1
00:00:01,520 –> 00:00:03,420
– Hello Seattle, this is Christy Kinnaird
2
00:00:03,420 –> 00:00:04,740
with Seattle Living Spaces
3
00:00:04,740 –> 00:00:07,210
in my ugliest Christmas sweater
4
00:00:07,210 –> 00:00:11,673
to tell you why the window
has officially closed.
5
00:00:12,536 –> 00:00:15,119
(upbeat music)
6
00:00:20,610 –> 00:00:24,590
And what the heck do I mean
by the window has closed?
7
00:00:24,590 –> 00:00:28,030
What I mean is that the
window of opportunity
8
00:00:28,030 –> 00:00:30,610
that I warned to about for six weeks,
9
00:00:30,610 –> 00:00:33,132
that window where buyers
have the advantage
10
00:00:33,132 –> 00:00:35,730
has officially closed and that’s right,
11
00:00:35,730 –> 00:00:38,070
it’s time for your Seattle
real estate trends,
12
00:00:38,070 –> 00:00:42,930
episode number eight, December 20th, 2019.
13
00:00:42,930 –> 00:00:44,530
Oh my gosh, we only have
one more trends left
14
00:00:44,530 –> 00:00:46,080
before it’s 2020.
15
00:00:46,080 –> 00:00:48,653
Okay, so let’s talk
about the closing window.
16
00:00:49,849 –> 00:00:54,535
In the past month, so from
November 20th to December 20th,
17
00:00:54,535 –> 00:00:58,200
we’ve had, now this is
seasonally appropriate,
18
00:00:58,200 –> 00:01:00,500
the total number of houses for sale
19
00:01:00,500 –> 00:01:03,120
has gone down 35 percent.
20
00:01:03,120 –> 00:01:05,480
But guess what, the number of pendings
21
00:01:05,480 –> 00:01:08,320
which is our indicator of buyer demand
22
00:01:08,320 –> 00:01:12,040
has only gone down 12 percent,
23
00:01:12,040 –> 00:01:15,307
so we are now in a situation where we have
24
00:01:15,307 –> 00:01:17,930
seasonally appropriate lessening
25
00:01:17,930 –> 00:01:19,810
of number of homes for sale,
26
00:01:19,810 –> 00:01:22,300
but we do not have a buyer
demand that is shrinking
27
00:01:22,300 –> 00:01:23,583
in the same size.
28
00:01:24,464 –> 00:01:25,800
And here’s what’s even more shocking.
29
00:01:25,800 –> 00:01:30,110
Condos, 31 percent fewer condos for sale
30
00:01:30,969 –> 00:01:31,940
than we had one month ago,
31
00:01:31,940 –> 00:01:35,620
buyer demand is up 15 percent.
32
00:01:35,620 –> 00:01:37,980
Remember when I told you
there were sweet, sweet deals
33
00:01:37,980 –> 00:01:39,740
to be had in condos?
34
00:01:39,740 –> 00:01:43,130
I’m not sure that’s so much
the case in this exact moment
35
00:01:43,130 –> 00:01:44,713
in our current environment.
36
00:01:46,108 –> 00:01:48,530
So ladies and gentlemen,
that’s the big news
37
00:01:48,530 –> 00:01:50,290
for this trends.
38
00:01:50,290 –> 00:01:52,220
Is that that beautiful
window of opportunity
39
00:01:52,220 –> 00:01:54,130
to catch a great deal
right here at the tail end
40
00:01:54,130 –> 00:01:55,710
of the holiday season?
41
00:01:55,710 –> 00:01:57,710
It’s probably evaporated.
42
00:01:57,710 –> 00:02:00,480
We will see how many eager sellers
43
00:02:00,480 –> 00:02:03,270
we have in the market coming
the first of the year,
44
00:02:03,270 –> 00:02:06,670
but man, buyers, you had your window,
45
00:02:06,670 –> 00:02:09,000
but sellers, if you’ve considered it,
46
00:02:09,000 –> 00:02:10,990
literally if I know anybody
that wants to sell a house
47
00:02:10,990 –> 00:02:13,610
in the next eight weeks I
would have them do it today,
48
00:02:13,610 –> 00:02:15,770
and I know that sounds crazy
to put your house on the market
49
00:02:15,770 –> 00:02:18,540
on December 20th, but you
darn well may have your house
50
00:02:18,540 –> 00:02:20,180
under contract before
Christmas if you did it.
51
00:02:20,180 –> 00:02:21,560
I’m just saying, I’m just saying.
52
00:02:21,560 –> 00:02:25,320
Okay, so let’s get into
the week-specific data.
53
00:02:25,320 –> 00:02:28,290
We have a total, we’re mixing up the order
54
00:02:28,290 –> 00:02:31,380
here a little bit, a total
of 645 houses for sale.
55
00:02:31,380 –> 00:02:33,270
That’s fewer houses than we had last week,
56
00:02:33,270 –> 00:02:35,570
and fewer houses that we
had the same time last year.
57
00:02:35,570 –> 00:02:37,575
We’re actually down about 30 percent,
58
00:02:37,575 –> 00:02:39,300
not only in the last 30 days,
59
00:02:39,300 –> 00:02:41,800
but even if you look at
this exact moment last year,
60
00:02:41,800 –> 00:02:43,870
we had about 30 percent more houses.
