Seattle Housing Market – November 2019

– Hello, Seattle. This is Christy Kinnaird, of
Seattle Living Spaces, coming to you with your Seattle market
report for November 2019. (upbeat music) Okay y’all, I know that real estate data is boring, but it’s not. It’s actually interesting,
and here is why. This month was quite unexpected, so I’m just gonna get
right into it, right? Because what do you care most about? The money. So let’s talk about prices in November. You know I can’t pull November’s data until it’s over obviously, so here we go. Single family houses
in the city of Seattle, our median sales price
last month was $725,000. Now, I don’t want you
jumping ahead, but that is, last month it was $750,000,
so prices are soft again. And what it boils down to, is we’re basically back at 2017 prices. So here’s the good news, bad
news, big picture stuff, okay? In 2016, the median sales
price for a house was $600,000. That means right now single
family houses are worth 21% more than they were in 2016. Now in 2017, they were worth $727,500. So technically, houses,
on average, are worth half a percentage less
than they were in 2017. And in 2018, the median
sales price was $743,500. That means that right now
houses are about 2.5% less in value, on the average,
than they were last year. So y’all, I know that
owning home, it stinks when you feel like you’ve lost value. And that is why, kids, when you go to buy houses, what do I tell you? If you can’t own this house
for at least five years, I don’t want you to buy it, okay? Buying is not always the answer, okay? Sometimes renting is the right answer. But look, if you bought in 2016, are you feeling bad
about yourself right now? No. If you’re like me and you bought in 2017. Oh, speaking of me,
let’s talk about condos and the prices of condos, okay? Oh look at this, I’m like
a school teacher this week. The white board just keeps
getting smaller and smaller. All right, condos. This month, $460,000 was
the median sales price for a condo in Seattle. Now, last month it was $448,000. So condos actually saw an
increase in sales price month over month, which is really unusual. Especially because single
family houses didn’t. I’m kind of team condo this month. I feel like, if we look at
the overall bucket of metrics, condos are actually a little bit healthier than single family houses. And we’ll get into why. Okay, so if you bought a condo in 2016, you’re average sales price was $380,000. Again, 21%, your condo’s
worth 21% more now than it was in 2016. If you bought it in 2017, the median sales price was $454,000. Your condo is still worth 1% more than you paid for it, back in 2017. Now if you look at 2018, the median sales price was $447,500. Meaning that your condo is worth 3% less than it was this time last year. (sighs) So I know that my happy
homeowners that bought in 2016, and 17 and 18 are a
little bit panicked, right? We’re concerned about falling values. And you know that I’m here to just bring you the truth, right? Even when it isn’t the funnest truth. But please know that real
estate is a long game. And we had steep price tumbles the second half of the year, in 2018. And we’re just trying to catch
our breath, here in 2019. So, that’s what’s going on with prices. Let’s talk about the other stuff, okay? Let’s talk about how long it took for properties in Seattle to sell. If you are trying to sell
a single family house, which is a free-standing
house or a townhouse, that’s how the MLS classifies them. It would take you 34 days, on average, to get an accepted offer. And, in case you don’t
know, from the time you get an accepted offer until
the time you are closed, which means you have handed over the keys and gotten your money, it’s
typically about another 30 days. So if you’re looking to sell your house, and you’re an average
type, it’s gonna take you about two months to sell your house. Condos, whoo, it’s taken a
long time to sell condos. 42 days to get an accepted
offer on a condo, on average. And, moving right to the next metric, condos are selling for
only 98% of list price. Houses are selling for 99%. Now last month, houses were
at 100%, condos were are 99%. But this is the exact same percentage that we were seeing back
in November of 2018. It’s just kind of that time
of year, where buyers know, “Hey, there are deals
to be had up in here.” Okay? And then supply, months of supply, which is a weird metric, okay? It’s like how they, I don’t
know how they do this. But basically, if no one
knew houses or condos came on the market, how long would
it take for the current number of buyers to buy all the existing supply? So, a balanced market is
four to six months of supply. Anything less than four months of supply is considered a seller’s market. And we have been in a under
four months supply market for six or seven years. (laughs) and anything more than six
months supply is considered to be a buyer favored market. So, houses only have 1.4 months of supply. This is crazy. This number keeps going down month over month, over month, over month. So, we continue to have fewer and fewer and fewer available houses to buy. And the buyers are not,
kind of easing back as much as they statistically
do this time of year. So the supply continues
to dwindle for houses. Now condos, we have 3.2 months supply, last month, we had 3.4. Technically, still a seller’s market. But if you’re selling a condo, it sure doesn’t feel
like it right now, right? Like, you’re not getting
what it’s listed for. It’s taking a long time to sell it. But remember condo owners,
you’ve got growing median prices. So yeah, it may take you a
little bit longer to sell it, and you have a little
bit more competition. And maybe you’re not
selling it for exactly what you’re listed it for, but you’re still getting an actual, actually, when you look
at year over year metrics, condos (claps) are doing
better this month than houses. And so, I’m slightly biased
because I live in a condo, and because houses always win, right? It’s like why everybody
hates, who always wins? I’m trying to think of a sports reference and I’m failing you miserably, ’cause the only sports team I
like is the Seattle Mariners. And they’re certainly not the
ones that always win. (laughs) Anyway, so there it is, your November real estate data recap. I appreciate you getting ready with me, and we will do the same
dance again next month.

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