Local Market Update November 2019

A steady influx of buyers continued to strain already tight inventory throughout the area in October. Home sales were up, as were prices in much of the region. With our thriving economy and highly desirable quality of life drawing ever more people here, the supply of homes isn’t close to meeting demand. Homeowners thinking about putting their property on the market can expect strong buyer interest.

EASTSIDE

As the Eastside continues to rack up “best places” awards, it’s no surprise that the area is booming. Development is on the rise, fueled primarily by the tech sector. The appeal of the Eastside has kept home prices here the highest of any segment of King County. The median single-family home price in October was stable as compared to the same time last year, rising 1% to $900,000.

VIEW FULL EASTSIDE REPORT

KING COUNTY

King County’s 1.74 months of available inventory is far below the national average of four months. Despite the slim selection, demand in October was strong. The number of closed sales was up 5% and the number of pending sales (offers accepted but not yet closed) was up 11%. The median price of a single-family home was down 2% over a year ago to $660,000. However, some areas around the more reasonably-priced south end of the county saw double-digit price increases.

VIEW FULL KING COUNTY REPORT

SEATTLE

Seattle home prices took their largest year-over-year jump in 12 months. The median price of a single-family home sold in October was up 3% from a year ago to $775,000, a $25,000 increase from September of this year.  Seattle was recently named the third fastest-growing city in America.  Real estate investment is surging. A growing population and booming economy continue to keep demand for housing –and home prices—strong.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

Both the number of home sales and home prices were on the rise in Snohomish County in October. Overall homes sales increased 7%, and the median price of a single-family home rose 5% over a year ago to $495,000.  Supply remains very low, with just six weeks of available inventory.

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

Posted on November 20, 2019 at 8:30 pm
Oleg Doukhnevitch | Category: Home Buying, Market Stats, Real Estate News, Real Estate Tips, seattle, windermere, Windermere Bellevue Commons News, Windermere Bellevue Commons News | Tagged homeless | Tagged , , , , , , , , , ,

Western Washington Real Estate Market Update Q3 2019

The following analysis of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist, Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere agent.

 

ECONOMIC OVERVIEW

Washington State employment has softened slightly to an annual growth rate of 2%, which is still a respectable number compared to other West Coast states and the country as a whole. In all, I expect that Washington will continue to add jobs at a reasonable rate though it is clear that businesses are starting to feel the effects of the trade war with China and this is impacting hiring practices. The state unemployment rate was 4.6%, marginally higher than the 4.4% level of a year ago. My most recent economic forecast suggests that statewide job growth in 2019 will rise by 2.2%, with a total of 88,400 new jobs created.

 

HOME SALES

  • There were 22,685 home sales during the third quarter of 2019, representing a slight increase of 0.8% from the same period in 2018 and essentially at the same level as in the second quarter.
  • Listing activity — which rose substantially from the middle of last year — appears to have settled down. This is likely to slow sales as there is less choice in the market.
  • Compared to the third quarter of 2018, sales rose in five counties, remained static in one, and dropped in nine. The greatest growth was in Skagit and Clallam counties. Jefferson, Kitsap, and Cowlitz counties experienced significant declines.
  • The average number of homes for sale rose 11% between the second and third quarters. However, inventory is 14% lower than in the same quarter of 2018. In fact, no county contained in this report had more homes for sale in the third quarter than a year ago.

 

 

 

HOME PRICES

  • Home price growth in Western Washington notched a little higher in the third quarter, with average prices 4.2% higher than a year ago. The average sales price in Western Washington was $523,016. It is worth noting, though, that prices were down 3.3% compared to the second quarter of this year.
  • Home prices were higher in every county except Island, though the decline there was very small.
  • When compared to the same period a year ago, price growth was strongest in Grays Harbor County, where home prices were up 22%. San Juan, Jefferson, and Cowlitz counties also saw double-digit price increases.
  • Affordability issues are driving buyers further out which is resulting in above-average price growth in outlying markets. I expect home prices to continue appreciating as we move through 2020, but the pace of growth will continue to slow.

 

 

 

 

 

DAYS ON MARKET

  • The average number of days it took to sell a home dropped one day when compared to the third quarter of 2018.
  • Thurston County was the tightest market in Western Washington, with homes taking an average of only 20 days to sell. There were six counties where the length of time it took to sell a home dropped compared to the same period a year ago. Market time rose in six counties, while two counties were unchanged.
  • Across the entire region, it took an average of 38 days to sell a home in the third quarter. This was down 3 days compared to the second quarter of this year.
  • Market time remains below the long-term average across the region and this trend is likely to continue until more inventory comes to market, which I do not expect will happen until next spring.

