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(metal clicking)

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(can top popping)

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(soda fizzing)

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– Hello, Seattle, it’s Christy Kinnaird

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of Seattle Living Spaces coming to you

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with the Seattle real estate trends.

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Now, I know y’all love a whiteboard

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or at least I know I love a whiteboard

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and you put up with me, so here we go.

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Over the last week, we had a
103 houses come on the market.

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Now that is fewer houses than we had

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come on the market last week,

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but more houses than we had
come on the market last year.

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We have 81 pending which is, you know,

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last week was big, y’all.

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Last week was a fluke, I was like,

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“Is this market flipping?

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“Are we heating up?

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“Like what is happening?”

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So last week was a big week
with a few new listings,

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tons of pendings and this week

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we’re kind of back to the
seasonally appropriate

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behavior of, you know, 100 new listings.

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That’s reasonable for this time of year.

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81 homes going pending.

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It’s fewer than the bonanza
that we had last week

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but it’s more than we had
the same time last year.

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And we’re seeing pretty
similar year over year metrics.

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So finally.

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You know because 2018 was straight chaos

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from (chuckles) March
to October so it’s nice

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that we’re settling in
to some, kind of average

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year over a year data.

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And we’re finally under
a 1000 houses for sale.

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We have 984 houses for
sale in Seattle right now

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and that’s fewer houses than both

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last week and last year.

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But here’s where it gets interesting.

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The fresh houses, the houses that have

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been on the market for
less than two weeks,

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is only less than 17% of the total options

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and that’s a decrease from last week.

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But it’s better than this time last year.

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Last year, we had crusty
rustys everywhere.

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Speaking of crusty rustys,

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now they’ve changed the
definition a little bit.

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Up until a couple of months
ago, it was, you know,

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61 days or over and now
it’s 91 days or over.

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And that is 28% of the
total homes for sale.

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And that, (sighs) the stale
group is a little bit larger,

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(chuckles) has more houses
in it than it did last week,

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but fewer houses than it did last year.

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(chuckling) And then, you guys, condos!

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Condos are on the struggle bus
and they have been all year.

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I can’t sugar coat it.

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We had 50.

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50 condos come on the market last week.

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That is way too many.

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That is like double the
number that we should have.

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And it’s significantly more than we had

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come on the market last week
or this same time last year.

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And then in even worse
news, 17 (chuckling).

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Only 17 condos went pending.

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Okay, lots of sellers
wanting to sell their condo,

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very few buyers wanting
to buy these condos,

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creating a glut of inventory,

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creating longer days on market,

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creating softer prices.

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Basically it’s supply and demand, kids.

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With houses, you know, we’ve got a

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geography problem here in Seattle, right?

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I think that probably half the people

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that live in townhouses or condos,

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would actually prefer to
be in a single family house

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because we don’t have
enough single family houses

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to support our rapidly growing population.

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They’re really expensive and guess what?

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Not everybody can afford them.

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Luckily, we have townhouses
and condos as an option

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but I don’t think it’s
always the first option

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which is why I think houses
are always a little bit

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less volatile as far as,
you know, the week to week

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and month to month bumps and prices

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and demands and all of that.

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But condos, man.

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They are just soft right now.

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And at this exact moment in time

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we have 553 condos which is good.

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It’s fewer condos than last week

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and fewer condos than last year.

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So, although we didn’t
see a lot go pending,

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we did have a good chunk
of them sell this week.

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And we had a good chunk of people either

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cancel their listings, which is where they

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are like, “Hey man, I
tried to sell this thing

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“and it’s not working out.”

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And they pulled it off the
market or their listing expired.

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So basically every time a seller

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decides to sell their house,

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they have to enter into a contract

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with a real estate agent and that contract

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has an expiration date.

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And so, condos just expire right and left

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and the biggest day for expired listings?

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December 31st.

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I would never, ever, ever
let one of my sellers

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have their property
expire on December 31st.

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Anyway, the fresh
listings of condos is 13%.

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That’s the exact same
percentage of freshness

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that we had last week and
more than we had last year.

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And the stale condos are 30%
and that is actually down.

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I think a lot of those condos
that expired or canceled,

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(fingers tapping) were
in the stale category.

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And they are like (groans).

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It’s not unusual to see condos
on the market for 180 days.

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We had kids just this
week get under contract

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(hands clapping) on a condo

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that had been on the market
a 182 days by the time

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they accepted her offer and guess what?

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In that building, a unit of
it’s size and on it’s level,

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’cause you know in condos
there is a price difference

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in each and every level
that you go up depending on

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downtown, 5th floor and 10th floor.

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That can be a $50 thousand
dollar difference, okay?

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This one happened to
be in Lower Queen Anne.

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And it basically sold for
the lowest price of any

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comparable condo in the past
five years in the building.

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So, condos are soft
and there is definitely

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opportunity if you are a condo buyer.

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But here’s something I predict may happen

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in between Thanksgiving and Christmas.

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You know, pretty much
nobody, unless it’s urgent,

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is gonna put their home or
condo on the market, right?

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During this time?

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But (sighs) the buyers
are still out there.

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And I kinda think that
we’re gonna have decreasing,

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supply so there’ll be
fewer and fewer and fewer

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houses and condos for sale,
but the buyers are gonna kinda

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come out of the woodwork and
we may actually create a more

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favorable condition for
sellers this time of year.

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And that’s just a hunch,
but if we keep having this

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declining inventory and at
least, you know, houses,

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we still have very strong buyer demand.

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That could create a more
competitive situation

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than we’re accustomed
to this time of year.

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So anyway, thanks for
getting nerdy with me,

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talking real estate trends.

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I hope you indulge in something sweet

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that makes you happy and
I’ll talk to you next week.