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Market Update •
January 23, 2023
Market Update September 2022
Interesting numbers from August. We will see if the trend continues or if it was the typical seasonal slow down in August that we had not seen for a few years. It is still a sellers market. Although it feels different than a few months ago it is still a strong market. This is a great time to buy and sell. Reach out if you have any questions or want to connect to discuss your strategy for your real estate goals.
#saramillergroup #windermere
#sammamishrealestate #issaquahrealestate #localrealtor#marketupdate #itsallaboutyou #allin
Market Update •
January 23, 2023
January Real Estate Market Update for the Eastside
https://www.youtube.com/shorts/0NuheQqD3DkThe median home sale price on the Eastside was at $1,299,000 for closed sales in December, this is down around 15% from December 2021. Inventory is currently at 2.5 months, which is down from last month and this means the Eastside is a in a balanced market. Buyer activity has significantly increased after the start of the new year. Interest rates have stabilized and have dropped down in the last few weeks. I am closely monitoring the market to see if this trend continues. Connect with me to get the full Eastside market analysis or to discuss your unique situation.
Market Update •
September 27, 2022
Are We In A Housing Recession?
If you are wondering what the real estate market is like right now here is a video from Matthew Gardner. I get asked about the market daily. Yes, it is slower than 6 months ago but it is still a decent market for both buying and selling. I have worked through much more difficult markets and this is no where near where we were back when I started in real estate. This is the time to make sure you are working with a professional who has experience negotiating and puts your interests first whether buying or selling.
Market Update •
September 26, 2022
September 2022 Market Update
Interesting numbers from August. We will see if the trend continues or if it was the typical seasonal slow down in August that we had not seen for a few years. It is still a sellers market. Although it feels different than a few months ago it is still a strong market. This is a great time to buy and sell. Reach out if you have any questions or want to connect to discuss your strategy for your real estate goals.
#saramillergroup #windermere
#sammamishrealestate #issaquahrealestate #localrealtor#marketupdate #itsallaboutyou #allin
Market Update •
October 26, 2020
Gardiner Report Q3 2020
General • Market Update •
April 27, 2020
Mondays with Matthew: Are we heading for another housing bubble?
Here is the latest video from Matthew Gardner, Windermere’s Chief Economist. He shares some great info in the video. Here are my quick takeaways:
- We are in a totally different place than we were in the last housing bubble in 2007. At this point he doesn’t see any sign of a bubble or prices dropping significantly.
- Mortgage rates are low and that is helping keep monthly payments affordable.
- We will likely see a drop in the number of total homes sold in 2020 (less inventory).
- He predicts prices in our market will be around 2.5% higher than 2019.
Please reach out with any questions or comments. Thanks for watching!
Market Update •
October 18, 2018
Western Washington Market Update
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
The Washington State economy added 83,900 new jobs over the past 12 months, representing an annual growth rate of 2.5%. This is a slowdown from the last quarter, but employment growth remains well above the national rate of 1.6%. Employment gains continue to be robust in the private sector, which was up by 2.8%. The public sector (government) grew by a more modest 1.1%.
The strongest growth sectors were Retail Trade and Construction, which both rose by 4.8%. Significant growth was also seen in the Education & Health Services and Information sectors, which rose by 3.9% and 3.4%, respectively.
The State’s unemployment rate was 4.7%, down from 4.8% a year ago. Washington State will continue adding jobs for the balance of the year and I anticipate total job growth for 2018 will be around 80,000, representing a total employment growth rate of 2.4%.
HOME SALES ACTIVITY
- There were 23,209 home sales during the second quarter of 2018. This is a drop of 2.3% compared to the same period a year ago.
- Clallam County saw sales rise the fastest relative to the same period a year ago, with an increase of 12.6%. Jefferson County also saw significant gains in sales at 11.1%.
