1
00:00:00,080 –> 00:00:02,240
– Goodness gracious, the
Seattle real estate market is
2
00:00:02,240 –> 00:00:06,865
heating up and it’s all due to
interest rates and inventory.
3
00:00:06,865 –> 00:00:09,448
(upbeat music)
4
00:00:11,010 –> 00:00:13,970
As we all know by now, the
Seattle real estate market is
5
00:00:13,970 –> 00:00:16,220
heating up, so let’s just
get right into the data
6
00:00:16,220 –> 00:00:19,057
and we are gonna talk
about single family houses
7
00:00:19,057 –> 00:00:20,650
in the city of Seattle,
over the last seven days,
8
00:00:20,650 –> 00:00:22,885
and, of course, today is
February 29th, leap day.
9
00:00:22,885 –> 00:00:25,310
All right, houses.
10
00:00:25,310 –> 00:00:27,506
Over the past week, we had
175 houses come on the market.
11
00:00:27,506 –> 00:00:31,020
That is definitely more than the 149
12
00:00:31,020 –> 00:00:35,030
that we had last week, but not
as many as we had last year.
13
00:00:35,030 –> 00:00:38,111
So last year, we’re just
gonna skip to the punchline,
14
00:00:38,111 –> 00:00:39,490
we had a lot more inventory.
15
00:00:39,490 –> 00:00:41,810
But this is where the big news comes in.
16
00:00:41,810 –> 00:00:45,000
We had 148 houses go pending last week.
17
00:00:45,000 –> 00:00:48,906
That’s 20 more than the week
before and look at that.
18
00:00:48,906 –> 00:00:51,950
It was only 87 the same time last year.
19
00:00:51,950 –> 00:00:54,040
And again, I feel like the
20
00:00:54,040 –> 00:00:55,870
offer review date just kind of started
21
00:00:55,870 –> 00:00:57,330
to come out of nowhere.
22
00:00:57,330 –> 00:00:59,560
And now it is really hitting
23
00:00:59,560 –> 00:01:02,450
like a good bassline in an old school
24
00:01:03,414 –> 00:01:06,030
like, late 90’s Atlanta rap song.
25
00:01:06,030 –> 00:01:08,250
I love, you know those
big, heavy, deep bass,
26
00:01:08,250 –> 00:01:09,793
you’re not here for me
27
00:01:09,793 –> 00:01:10,630
to talk about old school hiphop.
28
00:01:10,630 –> 00:01:12,330
All right so we’re gonna get
back to the pending listings.
29
00:01:12,330 –> 00:01:16,230
Okay, so out of these
148 homes on pending,
30
00:01:16,230 –> 00:01:17,730
this week.
31
00:01:17,730 –> 00:01:21,050
109, so, you know, 2/3 of them,
32
00:01:21,050 –> 00:01:22,890
more than 2/3 of them were on the market
33
00:01:22,890 –> 00:01:24,490
for less than 10 days.
34
00:01:24,490 –> 00:01:26,630
That is unbelievable.
35
00:01:26,630 –> 00:01:27,832
Okay?
36
00:01:27,832 –> 00:01:29,330
And out of these 109 that went pending
37
00:01:29,330 –> 00:01:30,510
in under 10 days,
38
00:01:30,510 –> 00:01:33,450
70 of them had offer review dates.
39
00:01:33,450 –> 00:01:35,677
And honestly, 11 of these,
40
00:01:35,677 –> 00:01:37,270
11 of the 109,
41
00:01:37,270 –> 00:01:38,220
were new construction.
42
00:01:38,220 –> 00:01:40,676
They had zero days on the market.
43
00:01:40,676 –> 00:01:41,630
Which basically means
44
00:01:41,630 –> 00:01:42,463
they just sold them off market
45
00:01:42,463 –> 00:01:44,730
so they never even had a
chance to be on the market.
46
00:01:44,730 –> 00:01:48,180
So really, it’s like 70 out of 90 homes
47
00:01:48,180 –> 00:01:49,940
had offer review dates.
48
00:01:49,940 –> 00:01:51,010
So that,
49
00:01:51,010 –> 00:01:52,160
that is significant.
50
00:01:52,160 –> 00:01:54,470
If you are selling a single family house
51
00:01:54,470 –> 00:01:56,230
and you’re pricing it appropriately,
52
00:01:56,230 –> 00:01:59,570
I honestly believe with few exceptions
53
00:01:59,570 –> 00:02:02,860
it is in your best interest
to do an offer review.
54
00:02:02,860 –> 00:02:05,340
‘Cause buyers are no
longer weirded out by it
55
00:02:05,340 –> 00:02:06,280
they expect it, right?
56
00:02:06,280 –> 00:02:09,650
Because, 2/3 of the
profits that they’re seeing
57
00:02:09,650 –> 00:02:10,990
have an offer review date.
58
00:02:10,990 –> 00:02:12,520
And at this exact moment in time
59
00:02:12,520 –> 00:02:15,960
in the city of Seattle we
have 557 houses for sale,
60
00:02:15,960 –> 00:02:17,900
last week we had 540,
61
00:02:17,900 –> 00:02:20,770
last year we had 843.
62
00:02:20,770 –> 00:02:24,243
Honestly, we could use this
number of houses right now.
63
00:02:24,243 –> 00:02:26,760
But what is driving this,
64
00:02:26,760 –> 00:02:28,280
offer review date situation,
65
00:02:28,280 –> 00:02:32,670
is more buyers than available houses.
66
00:02:32,670 –> 00:02:34,260
Supply and demand, inventory,
67
00:02:34,260 –> 00:02:35,504
we talk about it,
68
00:02:35,504 –> 00:02:36,337
we’ve been talking about it for years.
