15th, 2019.

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We actually have really interesting stuff

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happening in the Seattle
real estate this week.

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Of course, Becky the whiteboard here.

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Don’t judge me.

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I love a whiteboard.

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You’re lucky I’ve gone from the giant one,

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which you can see it behind me,

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it’s actually seven feet tall,

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to this little petite one ’cause

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we’re gonna condense the information

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and make it a little
bit more conversational.

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Anyway, in Seattle over
the last seven days

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we had 123 houses come on the market.

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That is a lot fewer houses,

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than both last week, and last year.

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And that alone is not that interesting,

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but let’s talk about how many

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pending houses there were, 113.

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That is more houses that went
pending versus last week,

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or versus last year.

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And our total number of homes for sale

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in Seattle is 1067, which is
fewer homes than last week

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and fewer homes than last year.

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So let’s just talk about that.

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Less sellers are putting

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their houses on the market.

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Very common this time of year.

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But lots more buyers!

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Up and at ’em, buying
the available houses!

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And our total number of available houses

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for sale keeps going down,
week after week after week.

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Which again is seasonally common.

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So, fewer houses, fewer new choices

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and fewer total choices
is seasonally appropriate.

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(finger tapping)

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Increased pending equaling
increased buyer demand

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is a little bit different.

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We are seeing some
multiple offer situations,

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or like my sweet clients,
that just got under contract

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this week, there was a house
in the upper price range

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and it was on the market less than a week,

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and we snuck in and the nick of time,

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right before a second offer came in.

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But each pocket of the
market behaves differently.

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Each neighborhood behaves differently.

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Each price point behaves differently.

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So, for example, we have 125
homes in the City of Seattle,

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that are the cost, under
half a million dollars.

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So think about how sad that is,

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of the over 1000 homes total for sale,

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only 125 of them are under half a million,

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and of those only 27% of them are stale.

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Right, so stale meaning
they’ve been in the market

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for 90 days or longer.

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Currently, 26% of all
homes are stale, in Seattle

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and only 18% are fresh, meaning
they’ve been on the market

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for less than two weeks.

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But if we flip over to
the luxury side of things,

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I had to go all the way up
to 1.9 million and above,

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to find another section that
only had 125 houses for sale.

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So, the entry level, a house
that is under half a million,

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is the entry level, and
there’s 125 homes For sale.

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27% of them are stale.

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We go all the way up to
1.9 million and above,

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there are 125 homes for sale
and 50% of them are stale.

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So that just is to show you that even

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when I tell you we have
increasing crusty-rusties,

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or you know, fewer new listings,

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there is relief for buyers
in certain neighborhoods

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and at certain price points.

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But if you are at the,
I call it the front door

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of the market, where most of us are,

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just trying to get our foot in the door,

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in that entry level price point,

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they’re still moving quicker

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and there’s still some competition.

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So we talked about condos.

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Condos are doing the same thing.

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Condos and houses are
almost never, you know,

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seeing a eye-to-eye, if you will.

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We had 39 new listings which is fewer

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than last week and fewer than last year,

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and we have 32 pendings
which is more than last week,

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and more than last year.

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And we have 579 total condos right now,

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for you to choose from,
which is fewer than last week

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and fewer than last year.

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So again, condos, a big
drop in the number of people

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putting their condos on the
market and that’s smart.

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I wouldn’t sell my condo
right now to save my life.

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No way, it’s not the time for me.

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32 though, 32 buyers
stepped up to the plate,

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and got an accepted offer
this week on condos.

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(finger tapping)

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And the total number of
condos that are available

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for sale in the state keeps going down.

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So this is interesting
because the buyer demand

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is higher right now than
I expected it to be.

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Well that’s smart.

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These buyers are smart because
this is the time of year.

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Seize the friggin’ day, right.

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And of these 579 condos,
13% of them are fresh.

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They’ve been on the market
for less than two weeks,

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and 31% of them are stale.

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Our fresh is the same, week over week,

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and year over year.

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And the stale is the same as last week,

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but surprisingly we had more stale condos,

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this time last year.

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And to kind of again, put
condos in perspective,

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If you take condos that cost 350 or less,

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which I consider to be the entry part

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of the condo market, there’s 104 of those.

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And 25% of those 104 condos in
that entry level price point

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of 350 or less, are stale.

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We have to go all the
way up to 950, or more,

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to get the same or equal
number of 109 condos

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in that category and
56% of those are stale.

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So again, we’re seeing that
the luxury price points

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tend to move a lot slower on
our entry level price points,

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even when the market is
more neutral or cooling,

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can still be a little
bit more competitive.

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So there it is.

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Thanks for tuning in, and
I will see you next week!