1
00:00:00,539 –> 00:00:02,180
– Hello, Seattle.

2
00:00:02,180 –> 00:00:03,980
This is Christy Kinnaird
with Seattle Living Spaces

3
00:00:03,980 –> 00:00:06,693
coming to you with your weekly trends.

4
00:00:06,693 –> 00:00:09,276
(upbeat music)

5
00:00:11,440 –> 00:00:13,700
All right, y’all, we
just wrapped up the week

6
00:00:13,700 –> 00:00:15,720
that enclosed both Christmas and Hanukah

7
00:00:15,720 –> 00:00:17,610
and I honestly can’t
believe that I actually have

8
00:00:17,610 –> 00:00:20,700
real estate data to report but I do.

9
00:00:20,700 –> 00:00:22,850
And we’re gonna start
with the big picture.

10
00:00:23,920 –> 00:00:27,030
I believe the real estate
market is heating up

11
00:00:27,030 –> 00:00:28,710
and here is why.

12
00:00:28,710 –> 00:00:32,130
If we are looking at, this
is just single family, okay,

13
00:00:32,130 –> 00:00:36,140
but if we look in 2018, this week in 2018,

14
00:00:36,140 –> 00:00:38,834
we had 831 houses for sale.

15
00:00:38,834 –> 00:00:42,370
This week this year, 593.

16
00:00:42,370 –> 00:00:45,467
That’s a 40% drop, okay?

17
00:00:45,467 –> 00:00:48,430
53% of them last year were stale,

18
00:00:48,430 –> 00:00:51,808
as in 91 days or longer on the market.

19
00:00:51,808 –> 00:00:55,570
This year only 33% of them are stale.

20
00:00:55,570 –> 00:00:58,450
That’s a 60% decrease in the
number of stale listings.

21
00:00:58,450 –> 00:01:02,670
So, you guys, 2018 was like you know when

22
00:01:02,670 –> 00:01:04,380
you’re in the hot tub and then
you get out of the hot tub

23
00:01:04,380 –> 00:01:05,545
and you jump in the pool.

24
00:01:05,545 –> 00:01:08,570
It feels freaking cold.

25
00:01:08,570 –> 00:01:12,630
We were suffering from such
a huge lack of inventory

26
00:01:12,630 –> 00:01:16,740
in 2014, ’15, ’16, ’17
and the first half of 2018

27
00:01:16,740 –> 00:01:18,450
that when we finally
started to get up to these

28
00:01:18,450 –> 00:01:23,100
inventory numbers of 831,
we were up to 1,600 listings

29
00:01:23,100 –> 00:01:25,254
at one point during 2018.

30
00:01:25,254 –> 00:01:28,090
It felt like a shock.

31
00:01:28,090 –> 00:01:29,790
It felt like we were
jumping from the hot tub

32
00:01:29,790 –> 00:01:30,640
into the pool.

33
00:01:30,640 –> 00:01:31,600
Even though the pool’s heated.

34
00:01:31,600 –> 00:01:33,239
And if you went straight from the regular,

35
00:01:33,239 –> 00:01:37,120
regular house into the pool
it wouldn’t feel that cold.

36
00:01:37,120 –> 00:01:39,220
Because we have been
suffering from such extreme

37
00:01:39,220 –> 00:01:43,410
lack of inventory, 2018
and 2019 really felt like

38
00:01:43,410 –> 00:01:45,940
a punch in the gut, but
what I think they were

39
00:01:45,940 –> 00:01:48,650
were a swift correction
of our hyper-inflated

40
00:01:48,650 –> 00:01:49,483
real estate market.

41
00:01:49,483 –> 00:01:51,560
So, that’s just the big picture.

42
00:01:51,560 –> 00:01:52,480
Oh, and I’m gonna be coming out

43
00:01:52,480 –> 00:01:54,230
with my real estate predictions for 2020

44
00:01:54,230 –> 00:01:56,570
here in the next couple
weeks so stay tuned.

45
00:01:56,570 –> 00:01:57,750
Now, there isn’t a whole lot of data

46
00:01:57,750 –> 00:02:00,833
because it was Christmas/Hanukah
but there was some data.

47
00:02:01,720 –> 00:02:03,880
34 people felt that this was the best week

48
00:02:03,880 –> 00:02:05,810
for them to put their house on the market.

