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– Hello, Seattle.

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This is Christy Kinnaird

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with Seattle Living Spaces coming to you

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with your Seattle real estate trends.

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It is February 14th, aw, I love you too,

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and let’s talk about it, shall we?

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We’re gonna do this a
little bit differently.

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I’m just gonna talk to
you about big picture sale

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of real estate before we dive
right into these specific

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and nerdy numbers,
which is totally my jam.

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The Seattle real estate market
is significantly different

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than it was 12 weeks ago.

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That’s three months, okay?

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It’s actually significantly different

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than it was eight weeks ago,

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and what’s driving that is
not enough homes for sale,

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and a lot more buyers than we anticipated.

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So let’s look at some big
picture data, shall we?

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This is the total number
of available houses

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and condos for sale in
the city of Seattle.

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Starting up here, the last
two weeks of November,

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December, January, okay?

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Same thing with condos.

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It’s not as exaggerated,

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but on a percentage basis,
it’s pretty similar.

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So, and this is pretty
seasonally accurate, right?

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Not a whole lot of people are thinking

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about selling their houses
or their condos in December

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and January, but they
should start to be thinking

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about it in February, but look at this.

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Total number down, down, down,

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and then we’re gonna put our game down,

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flip it, and reverse it.

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The number of people buying properties

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is skyrocketing, okay?

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Look at this fun roller
coaster that we have.

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November, December, January,
oh, my gosh, 2020, new year,

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new me, obviously new
house, even with condos,

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the demand is up.

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So when we have, oh, my
gosh, all the charts,

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increasing demand, decreasing supply,

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that creates a very tight
market where people start

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to have to compete over
the very few listings

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that are out there, so
you know what’s back?

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Offer review date is back.

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You know what the offer
review date brings?

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Multiple offers.

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You know what multiple offers brings?

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Rising prices.

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So I will be very interested to see

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when we can pull these
February month-end metrics,

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what’s happening with the prices.

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Anyway, so specifically this week,

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we had 160 houses hit the market.

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Last week we had 136, and
last year, we only had 95.

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So 160 new houses on the
market, 126 houses went pending.

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That is up from 97 the week before,

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and last year this time,
only 54 houses went pending.

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We have dramatically
different buyer demand in 2020

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than we did in 2019,
and at this exact moment

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and time in the city of Seattle,

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we have 517 houses for sale.

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Last week it was 523.

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Last year, 720, okay?

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We have significantly
fewer homes for sale,

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and significantly more
people buying homes,

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and it is creating a sticky
wicket that we were various

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to seeing in 2016, and 2017,

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and now let’s talk about condos.

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Condo Christy, you’re welcome.

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60 new condos hit the market.

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68 the week before, 54
this same time last year.

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Condos aren’t having the same variation,

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but they’re seeing the same trend,

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so we had 28 go pending
this week, 32 last week,

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and 22 last year, and at this exact moment

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and time in the city of Seattle,

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we have 307 condos to choose from.

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Remember when we were hovering

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at like 500 condos the back half of 2018,

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and almost all of 2019?

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Hmm.

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So last week we had 313, and
then this time last year,

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we had 497 condos for sale,
so again, a lot fewer condos,

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but not a lot fewer
pending, so even condos.

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I was searching this morning,

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and one condo in Belltown
has an offer review date.

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Two condos in Fremont
have an offer review date.

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Six condos in Ballard
have an offer review date.

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I mean, I could bore you to
death with the specifics, but,

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so with houses now, I’m
seeing about 40% to 50%

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of the houses under $1.2
million come on the market

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with an offer review date,

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and the condos are still very splotchy

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with the neighborhoods, right,

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and Belltown condos
were just suffering more

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than all the other condos,

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so I was really excited to see
the first offer review date

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for a Belltown condo.

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Anyway, if you want the
specific numbers, the hard data,

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the graphs and charts, head
to SeattleLivingSpaces.com.

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It’s all there for you.

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I love you getting nerdy
with me each and every week.

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I appreciate you, and I
will see you next week.

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(upbeat music)