 

 

CONCLUSIONS

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors. I am leaving the needle in the same position as the first and second quarters, as demand appears to still be strong.

The market continues to benefit from low mortgage rates. The average 30-year fixed rates is currently around 3.6% and is unlikely to rise significantly anytime soon. Even as borrowing costs remain very competitive, it’s clear buyers are not necessarily jumping at any home that comes on the market. Although it’s still a sellers’ market, buyers have become increasingly price-conscious which is reflected in slowing home price growth.

 

ABOUT MATTHEW GARDNER

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

Originally posted on windermere-bellevue.com/blog
Posted on October 23, 2019 at 7:02 pm
Oleg Doukhnevitch | Category: Market Stats, Real Estate News, Windermere Bellevue Commons News, Windermere Bellevue Commons News | Tagged homeless | Tagged , ,

September 2019 Windermere Statistics: EASTSIDE (based on Residential and Condominium report):

• Sales are good (pending sales up 9% for September vs last year 931 vs 857). Inventory is down 21% from a year ago (1,713 vs 2,161).
• Sales up and inventory down is good for sellers, but it does not feel too good. Prices are flat. Only 18% of September closings were for over list price compared to 60% in the hot hot markets (spring of 2017 & 2018). Finally, about half (46.8%) of properties that sold, sold with less than 15 days of Days on Market. List price must be close to value to sell.
• Interest Rates, Interest Rates, Interest Rates… 3.61% vs 4.63% from a year ago (page 5).
A one percent change in interest rate is a 10% change in purchase price.
• Competing for a listing? (share from page 2)
1. What are the odds of selling 3 in 4 (75% for trailing 12 months), 1 in 4 are not selling.
2. Percentage of Pending Sales that don’t close is 1 in 8 (14% for trailing 12 months)
Who you hire matters!

 

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Posted on October 16, 2019 at 5:39 pm
Oleg Doukhnevitch | Category: Market Stats, Real Estate News | Tagged , , , , , ,

Local Market Update September 2019

A decrease in inventory coupled with an increase in sales activity led to fewer options for home shoppers in August. There is some good news for would-be buyers as mortgage rates have dropped to their lowest level in three years. Demand remains high but there simply aren’t enough homes on the market. Brokers are hoping to see the traditional seasonal influx of new inventory as we move forward.

EASTSIDE

The median price of a single-family home on the Eastside was $935,000 in August, unchanged from a year ago and up slightly from $925,000 in July. New commercial and residential construction projects are in the works. Strong demand for downtown condos has prompted plans for yet another high-rise tower to break ground next year.

VIEW FULL EASTSIDE REPORT

KING COUNTY

Home prices in King County were flat in August. The median price of a single-family home was $670,000, virtually unchanged from a year ago, and down just one percent from July. Southeast King County, which has some of the most reasonable housing values in the area, saw prices increase 9% over last year. Inventory remains very low. Year-over-year statistics show the volume of new listings dropped 18.5% in King County.

VIEW FULL KING COUNTY REPORT

SEATTLE

Homes sales were up 12% in Seattle for August, putting additional pressure on already slim inventory. There is just over six weeks of available supply. There are signs that prices here are stabilizing as the median home price of $760,000 was unchanged from a year ago and up less than one percent from July. With its booming economy, demand here is expected to stay strong.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

Buyers looking for more affordable options outside of King County pushed pending sales, mutually accepted offers, up nearly 16% over a year ago. Home prices have softened slightly. The median price of a single-family home in August was $490,000, down slightly from the median of $492,225 the same time last year.

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on GetTheWReport.com

Posted on October 1, 2019 at 7:25 pm
Oleg Doukhnevitch | Category: Home Buying, Real Estate News, seattle, windermere, Windermere Bellevue Commons News | Tagged , , , , , , , ,

The Slow Down in Foreign Buyers

Originally published on the Windermere Blog.
Posted on September 4, 2019 at 7:31 pm
Oleg Doukhnevitch | Category: Market Stats, Real Estate News, windermere, Windermere Bellevue Commons News, Windermere Bellevue Commons News | Tagged homeless | Tagged , , , , , , , , , , , , , , , ,

Local Market Update August 2019

The real estate market continued to moderate in July. Inventory rose and home values softened, providing buyers with increased selection and more favorable pricing. With strong job growth and interest rates holding at below 4 percent, brokers expect the market to remain solid through fall.

