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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 used
to be weekly inventory update.

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That’s right, ladies and gentlemen,

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we’re retiring the inventory update.

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We’re changing things up a little bit,

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and today, we’re starting with
a brand-new series called,

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“Seattle Real Estate Trends”.

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So this week, and each and
every other week going forward,

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we’re gonna talk about a few of the

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primary weekly indicators that
we’ve always been tracking,

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such as new, pending and total.

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And don’t be sad, I’m still gonna leave in

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the runway models and the crusty rustys

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but we’re gonna kinda talk about

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how they compare to this
year and what they mean.

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So, starting off,

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single family houses
in the city of Seattle,

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we had 147 houses hit
the market this week.

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Now, that is fewer, not
by a ton but by a smidge,

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than we had last week and
fewer than we had last year.

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So, we had less new
listings this past week

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than we did the same time
last week or last year.

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And, interestingly, we had
more pending houses this week

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than we did the week
before or the year before.

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So, this is really exciting, right.

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The more inventory that we have,

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the less competitive it gets,

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which is great if you are a buyer,

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and is a bummer if you’re a seller.

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But the fact that we are
bringing on fewer homes,

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now this is also a seasonal thing, right.

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Throughout, starting in like, September,

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all the way through January,

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we’re gonna continue
to see fewer and fewer

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and fewer and fewer sellers decide

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that this is the time that they want

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to put their house on the market.

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It is a traditionally,
seasonally slower time,

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but you would think with fewer new homes,

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we would also see fewer
homes going pending,

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but we had a nice increase both
from last week and last year

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and at this exact moment in
time, in the city of Seattle,

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we have 1,224 homes
for you to choose from.

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Again, fewer than last week

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and fewer than this time last year.

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And of those 1,224
homes, we’re gonna start

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grouping these homes into two categories.

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Basically, the brand new which
would be the runway models

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and those are homes that have been

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actively for sale for 14 days or less.

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And that, right now, is
20% of all of the choices.

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And then, what I’m
calling the stale group,

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the crusty rustys, which I moved,

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it used to be 61 days and longer,

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and now because we have just
longer market times in general,

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I’m making that 91 days or longer.

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So 25% of all the homes
that are currently for sale

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have been on the market for
longer than three months.

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91 days is a very long time, too long.

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And again, you’ve heard me rant,

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but if you’re in this stale category,

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this new and improved crusty rusty,

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you have got to do something different.

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You need probably a lower price,

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you might need new photos,
you might need staging,

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you might need an overhaul,

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but whatever it is, you and your agent

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are not doing it right at 91 days or over.

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All right, so there it
is, just cold hard truth

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and that’s why you like me.

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And condos are moving
similar but not same.

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So, over the week, we had 67
condos come on the market,

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which is one less than we had last week

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but it’s definitely fewer than we had

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the same time last year.

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And we only had 21 condos go pending,

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which is fewer than
last week and last year.

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Condos, again, I would say

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it’s a buyer’s market right now in condos,

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even though we don’t have the
six months supply of inventory

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that is technically required
to call it the buyer’s market.

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Buyers are the boss right now,

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especially for any condo
that’s been on the market

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for longer than two weeks.

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So, at this exact moment in
time, in the city of Seattle,

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there are 665 condos
for you to choose from.

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That is pretty much exactly
the same as last week

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but fewer than we had
this same time last year.

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And, of these 665 condos for sale,

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only 17% of them are brand new.

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Only 17% of them have been on the market

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for less than two weeks.

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That means that there
are, oh I don’t know,

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83% of all the condos currently for sale

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that I think a buyer
has a real advantage on,

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so condo buyers, if
you’re out there watching,

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interest rates just went down

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and the feds have said,
this is the final rate cut

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for the rest of the year, right.

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So, seize the day.

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And I honestly feel like it’s gonna be

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pretty favorable for buyers,

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all the way through the end of the year,

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into the end of January, probably.

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But, you know, deals are
there to be had because stale,

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the new crusty rusty, the
91 days on market or more

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is 30% of all the condos.

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So, this is kind of a recap
of what went on last week.

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Also, last week, we did have the feds,

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although the feds cutting rates

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does not necessarily directly
relate to an interest rate,

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like a mortgage rate deduction,
it almost always does.

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But, they did also say,

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“We’re not gonna drop
them again this year.”

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So, we definitely have
economic uncertainty.

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The recession word is being
thrown around right and left.

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I don’t care if you’re watching CNBC

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or Fox News, don’t get me started,

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or it was even in my Morning
Brew email newsletter

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that I love to read, so
recession is on the mind.

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I honestly believe that when we do

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go into our next recession,
which I think is inevitable,

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because we’re on the longest,

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second longest ever economic hot streak,

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I think it’s gonna be due
to consumer confidence,

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aka us talking about recession so much,

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that we freak ourselves out,
that we change our behavior,

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and we cause a recession.

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So, anyway, there it is.

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Not a whole lot of
exciting activity this week

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with houses and condos but that’s good.

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We’re in a very, on the
boring side of things,

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we’re definitely leaning
towards a boring market

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and I think that’s actually
better for everybody involved.

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So, thank you for tuning in
for our official first time

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of Seattle Real Estate
Trends weekly update

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and I’ll see you next week.