1 00:00:01,160 –> 00:00:03,250 – Hello, Seattle, this is Christy Kinnaird 2 00:00:03,250 –> 00:00:04,490 with Seattle Living Spaces, 3 00:00:04,490 –> 00:00:07,090 coming to you with what we historically call the sale 4 00:00:07,090 –> 00:00:08,920 of real estate trends video, 5 00:00:08,920 –> 00:00:11,330 but today it is really episode number two 6 00:00:11,330 –> 00:00:16,330 of how the COVID-19 virus is impacting Seattle real estate. 7 00:00:16,390 –> 00:00:20,070 So again, it’s a weird time out there, 8 00:00:20,070 –> 00:00:23,530 and it feels weird to just be spouting off real estate data, 9 00:00:23,530 –> 00:00:24,980 and it feels weird to not do it 10 00:00:24,980 –> 00:00:26,910 ’cause I do it each and every week. 11 00:00:26,910 –> 00:00:31,910 Real estate is one of huge drivers of economy, 12 00:00:32,170 –> 00:00:35,160 and also the value of your homes directly impacts you 13 00:00:35,160 –> 00:00:37,100 and your net worth and your ability to be mobile 14 00:00:37,100 –> 00:00:38,690 and your mental health. 15 00:00:38,690 –> 00:00:41,280 So real estate is important, and because of that, 16 00:00:41,280 –> 00:00:43,980 I feel I owe it to you, especially now, 17 00:00:43,980 –> 00:00:45,520 to keep you posted on what’s going on. 18 00:00:45,520 –> 00:00:49,950 So we’re gonna start off with the non-data news, 19 00:00:49,950 –> 00:00:51,710 and that is that the Northwest MLS, 20 00:00:51,710 –> 00:00:53,330 which is the system that we all use 21 00:00:53,330 –> 00:00:55,640 to input the listing data into, 22 00:00:55,640 –> 00:00:57,970 removed the field for open houses. 23 00:00:57,970 –> 00:01:00,347 So that was essentially their way of saying, 24 00:01:00,347 –> 00:01:01,960 “Don’t do open houses,” right? 25 00:01:01,960 –> 00:01:05,107 Like, “You can do them, but we’re not gonna allow anyone 26 00:01:05,107 –> 00:01:06,890 “to search for open houses in the MLS,” 27 00:01:06,890 –> 00:01:08,880 so that means that they can’t show up on Redfin, 28 00:01:08,880 –> 00:01:10,420 which I think is a great call. 29 00:01:10,420 –> 00:01:13,810 I think in this time of social distancing, 30 00:01:13,810 –> 00:01:15,210 open houses are actually a bad idea. 31 00:01:15,210 –> 00:01:17,350 So cheers to the Northwest MLS, 32 00:01:17,350 –> 00:01:19,260 but that also means I couldn’t drive around this weekend 33 00:01:19,260 –> 00:01:20,310 watching all the open houses 34 00:01:20,310 –> 00:01:22,520 and letting you know what the buyer behavior is like 35 00:01:22,520 –> 00:01:25,250 because no more open houses. 36 00:01:25,250 –> 00:01:26,450 But that’s a good thing. 37 00:01:27,420 –> 00:01:30,640 This week, you guys, I’m not gonna like show you 38 00:01:30,640 –> 00:01:32,060 these handwritten notes. 39 00:01:32,060 –> 00:01:35,230 Go to seattlelivingspaces.com, read the blog, 40 00:01:35,230 –> 00:01:36,880 get all the specific data there, 41 00:01:36,880 –> 00:01:40,110 but essentially, this week, we had 229 people 42 00:01:40,110 –> 00:01:41,770 put their houses up on the market. 