EASTSIDE

The market remains strong on the Eastside. The current tech boom continues to fuel demand, buoyed by Google’s recent plans to build out another office in Kirkland. An increase in inventory gives buyers more time to find the right home for their budget. The median price of a single-family home on the Eastside was $925,000 in July, down 2 percent from the same time last year.

VIEW FULL EASTSIDE REPORT

KING COUNTY

Home prices in King County continued to ease. Buyers took advantage of lower prices and new inventory to boost home sales in July. The median price of a single-family home was $680,000, a 3 percent decline from the same time last year. More moderately-priced areas in the south end of the county saw continued price growth.

VIEW FULL KING COUNTY REPORT

SEATTLE

It’s no surprise that Seattle is the top city in the country where millennials are moving. Apple plans to add 2,000 jobs in Seattle. The first of 4,500 Expedia employees will start moving into Interbay soon. While demand here is expected to stay strong, prices continue to cool. The median price of a single-family home was $755,000, down 6 percent from a year ago and a decrease of 3 percent from June. Southeast Seattle, which generally has more affordable homes, saw the median home price rise 9 percent over the same time last year.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

Inventory remains very tight in Snohomish County. The number of listings on the market were up 6 percent over last year, and the county has only six weeks of available supply – far short of the four to six months that is considered balanced. The median price of a single-family home in July was $502,000 – up slightly from the median of $495,000 a year ago.

VIEW FULL SNOHOMISH COUNTY REPORT


This post originally appeared on windermere-bellevue.com

Posted on August 14, 2019 at 5:45 pm
Oleg Doukhnevitch | Category: Market Stats, Real Estate News, seattle, Windermere Bellevue Commons News | Tagged , , , , , , , ,

July 2019 Seattle Statistics

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Posted on August 9, 2019 at 5:54 pm
Oleg Doukhnevitch | Category: Home Buying, Market Stats, Real Estate News, seattle, windermere, Windermere Bellevue Commons News | Tagged , , , , , ,

July 2019 Rental Market Report – Seattle East Side

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Posted on August 9, 2019 at 5:06 pm
Oleg Doukhnevitch | Category: windermere, Windermere Bellevue Commons News | Tagged , , , , , , , ,

Building Stronger Communities by Helping Those In Need

 

We’re halfway through the Windermere Foundation’s 30-year anniversary and our offices aren’t showing any signs of slowing down their donations. Last quarter, the Windermere Foundation collected $556,937, bringing our year-to-date total to $865,029, and our grand total to $38,871,157 raised since 1989. These donations are used to support non-profit organizations and programs that help low-income and homeless families throughout the Western U.S.

 

Every Windermere office has its own Windermere Foundation fund account from which they make donations to help those in need in their local communities. This quarter, we’re highlighting Windermere offices in Oregon, Utah, and Colorado, which are each doing their part to give back by hosting clothing and donation drives, contributing to educational programs, and funding weekend backpack meals for public elementary schools.

 

Windermere Medford

The Windermere office in Medford, Oregon collected clothing donations for CASA of Jackson County’s summer clothing drive for kids in local foster care homes. The Windermere agents also volunteered their time to help sort and put away the collected items. According to CASA, the donations are enough to help 150 kids going through the court and foster care system. CASA was grateful to have the help and support of the Windermere Medford office.

“Thank you all for everything! Your team goes over the top each year and it is so fun and heartwarming.  If we could only share the stories of these children, but please know what a difference having a new summer outfit, shoes, swimsuits, etc. makes. Many, many happy hearts and smiles to come!” ~Erin Carpenter, Development and Media Manager, CASA of Jackson County

 

Windermere Utah

The Windermere offices in Utah combined their funding to make a donation to American Foundation for Suicide Prevention (AFSP) Salt Lake City Walk. Through the Windermere Foundation, they donated $5,000 to raise awareness about mental health issues and teen suicide. The mission of the AFSP is to save lives and bring hope to those affected by suicide. The programs are offered in schools and include speakers which are usually the surviving parents or other siblings telling their stories of loss to prevent others from making the same deadly mistakes.