61
00:02:43,870 –> 00:02:46,789
Just a little bit shy of 1,000
houses this time last year.
62
00:02:46,789 –> 00:02:49,810
We had 65 people put
their house up for sale
63
00:02:49,810 –> 00:02:51,450
which is far fewer than the week before
64
00:02:51,450 –> 00:02:53,240
or this same time last year,
65
00:02:53,240 –> 00:02:56,350
and we had 73 houses go
pending, look at that.
66
00:02:56,350 –> 00:02:59,230
More pendings than new, hmmm.
67
00:02:59,230 –> 00:03:01,742
But again, that was fewer
pendings than the week before
68
00:03:01,742 –> 00:03:03,880
and fewer pending than
the same time last year,
69
00:03:03,880 –> 00:03:07,590
and of these 645 homes for
sale in the city of Seattle,
70
00:03:07,590 –> 00:03:09,524
how long have they been on the market?
71
00:03:09,524 –> 00:03:10,470
This might be a question.
72
00:03:10,470 –> 00:03:14,430
Okay, 14, only 14 percent of
them are fresh on the market
73
00:03:14,430 –> 00:03:15,310
for less than two weeks.
74
00:03:15,310 –> 00:03:17,400
That is far fewer than last week,
75
00:03:17,400 –> 00:03:18,900
but last year, this time of year,
76
00:03:18,900 –> 00:03:21,870
only five percent of listings were fresh.
77
00:03:21,870 –> 00:03:25,300
Crazy, I’m so glad that
2018 is long gone, okay.
78
00:03:25,300 –> 00:03:28,430
And the stale category,
those crusty rusties,
79
00:03:28,430 –> 00:03:31,060
the homes that have been
on the market for sale
80
00:03:31,060 –> 00:03:34,750
for 91 days or longer, 35
percent of the total inventory,
81
00:03:34,750 –> 00:03:37,310
an increase from last week, but last year,
82
00:03:37,310 –> 00:03:40,590
it was 60 percent crusty rusties.
83
00:03:40,590 –> 00:03:42,800
Hold your horses, 2018.
84
00:03:42,800 –> 00:03:47,360
Okay, condos, 413 total condos for sale
85
00:03:47,360 –> 00:03:48,780
which is a number I like to see.
86
00:03:48,780 –> 00:03:51,950
I think 413 puts us in a
very good, balanced market.
87
00:03:51,950 –> 00:03:55,080
Not too many, not too few,
88
00:03:55,080 –> 00:03:58,130
but we had, so 413 is fewer
condos than last week,
89
00:03:58,130 –> 00:04:00,350
fewer condos than the same time last year,
90
00:04:00,350 –> 00:04:04,160
we had 25 new condos which
is fewer than last week,
91
00:04:04,160 –> 00:04:07,260
fewer than last year,
remember, demand for condos
92
00:04:07,260 –> 00:04:11,260
has gone up while supply has gone down.
93
00:04:11,260 –> 00:04:13,110
And we had 20 condos go pending.
94
00:04:13,110 –> 00:04:15,180
We haven’t seen 20 condos
go pending in one week
95
00:04:15,180 –> 00:04:17,960
in almost a month, so we
had a big, big pending week
96
00:04:17,960 –> 00:04:20,510
for condos, certainly more
condos than last week,
97
00:04:20,510 –> 00:04:22,270
and then same time last year,
98
00:04:22,270 –> 00:04:25,990
and of these 413 condos for sale,
99
00:04:25,990 –> 00:04:29,200
a modest 10 percent of them
are fresh runway models.
100
00:04:29,200 –> 00:04:30,800
Two weeks or less on the market.
101
00:04:30,800 –> 00:04:32,710
That is a smaller
percentage than last week,
102
00:04:32,710 –> 00:04:37,180
but last year, the fresh
category was six percent.
103
00:04:37,180 –> 00:04:39,997
Woo, okay, and the stale,
the crusty rusties,
104
00:04:39,997 –> 00:04:42,460
the 91 days and over on the market
105
00:04:42,460 –> 00:04:46,090
is 21 percent of the total
inventory which is a huge drop.
106
00:04:46,090 –> 00:04:48,790
Last week it was 30 percent,
last year it was 60 percent,
107
00:04:48,790 –> 00:04:51,650
so I don’t know if these
crusty rusties have canceled,
108
00:04:51,650 –> 00:04:54,050
expired, or if they’re
the ones that are actually
109
00:04:54,050 –> 00:04:55,970
going pending, but whatever it is,
110
00:04:55,970 –> 00:04:59,230
we’re seeing a huge falloff
in the crusty rust category.
111
00:04:59,230 –> 00:05:00,810
So there it is, ladies and
gentlemen, boys and girls,
112
00:05:00,810 –> 00:05:02,790
people are still buying and selling houses
113
00:05:02,790 –> 00:05:05,730
even here during prime ugly sweater,
114
00:05:05,730 –> 00:05:07,550
pink Christmas tree season.
115
00:05:07,550 –> 00:05:10,353
Thanks for tuning in, and
I will see you next week.