43 00:01:41,770 –> 00:01:44,210 229 people thought this week was a good week 44 00:01:44,210 –> 00:01:45,980 to put their house up for sale. 45 00:01:45,980 –> 00:01:48,800 That’s up from 214 last week 46 00:01:48,800 –> 00:01:51,773 and not quite as much, 245 last year. 47 00:01:52,610 –> 00:01:54,283 But here’s the thing is that, 48 00:01:55,290 –> 00:01:57,080 okay, I’m just gonna let the cat outta the bag. 49 00:01:57,080 –> 00:01:58,750 I’m selling the condo that we ran 50 00:01:58,750 –> 00:02:00,600 the Seattle Living Spaces office out of, 51 00:02:00,600 –> 00:02:03,670 and that’ll be coming on the market next week, 52 00:02:03,670 –> 00:02:06,620 and I’ve been gearing up to that for like eight weeks. 53 00:02:06,620 –> 00:02:09,830 It takes a while to get a property ready for the market. 54 00:02:09,830 –> 00:02:12,460 So these 229 people that put their houses up 55 00:02:12,460 –> 00:02:14,260 for sale this week, they’ve probably been working 56 00:02:14,260 –> 00:02:15,143 on it for months. 57 00:02:17,120 –> 00:02:19,140 So they’re just going for it, 58 00:02:19,140 –> 00:02:21,650 but what’s interesting is that 35% of those 59 00:02:21,650 –> 00:02:23,540 have an offer review date. 60 00:02:23,540 –> 00:02:26,090 The ones that came on the market just a week ago, 61 00:02:26,090 –> 00:02:28,960 56% of them had an offer review date. 62 00:02:28,960 –> 00:02:31,900 So we do offer review dates when we feel really confident 63 00:02:31,900 –> 00:02:34,010 the market is hot, hot, hot and we’re gonna get more 64 00:02:34,010 –> 00:02:36,970 than one offer, and when. 65 00:02:36,970 –> 00:02:39,090 Oh my gah, I dropped my paper. 66 00:02:39,090 –> 00:02:43,950 And when fewer (laughs) people put their homes up 67 00:02:43,950 –> 00:02:45,210 with an offer review date, 68 00:02:45,210 –> 00:02:47,660 it means the confidence is waning. 69 00:02:47,660 –> 00:02:49,030 This is ridiculous, you guys. 70 00:02:49,030 –> 00:02:50,493 I keep dropping these papers. 71 00:02:52,410 –> 00:02:54,750 But you know what, life is ridiculous right now, 72 00:02:54,750 –> 00:02:56,693 so we’re just gonna keep going with it. 73 00:02:58,375 –> 00:02:59,670 152, 152 houses went pending this week. 74 00:03:03,320 –> 00:03:06,300 Now, that’s a decline from the 177 last week, 75 00:03:06,300 –> 00:03:08,830 but it’s more than the 139 last year. 76 00:03:08,830 –> 00:03:12,400 We have more people getting offers accepted on houses 77 00:03:12,400 –> 00:03:14,030 during this moment in time 78 00:03:14,030 –> 00:03:15,670 than we did this exact same time last year 79 00:03:15,670 –> 00:03:17,183 where we had no pandemic. 80 00:03:18,570 –> 00:03:20,680 So people are still out there buying. 81 00:03:20,680 –> 00:03:22,730 People are still out there listing. 82 00:03:22,730 –> 00:03:24,730 It’s almost, like if we didn’t have, 83 00:03:24,730 –> 00:03:26,450 these numbers in no way indicate 84 00:03:26,450 –> 00:03:28,950 that there is a global pandemic going on. 85 00:03:28,950 –> 00:03:32,840 It looks like oh, maybe it as a sleepy week, okay? 86 00:03:32,840 –> 00:03:34,510 And at this exact moment in time 87 00:03:34,510 –> 00:03:37,240 in the city of Seattle, we have 657 houses for sale, 88 00:03:37,240 –> 00:03:41,716 which is 49 more houses than we had last week. 89 00:03:41,716 –> 00:03:44,950 (chuckles) But last year, we had 930, 90 00:03:44,950 –> 00:03:47,750 930 houses this same time last year. 91 00:03:47,750 –> 00:03:50,790 So there is that, and what’s interesting, though, 92 00:03:50,790 –> 00:03:52,190 again, we’re talking about that offer review date, 93 00:03:52,190 –> 00:03:55,560 only 79 houses have an offer review date this week 