- Hello Seattle!
This is Christy Kinnaird with Seattle Living Spaces,
coming to you with your weekly inventory update.
Today is October 5th, let's taco 'bout it!
All right, single-family houses.
This week in the City of Seattle
we had 306 houses come on the market,
which is more, 16 more, than we had last week.
We had 111 houses go pending,
which is seven more than last week,
and our absorption rate ticked up from 32% to 38%,
but still, like I say each and every week,
we have a record high number of houses for sale
in the City of Seattle of 1473 houses,
and of those 1473 houses,
how long have they been on the market?
What's that piece of the pie?
Well interestingly our new listings,
so zero to 14 days, stayed pretty much the same,
we're at 31%, where at last week we were at 32.
Where we had a noticeable increase
is the 15 to 30 day category, we went from 24% to 28%.
And I think this is really
just kind of a great data way to show
that the way that we
purchase our listings has changed, right?
We don't come on the market with offer review dates anymore,
and even 60 days ago it was still pretty much the norm
to have an offer review date.
So now we're moving
into a more classic real estate cycle, right?
So our days on market are probably gonna go up a little bit,
and that actually is a healthy sign.
What went down, just 2%, but still went down,
were those 31 to 60 day categories,
and then our crusty-rusties of 61 and up,
went down 1%, from 24% to 23%.
If we move over to condos,
little bit of a different story.
We had 94 condos come on the market this week,
which is less than the week before at 101,
but we only had 26 condos go pending
in the entire City of Seattle last week,
which is down from 44.
So our absorption rate really bumped down this week
from 42% to 25%,
and this, I don't need to say this
week after week after week after week with condos
'cause we're kinda doin' this little bounce.
Condos have always been a little bit more volatile,
if you will,
single-family houses
typically get on to a steady trajectory,
and they just pretty much follow that trajectory,
where condos have always kind of bounced around,
in median sales price, in days on the market,
in absorption rate, all that kind of stuff.
So our absorption rate was definitely down this week,
and we do have, for this week,
a record high number of condos for sale
in the City of Seattle,
at least for the past three weeks of 647 condos,
and we didn't have a whole lot of shifting
in the how long have they been on the market.
So our new condos,
percentage is up a little bit, from 25% to 28%,
and then our 15 to 30 days kinda went down, right?
It was at 28% and now it's 24%.
And then 25% in that 31 to 60,
and 23% totally remaining steady
of the crusty-rusty category.
So thank you for tuning in guys.
I appreciate you, and I'll see you next week!

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