Are we seeing a mass exodus from the city of Seattle? That's a really good question, and one on the top of a lot of people's minds. I turn to Seattle Pi, which recently write an article "Will Seattle See a Surge of People Leaving for the Suburbs? "We Asked the Experts." So it starts off making a couple points.
The first point is that inventory, or the supply in the housing market has been very low throughout the pandemic. If you watch our weekly market updates, you've seen that the number of new listings hovers around 700 to 900 per week. And the number of listings going pending or under contract are between 1,000 and 1200 and sometimes 1300. So there is very little supply in terms of what people can buy.
Now Matthew Gardener, Chief Economist, the chief economist at Windermere Real Estate was also quoted in the article, and he said we certainly haven't seen some mass exodus form Seattle. He does mention the inventory is low, and that the closer in to a city you are the more prices appreciate because of drops and things like that. He's also coming up with reasons he might be moving during this time, which I've also seen. And that includes things like they've been sitting at home for a very long time and they find things they wanna remodel. Or they've been sitting at home, and they figure out that they need more or bigger space. A couple of reasons why people are moving. But, that said, there's not a lot to buy inside Seattle, in the city. And so that makes it very hard and very competitive for buyers in our market.
Now another person who was quoted in the article is Jeff Tucker who's a Zillow economist. He said that in urban areas buyer demand and prices are holding up pretty well, including the core cities and major metros. He said there is an exception to this though, and that's Manhattan and San Francisco. So two major metropolitan cities that have seen a huge buildup of inventory in the city and not as much demand. So that's actually where we are seeing a little bit of an exodus. He does say that prices in Seattle, as well as the suburbs are appreciating. The suburbs are appreciating a little more quickly than the city of Seattle. And he specifically names Tacoma, Federal Way, Canton, Auburn as some places where the prices are appreciating.
Another reason that he brings up that home prices are not suffering in the city is that the trade off between renting and owning in Seattle is very similar because you can, if you have the funds to put a down payment down, buy something where your monthly payment is very similar to what you might pay in rent. And so it makes a little bit of sense. He said there haven't been any signs of large numbers of people leaving the city, and there's not much evidence of an exodus.
So, be careful what you read out there. It is interesting to see at this time that people are thinking that people will leave the city. That may not be exactly true according to the data. And home prices in Seattle are still increasing. So, if you have any questions about this, the market or anything else real estate related, don't hesitate to reach out. You can call, text or direct message me. And we'd love if you shared this video with a friend who might find it useful. And as always please subscribe to our YouTube channel. We'll catch you next week. Thanks for tuning in.