94 00:03:55,560 –> 00:03:57,858 versus 121 houses last week, 95 00:03:57,858 –> 00:04:00,250 but of those 121 houses, 96 00:04:00,250 –> 00:04:03,600 67% of them got offers on their offer review date. 97 00:04:03,600 –> 00:04:06,790 The week before that, it was like 88% 98 00:04:06,790 –> 00:04:08,870 of the offer review date homes got offers 99 00:04:08,870 –> 00:04:09,703 on their review date. 100 00:04:09,703 –> 00:04:12,300 So we’re seeing fewer offer review dates for houses 101 00:04:12,300 –> 00:04:14,650 and fewer homes that have offer review dates 102 00:04:14,650 –> 00:04:16,800 getting offers on that review date, 103 00:04:16,800 –> 00:04:19,010 and those indicate that we are returning 104 00:04:19,010 –> 00:04:21,900 to a less frantic market. 105 00:04:21,900 –> 00:04:24,830 So the numbers for houses are showing us 106 00:04:24,830 –> 00:04:28,190 it is still, from a number of transactions, 107 00:04:28,190 –> 00:04:32,060 business as usual, but we are not seeing 108 00:04:32,060 –> 00:04:34,190 as many offer review dates or as may homes go pending 109 00:04:34,190 –> 00:04:35,080 on the offer review dates, 110 00:04:35,080 –> 00:04:38,610 which means it is a less frantic pace 111 00:04:38,610 –> 00:04:42,130 than we had been seeing for the past four to six weeks. 112 00:04:42,130 –> 00:04:45,770 Moving over to condos, condos, condos! 113 00:04:45,770 –> 00:04:49,230 97 condos came on the market over this week. 114 00:04:49,230 –> 00:04:52,910 It was 86 last week, but it was 110 last year, 115 00:04:52,910 –> 00:04:55,760 so we’re seeing fewer people put their condos up for sale 116 00:04:56,740 –> 00:05:00,040 this year than last year but more, so funny, 117 00:05:00,040 –> 00:05:01,210 more this week than last week. 118 00:05:01,210 –> 00:05:03,290 But again, cat’s outta the bag. 119 00:05:03,290 –> 00:05:06,130 It takes a long time to get your house ready for sale, 120 00:05:06,130 –> 00:05:07,947 and then you’re like, “What do you do? 121 00:05:07,947 –> 00:05:08,987 “Everything is perfect. 122 00:05:08,987 –> 00:05:10,617 “I’ve had it cleaned and window washes 123 00:05:10,617 –> 00:05:12,490 “and carpet cleaned and staged.” 124 00:05:12,490 –> 00:05:15,950 Like what do you do, so if you were one of my kids, 125 00:05:15,950 –> 00:05:19,760 I would say to you if your home I vacant and staged, 126 00:05:19,760 –> 00:05:21,550 let’s put it up on the market, okay? 127 00:05:21,550 –> 00:05:23,500 If you’re currently living in your home, 128 00:05:23,500 –> 00:05:24,740 maybe now’s not the time. 129 00:05:24,740 –> 00:05:27,250 I know I wouldn’t want anybody that I don’t know coming 130 00:05:27,250 –> 00:05:28,920 through my home and flipping on all my light switches 131 00:05:28,920 –> 00:05:30,590 and opening up all my cabinets and all of that kinda thing, 132 00:05:30,590 –> 00:05:33,440 and I’m not a particularly paranoid person. 133 00:05:33,440 –> 00:05:35,900 I’m more keeping my distance out of respect for my city 134 00:05:35,900 –> 00:05:38,240 and my high risk friends than I am out of concern 135 00:05:38,240 –> 00:05:40,000 for my own safety, but even I would not want 136 00:05:40,000 –> 00:05:41,350 people traipsing through my home right now 137 00:05:41,350 –> 00:05:42,183 if I was still loving there. 