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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 weekly trends.
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(upbeat music)
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All right, y’all, we
just wrapped up the week
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that enclosed both Christmas and Hanukah
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and I honestly can’t
believe that I actually have
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real estate data to report but I do.
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And we’re gonna start
with the big picture.
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I believe the real estate
market is heating up
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and here is why.
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If we are looking at, this
is just single family, okay,
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but if we look in 2018, this week in 2018,
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we had 831 houses for sale.
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This week this year, 593.
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That’s a 40% drop, okay?
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53% of them last year were stale,
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as in 91 days or longer on the market.
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This year only 33% of them are stale.
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That’s a 60% decrease in the
number of stale listings.
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So, you guys, 2018 was like you know when
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you’re in the hot tub and then
you get out of the hot tub
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and you jump in the pool.
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It feels freaking cold.
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We were suffering from such
a huge lack of inventory
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in 2014, ’15, ’16, ’17
and the first half of 2018
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that when we finally
started to get up to these
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inventory numbers of 831,
we were up to 1,600 listings
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at one point during 2018.
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It felt like a shock.
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It felt like we were
jumping from the hot tub
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into the pool.
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Even though the pool’s heated.
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And if you went straight from the regular,
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regular house into the pool
it wouldn’t feel that cold.
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Because we have been
suffering from such extreme
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lack of inventory, 2018
and 2019 really felt like
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a punch in the gut, but
what I think they were
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were a swift correction
of our hyper-inflated
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real estate market.
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So, that’s just the big picture.
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Oh, and I’m gonna be coming out
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with my real estate predictions for 2020
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here in the next couple
weeks so stay tuned.
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Now, there isn’t a whole lot of data
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because it was Christmas/Hanukah
but there was some data.
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34 people felt that this was the best week
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for them to put their house on the market.
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Okay, actually genius idea
because 45 people decided
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to put a house under contract this week.
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So, more buyers than
sellers and that’s always
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a position as a seller you want to be in.
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And like I said, we have
593 houses on the market.
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And that’s even 52 fewer
that we had the week before
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and only 10% of them are fresh.
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Dudes, if you want to sell your house
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in the next couple of months do it now.
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So, sellers, you want to be on the market
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when there are only 10% of
the total homes for sale
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fresh listings.
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That’s like being the
only box of chocolates
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left at the 7-11 on
Valentine’s Day at 3:00 p.m.
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People are gonna be
fighting over you, okay,
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because they need you.
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So, 10% fresh listings
is pretty darn crazy
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but this time last year, only
5% of the listings were fresh.
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Holy smokes.
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Okay, moving over to condos.
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Nobody in condo land wanted to do anything
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over the holidays because look,
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eight people thought it was a good week
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to put their condo on the market.
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And six people thought it was a good time
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to put a condo under contract.
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And we have 385 condos for sale
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which is 30-ish fewer
than we had last week,
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but a lot fewer than we had,
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450 this same time last year.
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6% of all the condos for sale are fresh.
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Again, you can’t really time the market
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but there are these
indicators, like I don’t know,
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very, very few new condos
or new homes to choose from
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or limited supply.
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I mean, we haven’t seen total number
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of available properties for sale this low
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in a very long time.
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So, again I think it’s
gonna flip just like this,
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just like it was a buyer’s market
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up until like three weeks ago.
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I think we have this seller’s
market for another week or two
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and then everyone is gonna
be a new year, new me,
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back to work, put the house on the market,
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and then we’re gonna back into
our normal market pattern.
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So, there it is, ladies and gentlemen.
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Not much happening on this particular week
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but definitely some
interesting and quickly moving
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cycles here in the Seattle
real estate market.
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Thanks for tuning in and
I will see you next week.