69
00:02:36,337 –> 00:02:39,010
And it does remain one of
the primary driving forces
70
00:02:39,010 –> 00:02:40,680
of the Seattle real estate market.
71
00:02:40,680 –> 00:02:42,238
Moving on to condos.
72
00:02:42,238 –> 00:02:45,960
Condos are not quite as
wild as houses, okay?
73
00:02:45,960 –> 00:02:49,230
But we had a big influx
of condos this week.
74
00:02:49,230 –> 00:02:52,970
72 condos came on the market
versus 59 the week before.
75
00:02:52,970 –> 00:02:56,110
And about the exact same
we had this time last year.
76
00:02:56,110 –> 00:02:57,740
And what’s funny is these pending numbers
77
00:02:57,740 –> 00:03:00,880
are very similar, this
week, last week, last year.
78
00:03:00,880 –> 00:03:02,414
40, 44, 41.
79
00:03:02,414 –> 00:03:03,247
Okay?
80
00:03:03,247 –> 00:03:05,010
Similar pending numbers.
81
00:03:05,010 –> 00:03:06,910
Now, talking about that offer review date,
82
00:03:06,910 –> 00:03:09,306
here look how I keep dropping the data
83
00:03:09,306 –> 00:03:10,139
so you can’t see it.
84
00:03:10,139 –> 00:03:10,972
Speaking of the offer review date,
85
00:03:10,972 –> 00:03:11,960
of these 40 pendings,
86
00:03:11,960 –> 00:03:14,841
24 of them were on the
market for under 10 days.
87
00:03:14,841 –> 00:03:17,790
Only 10 of those had offer review dates.
88
00:03:17,790 –> 00:03:20,760
So we can see not even half of condos
89
00:03:20,760 –> 00:03:22,150
have offer review dates for almost
90
00:03:22,150 –> 00:03:24,390
2/3 of houses have offer review dates.
91
00:03:24,390 –> 00:03:25,710
So again,
92
00:03:25,710 –> 00:03:27,890
markets are not the same.
93
00:03:27,890 –> 00:03:29,740
And what is going on in west Seattle
94
00:03:29,740 –> 00:03:31,330
is not what’s going on in North Gate,
95
00:03:31,330 –> 00:03:33,540
is not what’s going on
in down town Seattle.
96
00:03:33,540 –> 00:03:34,380
You know we’ve got,
97
00:03:34,380 –> 00:03:35,981
so there’s always,
98
00:03:35,981 –> 00:03:36,850
but I can’t make 50 videos a week.
99
00:03:36,850 –> 00:03:38,370
Nobody wants to watch those videos.
100
00:03:38,370 –> 00:03:39,203
So here we go,
101
00:03:39,203 –> 00:03:42,310
plopping all of Seattle into
houses and condo category.
102
00:03:42,310 –> 00:03:44,210
And then I wanna talk
about the other thing
103
00:03:44,210 –> 00:03:46,580
that is really impacting the
Seattle real estate market
104
00:03:46,580 –> 00:03:47,413
and that is
105
00:03:47,413 –> 00:03:49,771
dun-dun-dun-da!
106
00:03:49,771 –> 00:03:52,340
EddieMac interest rate chart!
107
00:03:52,340 –> 00:03:53,390
Okay, we’re gonna have this on the blog at
108
00:03:53,390 –> 00:03:56,023
Seattlelivingspaces.com.
109
00:03:56,960 –> 00:04:00,670
But, basically this is March 4th.
110
00:04:00,670 –> 00:04:02,010
This is the top line,
111
00:04:02,010 –> 00:04:03,150
it’s the 30 year fixed.
112
00:04:03,150 –> 00:04:04,926
And then it’s the 15 year.
113
00:04:04,926 –> 00:04:05,759
And then it’s 10 year.
114
00:04:05,759 –> 00:04:07,500
Okay, these are all fixed free mortgages.
115
00:04:07,500 –> 00:04:09,180
Well look at what has happened.
116
00:04:09,180 –> 00:04:12,000
And you know this stops on February 17th.
117
00:04:12,000 –> 00:04:14,150
Do you know what happened
on February 28th?
118
00:04:15,010 –> 00:04:17,303
Interest rates dropped to 3.01.
119
00:04:19,420 –> 00:04:21,526
I bought this place two years ago,
120
00:04:21,526 –> 00:04:23,030
I have good credit.
121
00:04:23,030 –> 00:04:25,490
My interest rate is 4.75.
122
00:04:25,490 –> 00:04:26,530
Okay.
123
00:04:26,530 –> 00:04:27,730
What!
124
00:04:27,730 –> 00:04:29,610
3.01!
125
00:04:29,610 –> 00:04:32,060
So, this drop in interest rates
126
00:04:32,060 –> 00:04:33,310
which may or may not be temporary.
127
00:04:33,310 –> 00:04:34,143
We never know.
128
00:04:34,143 –> 00:04:35,070
Okay, we can’t predict it.
129
00:04:35,070 –> 00:04:37,750
Has also kind of nudged
all of those buyers
130
00:04:37,750 –> 00:04:40,278
who may have been on the
fence out into big bad world
131
00:04:40,278 –> 00:04:41,840
of buying a Seattle real estate.
132
00:04:41,840 –> 00:04:43,130
So there it is, kids.
133
00:04:43,130 –> 00:04:44,360
Your weekly trends report
134
00:04:44,360 –> 00:04:45,380
and appreciate you viewing it.
135
00:04:45,380 –> 00:04:47,103
And I will see you next week.