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Housing Market News • The Gardner Report • January 27, 2020

The Gardner Report – 2019 Q4

by Sandy Nicholls

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 me!


ECONOMIC OVERVIEW

Employment in Washington State continues to soften; it is currently at an annual growth rate of 1.7%. I believe that is a temporary slowdown and we will see the pace of employment growth improve as we move further into the new year. It’s clear that businesses are continuing to feel the effects of the trade war with China and this is impacting hiring practices. This is, of course, in addition to the issues that Boeing currently faces regarding the 737 MAX.

In the fourth quarter of 2019 the state unemployment rate was 4.4%, marginally lower than the 4.5% level of a year ago. My most recent economic forecast suggests that statewide job growth in 2020 will rise 2.2%, with a total of 76,300 new jobs created.

HOME SALES

  • There were 18,322 home sales registered during the final quarter of 2019, representing an impressive increase of 4.7% from the same period in 2018.
  • Readers may remember that listing activity spiked in the summer of 2018 but could not be sustained, with the average number of listings continuing to fall. Year-over-year, the number of homes for sale in Western Washington dropped 31.7%.
  • Compared to the fourth quarter of 2018, sales rose in nine counties and dropped in six. The greatest growth was in Whatcom County. San Juan County had significant declines, but this is a very small market which makes it prone to extreme swings.
  • Pending home sales — a barometer for future closings — dropped 31% between the third and fourth quarters of 2019, suggesting that we may well see a dip in the number of closed sales in the first quarter of 2020.

HOME PRICES

  • Home price growth in Western Washington spiked during fourth quarter, with average prices 8.3% higher than a year ago. The average sale price in Western Washington was $526,564, 0.7% higher than in the third quarter of 2019.
  • It’s worth noting that above-average price growth is happening in markets some distance from the primary job centers. I strongly feel this is due to affordability issues, which are forcing buyers farther out.
  • Compared to the same period a year ago, price growth was strongest in San Juan County, where home prices were up 41.7%. Six additional counties also saw double-digit price increases.
  • Home prices were higher in every county contained in this report. I expect this trend to continue in 2020, but we may see a softening in the pace of growth in some of the more expensive urban areas.

DAYS ON MARKET

  • The average number of days it took to sell a home dropped four days compared to the third quarter of 2019.
  • For the second quarter in a row, Thurston County was the tightest market in Western Washington, with homes taking an average of 29 days to sell. In nine counties, the length of time it took to sell a home dropped compared to the same period a year ago. Market time rose in four counties and two were unchanged.
  • Across the entire region, it took an average of 47 days to sell a home in the fourth quarter. This was up nine days over the third quarter of this year.
  • Market time remains below the long-term average across the region, a trend that will likely continue until we see more inventory come to market — possibly as we move through the 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.

The housing market ended the year on a high note, with transactions and prices picking up steam. I believe the uncertainty of 2018 (when we saw significant inventory enter the market) has passed and home buyers are back in the market. Unfortunately, buyers’ desire for more inventory is not being met and I do not see any significant increase in listing activity on the horizon. As such, I have moved the needle more in favor of home sellers.

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.

Community • Windermere Foundation • January 9, 2020

WINDERMERE FOUNDATION DONATES $100,000 TO SEATTLE CHILDREN’S HOSPITAL

by Sandy Nicholls
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The Windermere Foundation’s recent contribution to Seattle Children’s Hospital‘s Homelessness Prevention Fund and Children’s Emergency Patient Fund will help 40 families secure stable housing and retain ownership of their homes this holiday season.

“No parent should have to choose between having a place to live and having a healthy child,” said Christine Wood, Executive Director of the Windermere Foundation. “Our goal is to help take on some of the financial burden of housing and
living expenses so they can focus on their child’s health.”

The Homelessness Prevention Fund provides low-income families with financial support to help cover imminent expenses, repairs, and other needed services. The one-time payment can spare a family from eviction or other hardships triggered by shelter insecurity.

“There are 104 children and 74 parents and guardians who will be able to stay in their homes during the holidays thanks to the Windermere Foundation’s generous donation,” said Roosevelt Travis, Director of the Department of Social Work at Seattle Children’s. “It is truly life changing.”