- The number of homes for sale last quarter was down by a nominal 0.3% when compared to the second quarter of 2017, but up by 66% when compared to the first quarter of this year. Much has been mentioned regarding the growth in listings, but it was not region-wide. King County saw a massive 31.7% increase in inventory, though all but three of the other counties covered in this report saw the number of listings drop compared to a year ago.
- The takeaway from this data is that while some counties are seeing growth in listings — which will translate into sales down the road — the market is still out of balance.
HOME PRICES
- As inventory is still fairly scarce, growth in home prices continues to trend well above the long-term average. Prices in Western Washington rose 12.2% over last year to $526,398.
- Home prices continue to trend higher across Western Washington, but the pace of growth has started to slow. This should please would-be buyers. The spring market came late but inventory growth in the expensive King County market will give buyers more choices and likely lead to a slowing down of price growth as bidding wars continue to taper.
- When compared to the same period a year ago, price growth was strongest in Mason County, which was up 17.4%. Eleven other counties experienced double-digit price growth.
- Mortgage rates, which had been rising significantly since the start of the year, have leveled off over the past month. I believe rising rates are likely the reason that inventory levels are rising, as would-be sellers believe that this could be the right time to cash out. That said, the slowing in rate increases has led buyers to believe that rates will not jump soon, which gives them a little more breathing room. I do not expect to see any possible slowdown in demand until mortgage rates breach the 5% mark.
DAYS ON MARKET
- The average number of days it took to sell a home dropped by seven days compared to the same quarter of 2017.
- King County continues to be the tightest market in Western Washington, with homes taking an average of only 13 days to sell. Every county in the region other than Clallam saw the length of time it took to sell a home drop when compared to the same period a year ago.
- Across the entire region, it took an average of 41 days to sell a home in the second quarter of this year. This is down from 48 days in the second quarter of 2017 and down by 20 days when compared to the first quarter of 2018.
- Although we did see some inventory increases when compared to the first quarter of the year, we are essentially at the same level of homes on the market as a year ago. The market has yet to reach equilibrium and I certainly do not expect to reach that point until sometime in 2019.
Market Update •
January 4, 2018
2018 Housing Forecast: Where are we headed?
What lies ahead for the local housing market in 2018? We sat down with Windermere Chief Economist Matthew Gardner to get his thoughts. Here are some highlights:
Home prices will continue to increase, but at a slower pace
The strong local economy, high demand and very low inventory will continue to boost home values in 2018, according to Gardner. However, he believes that the double-digit growth of 2017 will moderate, and predicts home prices in King County will rise by 8.5% in the new year.
Mortgage interest rates will rise slightly.
Gardner admits that interest rates continue to baffle forecasters. The rise that many economists have predicted the past few years has yet to materialize. His forecast for 2018 sees interest rates increasing modestly to an average of 4.4% for a conventional 30-year fixed-rate mortgage.
More Millennials will enter the housing market.
Despite the relatively high cost of homes in our region, Gardner expects more Millennials to buy homes in 2018. They are getting older and more established in their careers, enabling them to save more money for a down payment. Many are also having children and are looking for a place to raise their family.
The tax reform bill will have a limited effect on our housing market.
The recent changes to the income tax structure will have an impact on homeowners, but Gardner does not believe that impact will be significant here.
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The mortgage interest rate deduction will be capped at $750,000 – down from $1,000,000. But according to Gardner, just 4% of the mortgages in King County exceeded $750,000 in 2017. Most buyers of more expensive homes have been making larger down payments, or buying homes for cash.
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Since the $1,000,000 mortgage deduction cap is grandfathered in for those who have already purchased a home, some homeowners may opt to stay put rather than move. That could result in fewer homes being placed on the market.
- The tax bill eliminates the deduction for interest on home equity loans. This is bound to slow down the trend of homeowners choosing to remodel their home rather than trying to find a new home our inventory-deprived market.
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Bottom Line
The increase in home prices may moderate, but inventory will still be very tight. 2018 is on track to be a strong seller’s market.