138 00:05:42,183 –> 00:05:46,990 All right, pending, here’s where condos got wild. 139 00:05:46,990 –> 00:05:49,160 We had 26 condos go pending this week. 140 00:05:49,160 –> 00:05:51,530 Last week, we had 50, so that means half. 141 00:05:51,530 –> 00:05:54,150 Half the number of people decided to get 142 00:05:54,150 –> 00:05:56,490 into a condo this week compared to last week. 143 00:05:56,490 –> 00:05:57,990 And last year, it was 40. 144 00:05:57,990 –> 00:06:00,670 So we have drastically smaller numbers 145 00:06:00,670 –> 00:06:02,430 for people actively buying condos 146 00:06:02,430 –> 00:06:05,120 than we did last week or this same time last year, 147 00:06:05,120 –> 00:06:07,020 and at this exact moment in time in the city of Seattle, 148 00:06:07,020 –> 00:06:09,600 we have 382 condos for sale. 149 00:06:09,600 –> 00:06:12,101 It was 353 last week, but last year, 150 00:06:12,101 –> 00:06:13,240 (groans) look at the number. 151 00:06:13,240 –> 00:06:14,073 Wait, you’re not gonna see it. 152 00:06:14,073 –> 00:06:15,923 There it is, 552! 153 00:06:17,520 –> 00:06:20,833 And the offer review date is just not as common with condos. 154 00:06:22,310 –> 00:06:26,480 Last week, 28% of the condos had offer review dates. 155 00:06:26,480 –> 00:06:28,910 This week, 19% had offer review dates, 156 00:06:28,910 –> 00:06:31,190 so we’re still not near that 50% number 157 00:06:31,190 –> 00:06:33,100 where the scales start to tip. 158 00:06:33,100 –> 00:06:37,670 So I would say condos, this stinks for me, right? 159 00:06:37,670 –> 00:06:39,570 Who’s selling a condo? 160 00:06:39,570 –> 00:06:41,930 Condos not quite as robust right now 161 00:06:41,930 –> 00:06:44,020 as single family houses. 162 00:06:44,020 –> 00:06:45,830 And this is a long video this week. 163 00:06:45,830 –> 00:06:47,490 I’m sorry, but I did have a lot to talk about, 164 00:06:47,490 –> 00:06:48,840 and I think it’s going to be really interesting 165 00:06:48,840 –> 00:06:51,600 what happens next week because all these 166 00:06:51,600 –> 00:06:53,900 are kind of like lagging indicators, right? 167 00:06:53,900 –> 00:06:56,870 So someone coulda put the offer in last Saturday 168 00:06:56,870 –> 00:06:59,340 before it was as extreme as it is now. 169 00:06:59,340 –> 00:07:01,760 I think as we continue to see more restrictions 170 00:07:01,760 –> 00:07:04,000 on mobility and being out in public 171 00:07:04,000 –> 00:07:06,120 and especially if we get shelter in place order, 172 00:07:06,120 –> 00:07:08,410 things probably will come to that kind of screeching halt 173 00:07:08,410 –> 00:07:10,440 that we have anticipated, but so far, 174 00:07:10,440 –> 00:07:11,340 especially with houses, 175 00:07:11,340 –> 00:07:13,420 it’s still pretty much business as usual, 176 00:07:13,420 –> 00:07:14,890 and condos are just a little soft, 177 00:07:14,890 –> 00:07:18,450 but condos are so easy to influence. 178 00:07:18,450 –> 00:07:20,700 They’re up, down, up, down, up, down. 179 00:07:20,700 –> 00:07:23,290 They’re always not volatile 180 00:07:23,290 –> 00:07:25,670 but not nearly as steady Eddie as single family houses. 181 00:07:25,670 –> 00:07:27,280 So I love you, Seattle. 182 00:07:27,280 –> 00:07:28,113 I care about you. 183 00:07:28,113 –> 00:07:28,946 Stay safe. 184 00:07:28,946 –> 00:07:29,960 Thank you for getting nerdy with me, 185 00:07:29,960 –> 00:07:32,460 and I promise you we will do this again next week.