Seattle Real Estate Market Watch – 9/13/2022

Hey Y’all, Zach McDonald, your real estate agent with Real Property Associates and this is my Seattle Real Estate Market Watch for September 13th, 2022.

We’re back at it here for another week, looking at a weekly snapshot here of the MLS data from King of Nomi County here over the past week. Today is September 13th. So we’re looking at the past seven days and if we look down at our snapshot here and zoom in, I want to answer a question that I had, um, over the last week. And this question was with the new listings, are we just seeing canceled listings or price reductions, you know, people taking the house off the market essentially and then just putting it right back on. And we’re calling that a new listing. Is that a manipulated number or is that a legitimate number for a new listing? And I do want to take a minute to answer that because I think if we look at the data here, we can see how this is playing out.

So last week in King County and Snohomish County combined, we had 235 canceled listings. So that’s our last stat on our little market watch snapshot that we look at every week. And if you look back up towards the top, the second stat is the back on the market numbers, and that’s 107 houses back on the market. Now, back on the market is something where you had a house that was taken off temporarily, a canceled listing coming back on the market. Those don’t come on as new listings. They come on as back on the market as far as MLS is concerned. Now, if you are a buyer and you’re looking at the listings, if somebody cancels the listing but then they reduce the price 5% or more and re-list the property, it will show up on this little graph as back on the market. But to a buyer on, if they’re looking at Zillow or Redfin or truly or whatever website they’re looking at, they’ll see it as a new listing.

It’ll get pushed to them kind of as a new listing again and it won’t show the previous price. So it, it essentially like in the system, hacks the system and creates this new profile where you don’t see like, at least at the top where it’ll say like, Hey, formerly priced for a million now listed for 900, we’ll just say 900. But if you drop the price less than the 5% or you don’t play that silly game, cuz I don’t honestly think it makes a big difference, but if you do just go with a normal price reduction, then it would show up as a list price reduced, which we had 813 list price reduced last week and new listings 851. So we had almost as many price reductions as new listings <laugh> last week. But the thing we’re continuing to see, we’re still still seeing a few contingent purchases.

32 over the last week, expired listings 52. So I guess if we looked at expired and canceled, added those up, we’re getting close to like 300, um, listings that could potentially be back on the market. But the pending number, I want to keep harping on this again, more pending sales than we had new listings then this last week. And again, I think the next few weeks we’re gonna start to see more and more again and we’re ending the month, but we’re in September, we’ve got school started already, people are back from their summer trips. We’re getting back into the flow again. So this next month or so is historically when we’re gonna see the most inventory in the fall coming on. And we’re starting to see that, but still even with the fall inventory starting to hit, we’re still seeing more pending listings. Our most recent update, the Seattle real Estate market update, we talked about the data from last month, August, 2022, and we were looking back and we got to see as we were doing these market updates, these market snapshots, um, so to speak on a weekly basis, we got to see what actually happened.

And that was that the supply numbers did go down. So I talk about it every week, but then we see it in those numbers when we look back in history, pretty much what you can do is pick your poison or if you want to call it dessert, right? If you’re enjoying it that much, you can go back and you can see the King County, Snohomish County or the Seattle Bellevue stats to match up with these market watches. I almost forgot to talk about the mortgage rates and I’m no mortgage lender here, but this is the survey from Mortgage News Daily here for nine 13 and rates today 6.28% on average for their survey. And that is up, um, quite a bit. Rates have been fluctuating a ton if you’ve been following along with these videos on a weekly basis or paying attention here over the past few months.

And the stock market also just took a huge hit today too. So I think like I was down like 5%, uh, which is terrible, but at first I thought I was beating the s and p and then I realized like I actually didn’t quite beat the s and p I was worse. Well, I guess I did win, right? Got a lower score, but I think today inflation news wasn’t great. So that did impact and affect the mortgage rates and it also, uh, hit the, um, stock market pretty bad too. So, um, again, we’re always paying attention to what’s going on in the economy, the stock market mortgage rates, and it all does have some kind of an impact on the housing market. Um, and right now as we’ve been following the interest rates as interest rates have been rising, right, we’ve been seeing the prices coming down, but recently, recently we’ve been seeing some stabilization, at least in buyer activity.

Again, as prices have come down quite a bit, um, I need to verify this source, but I was told by, um, another agent in California that there was a, um, recent article he was reading where it was naming off the different California cities that have seen pretty big drops in housing prices in Seattle, even though it’s not in California. It made the top of the list for, um, the metro areas with the biggest correction so far in price. So we’ll talk about that here in a different video. Thanks so much for watching our Seattle Market watch here for the week of September 13th. I think if you got a lot of value out of this video, which I I know you did, if you made it to the end, I’d super appreciate a thumbs up. And if you know somebody who could benefit from seeing this video, please consider sharing it with them.