Additionally, a portion of the donation was directed to the Children’s Emergency Patient Fund which provides modest sums to cover food, utilities, transportation and other essentials to more than 2,000 families each year.

Over the years, Windermere donations to this fund have been used to pay for hotel vouchers, gas cards, and, in the saddest cases, funeral expenses.

“When I am contacted by Children’s seeking funding, I know not every situation is going to have a happy ending,” said Christine Wood. “We’re just grateful that we have the opportunity to relieve some of the burden for these families during what is a very difficult time in their lives.”

Since its establishment 30 years ago, the Windermere Foundation has raised over $40 million to support local low-income and homeless families, and Windermere has donated a total of $318,000 directly to Seattle Children’s Hospital since 2006. The Foundation is currently the 17th largest corporate philanthropist in the Puget Sound, as ranged by the Puget Sound Business Journal.

To learn more about the Windermere Foundation, please visit www.windermerefoundation.com

 

Read the full Windermere Foundation press release here.

A version of this story was first published on Inman.com (Note: subscription required)

Home Buying • Housing Market News • Local Market Updates • Selling Your Home • December 17, 2019

Local Market Update – December 2019

by Sandy Nicholls

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Favorable interest rates and soaring rents boosted activity in the housing market in November. More buyers competing for less inventory kept home prices strong. With the supply of homes far short of demand, sellers can expect well-priced properties to sell quickly this winter.

EASTSIDE

With just over a month of available inventory, demand on Eastside remains very strong. Sales are brisk, with 45% of single-family homes selling in 15 days or less and 20% of homes selling for over list price. The median single-family home price in November rose 2% from a year ago to $900,000 and was unchanged from October.

VIEW FULL EASTSIDE REPORT

KING COUNTY

With more buyers vying for fewer homes, King County remains a solid seller’s market. While inventory traditionally shrinks in the winter, this November saw the number of new listings at historic lows. Demand was strong, with the number of closed sales up 12% over the same time last year. The median home price ticked up 3% over the prior year to $661,000 and was unchanged from October. The strong market sent prices higher in the more affordable price ranges, with some areas in South King County seeing double-digit increases.

VIEW FULL KING COUNTY REPORT

SEATTLE

Activity in Seattle was very strong in November. The number of closed sales was up 29% over the same time last year. With just over one month of homes available for sale, the city is starved for inventory. Seattle homes prices have ebbed and flowed slightly from month to month for much of this year. The median price of a single-family home sold in November was off 3% from a year ago to $735,000.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

With an increasing number of buyers driving to affordability, the Snohomish County housing market remains robust. Inventory is very tight and continues to fall. The county finished November with just over one month of supply. The median price of a single-family home rose 5% over a year ago to $495,000. That figure is unchanged from October.

VIEW FULL SNOHOMISH COUNTY REPORT

This post originally appeared on GetTheWReport.com

Housing Market News • Local Market Updates • November 18, 2019

Local Market Update – November 2019

by Sandy Nicholls

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

Home Buying • Selling Your Home • October 23, 2019

The Impact of Staging Your Home

by Sandy Nicholls

For more than 20 years, the benefits of staging a home have been well documented. Numerous studies show that staging helps sell a home faster and for a higher price. According to the National Association of REALTORS®, 88 percent of home buyers start their search online, forming impressions within three seconds of viewing a listing. When a home is well staged, it photographs well and makes the kind of the first impression that encourages buyers to take the next step.

Studies also indicate that buyers decide if they’re interested within the first 30 seconds of entering a home. Not only does home staging help to remove potential red flags that can turn buyers off, but it also helps them begin to imagine living there. Homes that are professionally staged look more “move-in ready” and that makes them far more appealing to potential buyers.

According to the Village Voice, staged homes sell in one-third less time than non-staged homes. Staged homes can also command higher prices than non-staged homes. Data compiled by the U.S. Department of Housing and Urban Development indicate that staged homes sell for approximately 17 percent more than non-staged homes.

A measurable difference in time and money

In a study conducted by the Real Estate Staging Association in 2007, a group of vacant homes that had remained unsold for an average of 131 days were taken off the market, staged, and relisted. The newly staged properties sold, on average, in just 42 days, – which is approximately 68 percent less time on the market.