 

Windermere DTC

The Windermere DTC office in Centennial, CO donated $5,000 to The CE Shop Foundation to support their recent fundraising campaign at the Elephant Rock Cycling Festival. Donations collected will help fund weekend backpacks of food for two Denver public elementary schools for the 2019-2020 school year. The CE Shop Foundation is on a quest to help Eliminate Childhood Hunger.

 

  

 

Thanks to our agents, offices, and everyone who supports the Windermere Foundation, we have been able to make a difference in the lives of many families in our local communities. This year we celebrate the Windermere Foundation’s 30th anniversary with a renewed year-long focus on giving back, doing more, and providing service to the communities that have made us who we are.

 

Our goal for 2019 is to raise over $40 million in total donations. If you’d like to help us reach this goal, or learn more about the Windermere Foundation, please visit WindermereFoundation.com.

 

Posted on August 7, 2019 at 4:54 pm
Oleg Doukhnevitch | Category: Community Support | Tagged , , ,

Gardner Report Q2 2019

The following analysis of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere agent.

Economic Overview

Washington State employment jumped back up to an annual growth rate of 2.4% following a disappointing slowdown earlier in the spring. As stated in the first quarter Gardner Report, the dismal numbers earlier this year were a function of the state re-benchmarking its data (which they do annually).

The state unemployment rate was 4.7%, marginally up from 4.5% a year ago. My current economic forecast suggests that statewide job growth in 2019 will rise by 2.6%, with a total of 87,500 new jobs created.

Home Sales Activity

  • There were 22,281 home sales during the second quarter of 2019, representing a drop of 4.8% from the same period in 2018. On a more positive note, sales jumped 67.6% compared to the first quarter of this year.
  • Since the middle of last year, there has been a rapid rise in the number of homes for sale, which is likely the reason sales have slowed. More choice means buyers can be more selective and take their time when choosing a home to buy.
  • Compared to the second quarter of 2018, there were fewer sales in all counties except Whatcom and Lewis. The greatest declines were in Clallam, San Juan, and Jefferson counties.
  • Listings rose 19% compared to the second quarter of 2018, but there are still a number of very tight markets where inventory levels are lower than a year ago. Generally, these are the smaller — and more affordable — markets, which suggests that affordability remains an issue.

Home Prices

  • Year-over-year price growth in Western Washington continues to taper. The average home price during second quarter was $540,781, which is 2.8% higher than a year ago. When compared to first quarter of this year, prices were up 12%.

  • Home prices were higher in every county except King, which is unsurprising given the cost of homes in that area. Even though King County is home to the majority of jobs in the region, housing is out of reach for many and I anticipate that this will continue to act as a drag on price growth.
  • When compared to the same period a year ago, price growth was strongest in Lewis County, where home prices were up 15.9%. Double-digit price increases were also seen in Mason, Cowlitz, Grays Harbor, and Skagit counties.
  • The region’s economy remains robust, which should be a positive influence on price growth. That said, affordability issues are pervasive and will act as a headwind through the balance of the year, especially in those markets that are close to job centers. This will likely force some buyers to look further afield when searching for a new home.

Days on Market

  • The average number of days it took to sell a home matched the second quarter of 2018.
  • Snohomish County was the tightest market in Western Washington, with homes taking an average of only 21 days to sell. There were five counties where the length of time it took to sell a home dropped compared to the same period a year ago. Market time rose in eight counties and two were unchanged.
  • Across the entire region, it took an average of 41 days to sell a home in the second quarter of 2019. This was the same as a year ago but is down 20 days compared to the first quarter of 2019.
  • As stated above, days-on-market dropped as we moved through the spring, but all markets are not equal. I suggest that this is not too much of an issue and that well-priced homes will continue to attract attention and sell fairly rapidly.

Conclusions

 

 

 

 

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors. I am leaving the needle in the same position as the first quarter as demand appears to still be strong. The market has benefited from a fairly significant drop in mortgage rates. With average 30-year fixed rates still below 4%, I expect buyers who have been sitting on the fence will become more active, especially given that they have more homes to choose from.

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

This post originally appeared on the Windermere.com Blog.

First posted on windermere-bellevue.com

 

Posted on July 31, 2019 at 4:55 pm
Oleg Doukhnevitch | Category: Home Buying, Market Stats, Real Estate News, seattle, Windermere Bellevue Commons News, Windermere Bellevue Commons News | Tagged homeless | Tagged , , , , , , , , , , , , , , , , , , , ,