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– Hello Seattle!

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This is Christine Kinnaird
of Seattle Living Spaces,

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coming to you with your Seattle
real estate trends report.

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It’s gonna be May.

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Today is May 1st, and the Governor

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just extended the stay-at-home
order through the end of May.

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So y’all, I mean it’s a pandemic,

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staying at home for months on end,

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I have been watching dog
training videos on YouTube

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because my rescue dog
who is sweet as a pie

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for four weeks has now
turned into the devil.

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Okay, so you’re not here for that though,

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you’re here for real estate data,

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so let’s talk about it, shall we?

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Single family houses
in the City of Seattle

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over the last seven days.

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Now I think a lot of folks
were waiting this week

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because they thought that the
ban would be lifted next week.

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So we saw 159 people put their houses

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on the market this week,
versus 169 last week,

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versus 304 last year.

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But you know what’s interesting?

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I got to thinking, I was like,

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what is this compared to 2018?

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‘Cause remember, 2019,
we saw more inventory

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than we had seen in eight years, in 2019.

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So compared to 2018, 159 houses this week,

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200 houses last week.

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So if you compare this year to last year,

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we’re running at about half
as many new listings this week

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compared to last year this time.

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But if you go back two years,

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we’re only 48 houses shy of last year,

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which is pretty crazy.

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And we did have a steep drop-off

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in the number of pending listings.

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Last week was 115, this week is 94.

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And last year was 138, (laughs)

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but this is where it gets really bananas.

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2018, 218 pendings.

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2018, the first four, five
months, we had more pendings

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than new listings almost
every single week,

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which seems statistically impossible,

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but that’s what was happening.

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Okay, and in this exact moment in time

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in the City of Seattle, we
have 790 homes for sale,

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last week was 781.

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And then canceled, 14
people canceled this week,

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22 people canceled last week,

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six people went temporarily
off the market this week

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versus four last week.

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So here’s what’s happening.

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We are seeing about half

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of the number of homes come up for sale,

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and so if you took that metric on its own,

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I think that people would be terrified

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and saying that the sky is falling.

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But if we think about the fact

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that the whole city is shut
down and we’re only seeing half,

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I think that’s pretty phenomenal.

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Oh, (claps) and what else is interesting

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is the offer review date.

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So last week, 38 houses
had an offer review date.

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And this week, 53 houses
have an offer review date.

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But of those 38 houses

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that had an offer review date last week,

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24 of them went pending on
their offer review date,

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which is pretty good.

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I don’t know though.

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I still feel like if I was
bringing a house on the market,

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I would be very hesitant
to do an offer review date.

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But that’s just me, maybe I’m
a little bit too conservative.

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All right let’s move on over to condos.

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And we refold this paper.

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Okay, this week, 67 new condos.

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Last week 63 new condos.

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Last year, 106.

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So 60% of the new listings this
year compared to last year.

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And if we go back to 2018,

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we only had 78 new listings in 2018.

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So we have almost as many
new listings this year

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as we did in 2018.

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So pandemic or extreme inventory shortage?

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‘Cause those are the two markets

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that seem to be running
fairly similar to each other.

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37 condos went pending this week.

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That’s a gigantic jump
from the 22 the week before

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and exactly the same as we
had this time last year.

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But back in 2018, 80 condos went pending.

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2018 was bananas, we don’t need to sing

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that one again this week, no we don’t.

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All right, and at this exact point in time

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in the City of Seattle, we
have 443 condos for sale.

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431 was that magic number last week.

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Last year was 632.

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And 10 people canceled,

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four people went
temporarily off the market,

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those numbers are becoming
increasingly less interesting

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to me because they’re just
not very dramatic anymore.

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Real estate is gonna be sold.

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It’s being sold, I’m selling it,

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I felt like I needed to keep
it under cover for a long time,

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but you know people still have
an immediate need to move.

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Babies, job changes, deaths, divorces,

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leases ending, those kinda things.

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So masks, hand sanitizer,
social distancing.

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I’ma come with you about a real video

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about what it’s like to buy
or sell your house right now

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in our current environment,

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which I don’t think is gonna change much,

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probably till the end of the year.

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So anyway, thanks for
getting nerd with me,

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I love you, and I will
talk with you next week.

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(upbeat music)