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– Hello Seattle,

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this is Christy Kinnaird
with Seattle Living Spaces,

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coming at you with your
Seattle Real Estate Trends

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for the week ending November 8th, 2019.

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Welcome back to our second week

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of the Seattle real estate
trends information session.

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Let’s get into it,

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because it was another mellow week,

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which was great.

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So over the last seven days,

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we had 161 houses hit the market.

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And when I say houses,

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that means single family
houses, and townhouses.

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161 one of them, and that
is actually just one,

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I forget it’s either one more or one less

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than we had last week.

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And it is significantly less than we had

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this same time last year.

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I am excited for fewer new listings

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for several reasons.

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Number one, that’s seasonally appropriate.

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The closer, and closer, and closer,

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that we get to holidays,

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the fewer, and fewer new listings

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come on the market.

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That’s just kind of the way that

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it traditionally it works.

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It also puts us in a little
bit more of a balance,

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because look what’s also happening.

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We had 99 problems, but houses
going pending was not one.

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That’s right, we had 99 houses
go pending over the week,

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and pending means, it
went from being actively

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available for sale, to
being under contract.

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And the reason I like
to use pending numbers,

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and not sold numbers,

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is that sold numbers take
a long time to show up.

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So from the day it gets
the accepted offer,

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it’s traditionally about 30 days

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until the time it’s actually sold.

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So by using pending numbers,

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and not sold numbers,

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we get better real time information,

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like what is actually happening

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in the Seattle real estate market,

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at this exact moment in time.

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99 homes going pending,

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is more homes than last week,

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and more homes than last year.

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So we’ve got either a neutral,

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or a declining number of new listings,

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and an increasing number of new pendings,

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which means the market is buying

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what is coming on the market at a pace

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that’s faster that it used to be.

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So, we currently, at this
exact moment of time,

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in the city of Seattle,

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have 1,140 homes actively for sale.

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That is fewer than last week,

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and fewer than last year.

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And of these 1,140 houses,

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we’re gonna clump them
into two categories.

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Although there’s technically
like the new ones,

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the middle ones, and then the stale ones.

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But these fresh listings,

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the homes that have been actively

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on the market for 14 days or less,

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we used to call them the runway models,

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they are 22% of all or the
available homes for sale.

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That is a higher
percentage than last week,

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which means more of the
total homes for sale

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currently are fresh than
they were last week,

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and it is the same as last year.

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And of those stale listings,

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which used to be 61 days and over,

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now it’s 90 days and over.

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The sale listings are 25%
of all the homes for sale.

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And that is the same as it was last week,

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but actually fewer than it
was this time last year.

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Which I find is interesting.

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Cause typically, in 2018
we had more troubles,

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more new listings, more total listings,

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but those listings weren’t in this stale,

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or “crusty rusty” category.

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And then if we start talking about condos,

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it’s same almost.

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So we had 48 new condos hit the market,

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which is fewer than last week,

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fewer than last year.

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Which is great.

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Condo market is soft,

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and the more condos that
are actively for sale,

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the softer it’s gonna get.

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The buyer demand is not
there right now for condos.

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So, by bringing on
fewer condo’s this week,

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compared to last week and last year,

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that is going to help bring some

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stability to the condo market.

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And other fun news, we
had 24 condos go pending,

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and that is more than last week,

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or more than last year.

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So again, like, the same good stuff.

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Fewer new options, more
people getting under contract

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than they were the week before,

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or the same time last year.

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These are all kind of
signs that the real estate

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market is kinda movin’ back up.

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In houses, I would say it’s moving back up

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to where it’s a little
bit of a frenzied market,

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and condo’s it’s movin’ up towards more of

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a stabilized market.

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And at this exact moment in time,

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in the city of Seattle,

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we have 598 condos to choose from.

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If you’re looking to buy a condo,

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there are 598 choices.

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That’s fewer than last week,

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and fewer than last year,

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which again is good.

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Because these total
number of available homes

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and condos for sale,

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there is no like, gold standard.

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But, when that number,
if this time of year,

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that number were to keep going up,

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when seasonally, typically,

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we have fewer properties
come on the market,

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and fewer buyers out there buying.

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If this total number was just continuously

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getting larger and larger,

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I would be concerned that we were moving

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more towards a balanced,

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or even buyers market.

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Not that a buyers market is bad,

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but we’ve had a lot of
instability (laughing)

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over the past year, and
it’s nice to see some kind

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of neutral, mellow, consistent metrics.

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Very seasonally appropriate.

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Seattle hasn’t behaved
appropriately in years.

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Oh!

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I’m puny but you love me.

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And of those 598 condos that are for sale,

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13% of them are brand new.

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The runway models, the under
two weeks on the market.

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Last week and last year,

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we had a much higher
percentage of runway models

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of our total available for sale.

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So what that means to me,

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is all of these new condos
that are coming on the market,

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are getting scooped up,

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and the ones that are
lingering on the market,

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are not the new ones.

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People are buying the new options,

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not the old options, these stale options.

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The “crusty rustys”,

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the 91 day’s on market or longer,

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is 30% of all condos.

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I said this last week,

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I’ll probably say it next week.

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If your house or condo
has been on the market

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for longer than 91 days,

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you or your agent is not doing it right,

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and it’s most likely price.

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So there it is,

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a nice kind of mellow,
seasonally appropriate,

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healthy, balanced, set
of weekly metrics for ya.

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Thanks for gettin’ nerdy with me,

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and I will see you next week.