49
00:02:05,810 –> 00:02:10,730
Okay, actually genius idea
because 45 people decided

50
00:02:10,730 –> 00:02:12,360
to put a house under contract this week.

51
00:02:12,360 –> 00:02:15,100
So, more buyers than
sellers and that’s always

52
00:02:15,100 –> 00:02:17,160
a position as a seller you want to be in.

53
00:02:17,160 –> 00:02:19,724
And like I said, we have
593 houses on the market.

54
00:02:19,724 –> 00:02:23,538
And that’s even 52 fewer
that we had the week before

55
00:02:23,538 –> 00:02:26,660
and only 10% of them are fresh.

56
00:02:26,660 –> 00:02:29,010
Dudes, if you want to sell your house

57
00:02:29,010 –> 00:02:31,020
in the next couple of months do it now.

58
00:02:31,020 –> 00:02:34,060
So, sellers, you want to be on the market

59
00:02:34,060 –> 00:02:36,780
when there are only 10% of
the total homes for sale

60
00:02:36,780 –> 00:02:38,080
fresh listings.

61
00:02:38,080 –> 00:02:40,320
That’s like being the
only box of chocolates

62
00:02:40,320 –> 00:02:43,882
left at the 7-11 on
Valentine’s Day at 3:00 p.m.

63
00:02:43,882 –> 00:02:45,760
People are gonna be
fighting over you, okay,

64
00:02:45,760 –> 00:02:46,850
because they need you.

65
00:02:46,850 –> 00:02:50,680
So, 10% fresh listings
is pretty darn crazy

66
00:02:50,680 –> 00:02:55,260
but this time last year, only
5% of the listings were fresh.

67
00:02:55,260 –> 00:02:56,323
Holy smokes.

68
00:02:57,639 –> 00:02:59,013
Okay, moving over to condos.

69
00:03:00,750 –> 00:03:02,630
Nobody in condo land wanted to do anything

70
00:03:02,630 –> 00:03:04,192
over the holidays because look,

71
00:03:04,192 –> 00:03:06,120
eight people thought it was a good week

72
00:03:06,120 –> 00:03:07,850
to put their condo on the market.

73
00:03:07,850 –> 00:03:10,350
And six people thought it was a good time

74
00:03:10,350 –> 00:03:12,420
to put a condo under contract.

75
00:03:12,420 –> 00:03:14,920
And we have 385 condos for sale

76
00:03:14,920 –> 00:03:19,380
which is 30-ish fewer
than we had last week,

77
00:03:19,380 –> 00:03:20,760
but a lot fewer than we had,

78
00:03:20,760 –> 00:03:23,228
450 this same time last year.

79
00:03:23,228 –> 00:03:27,830
6% of all the condos for sale are fresh.

80
00:03:27,830 –> 00:03:30,480
Again, you can’t really time the market

81
00:03:30,480 –> 00:03:33,040
but there are these
indicators, like I don’t know,

82
00:03:33,040 –> 00:03:35,890
very, very few new condos
or new homes to choose from

83
00:03:35,890 –> 00:03:37,380
or limited supply.

84
00:03:37,380 –> 00:03:39,750
I mean, we haven’t seen total number

85
00:03:39,750 –> 00:03:41,670
of available properties for sale this low

86
00:03:41,670 –> 00:03:42,640
in a very long time.

87
00:03:42,640 –> 00:03:45,600
So, again I think it’s
gonna flip just like this,

88
00:03:45,600 –> 00:03:47,180
just like it was a buyer’s market

89
00:03:47,180 –> 00:03:48,850
up until like three weeks ago.

90
00:03:48,850 –> 00:03:51,690
I think we have this seller’s
market for another week or two

91
00:03:51,690 –> 00:03:53,660
and then everyone is gonna
be a new year, new me,

92
00:03:53,660 –> 00:03:55,320
back to work, put the house on the market,

93
00:03:55,320 –> 00:03:59,138
and then we’re gonna back into
our normal market pattern.

94
00:03:59,138 –> 00:04:01,664
So, there it is, ladies and gentlemen.

95
00:04:01,664 –> 00:04:05,428
Not much happening on this particular week

96
00:04:05,428 –> 00:04:08,694
but definitely some
interesting and quickly moving

97
00:04:08,694 –> 00:04:11,020
cycles here in the Seattle
real estate market.

98
00:04:11,020 –> 00:04:13,953
Thanks for tuning in and
I will see you next week.