The study was repeated in 2011, in a more challenging market, and the numbers were even more dramatic. Vacant homes that were previously on the market for an average of 156 days as unstaged properties, when listed again as staged properties, sold after an average of 42 days—an average of 73 percent less time on the market.

Small investments, big potential returns

Staging is a powerful advantage when selling your home, but that’s not the only reason to do it. Staging uncovers problems that need to be addressed, repairs that need to be made, and upgrades that should be undertaken. For a relatively small investment of time and money, you can reap big returns. Staged properties are more inviting, and that inspires the kind of peace-of-mind that gets buyers to sign on the dotted line. In the age of social media, a well-staged home is a home that stands out, gets shared, and sticks in people’s minds.

What’s more, the investment in staging can bring a higher price. According to the National Association of REALTORS, the average staging investment is between one percent and three percent of the home’s asking price, and typically generates a return of eight to ten percent.

In short, less time on the market and higher selling prices make the small cost of staging your home a wise investment.

Interested in learning more? Contact your real estate agent for information about the value of staging and referrals for professional home stagers.

This post originally appeared on the Windermere.com Blog

Community • Windermere Foundation • October 21, 2019

Keeping Families Warm from Head to Toe

by Sandy Nicholls
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Windermere is in its fourth season of helping #TackleHomelessness with the Seattle Seahawks!

Each year, as part of that campaign, Windermere hosts a “We’ve Got You Covered” winter drive for a local non-profit. This year, we are collecting warm winter gear for our new non-profit partner, Mary’s Place, an organization that provides safe, inclusive shelter and services to women, children and families on their journey out of homelessness.

We are asking for donations of NEW hats, scarves, gloves/mittens, and warm socks for all genders and sizes.

From October 14 through November 8, you can drop off donations at our participating Windermere Real Estate and Property Management offices in King and Snohomish Counties**. Once the drive is over, our friends at Gentle Giant Moving Company — our winter drive partner for the past three years — will once again generously donate their time and trucks to pick up the donations collected by our offices, to deliver to Mary’s Place.

Since 1999, Mary’s Place has helped hundreds of women and families move out of homelessness into more stable situations. Across eight emergency family shelters in King County, they keep struggling families together, inside, and safe when they have no place else to go. But shelter capacity is limited and there are still hundreds of families sleeping outside in cars and tents each night. Please help them stay warm during the cold winter months by dropping off your donations to our participating offices. 

Feel free to contact your Windermere agent or local office for more information, or email justask@windermere.com.

    

**Windermere Winter Drive Drop-Off Locations

Bellevue

Bellevue Commons

Bellevue West

Federal Way

Federal Way-West Campus

Kent

Kirkland

Kirkland Yarrow Bay

Lynnwood

Maple Valley 4 Corners

Mercer Island

Mill Creek

Property Management – Bellevue

Property Management – Everett

Property Management – Edmonds

Property Management – Seattle North

Property Management – South

Redmond

Seattle-Green Lake

Seattle-Greenwood

Seattle-Lakeview

Seattle-Madison Park

Seattle-Magnolia

Seattle-Mount Baker

Seattle-Northgate

Seattle-Northwest

Seattle-Pike/Pine (1324 East Pike Street, Seattle, WA 98122)

Seattle-Queen Anne

Seattle-Sand Point

Seattle-Wall Street

Seattle-West Seattle

Services Company

Shoreline

Snohomish

This post originally appeared on the Windermere.com Blog

Housing Market News • Local Market Updates • Selling Your Home • October 18, 2019

Local Market Update – October 2019

by Sandy Nicholls
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While fall usually brings a decrease in sales activity, the opposite was true in September. The number of listings on the market dropped by double digits and home sales rose. With interest rates near historic lows and employment levels at historic highs, the housing market is expected to stay strong throughout the fall and winter.

EASTSIDE

Long the most affluent area of King County, the Eastside continues to record the highest home prices in the region. The median price of a single-family home on the Eastside was $928,500 in September, an increase of 4% from a year ago and a decrease of less than 1% from August. The Eastside construction boom continues, indicating that developers remain confident in the strength of the local economy.

VIEW FULL EASTSIDE REPORT

KING COUNTY

The number of homes on the market in King County fell by almost 20% in September when compared to a year ago. However, last fall saw an increase in inventory that was unusual for the time of year. The median price of a single-family home was $660,000, down just 1% from the same time last year. Cities in King County, outside of Seattle, all saw price increases. Sales were up 7% indicating no shortage of buyers.

VIEW FULL KING COUNTY REPORT

SEATTLE

Prices remained relatively stable, with the median price of a single-family home in September dipping 3% over a year ago to $750,000. As tech companies continue to recruit top talent to the area, Seattle’s population keeps booming and demand for housing remains high. While home sales traditionally dip in the fall, the city saw sales increase by 12% in September as compared to last year. Rising rents may push more buyers into the market.

VIEW FULL SEATTLE REPORT

SNOHOMISH COUNTY

Buyers continue to be drawn to Snohomish County thanks to a strong economy and housing costs that are considerably more affordable than King County. That influx of buyers is also driving up prices. The median price of a single-family home in September was $492,500, up from $484,995 the same time last year. At $167,500 less than the median price in King County, it’s a relative bargain.

VIEW FULL SNOHOMISH COUNTY REPORT

This post originally appeared on GetTheWReport.com

For Your Home • Home Buying • October 9, 2019

You’ve Moved into Your New Home. Now What?

by Sandy Nicholls

Congratulations on your new home! You made it through the arduous process that is buying a new home. Now it’s time to take on the task of moving in.

You did your research about the neighborhood and you feel like you know the home like the back of your hand. However, there are some things to do as you move in to protect your newest investment, and yourself, from the unknown variables in and around your home.

Change the locks garage door codes

Previous owners might have changed the locks, but they may not know who all has a key or a code to open your garage, especially neighbors who they trusted to watch their place while they were away. Changing the codes and locks on all the doors ensures that you have complete control over entry to your home

Check or Install Fire and Carbon Monoxide Detectors

If the home already has fire and carbon monoxide devices, make sure they are in working order by testing each one with the tester button. Keep a note of when to replace them as well.

If they don’t have them, install a device in each sleeping room, as well as common areas like the living room or kitchen. Hallways are a great place to cover multiple rooms with one detector as well.

Install a security system

Enjoy total peace of mind with a new security system. Meet with a consultant on the best ways to protect your home for a system that works best for you and your lifestyle.

There are also app-connected systems that you can set up yourself that notify you of movement on the cameras or doors and windows opening.

Meet the neighbors

Build a sense of community and get to know the lay of the land by knocking on neighbors’ doors to get to know them. Bring a small gift as a “thank you” for dealing with the moving trucks. This is a great initial step for figuring out who you can trust to watch things while you’re away should you need a helping hand in the near future.

These are just a few ideas on what you should do as soon as you move in. What are some things you do, or suggest to friends and clients on move-in day?

Do you have questions on buying or selling your home? Reach out for more information, Sandy Nicholls  (425) 444-4966

This post originally appeared on the Windermere.com Blog

Housing Market News • Local Market Updates • September 19, 2019

Local Market Update – September 2019

by Sandy Nicholls

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

Local Market Updates • Uncategorized • January 11, 2019

Local Market Update – January

by Sandy Nicholls
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A cool-down in prices and a surge in inventory spelled out good news for buyers in December. Median home prices throughout the region continued to moderate. The number of homes for sale more than doubled over a year ago. Condo inventory more than quadrupled. While we’re still far short of the four to six months that are considered a balanced market, December moved us closer in that direction. As winter months traditionally bring slower sales and lower prices, we’ll be able to determine a more solid trend when the peak real estate season comes this spring.

Eastside

>>>Click image to view full report.

The number of single-family homes and condos on the market in December tripled as compared to a year ago on the Eastside. With an abundance of choices for buyers, homes here took longer to sell. However, well-priced homes still sold within weeks rather than days, which was the case earlier in the year. As with all of King County, home prices here continued to moderate. The median price of a single-family home was $909,000. That’s down 3 percent from a year ago, but up from November’s median price of $885,000.

King County

>>>Click image to view full report.

In December, the median price of a single-family King County home was $639,000. That is 0.6 percent more than the same time last year and a welcome respite from the double-digit increases we saw for much of 2018. Inventory was up as well, soaring 143 percent from a year prior. The trend toward a more balanced market is good news for buyers. Instead of having to make a decision in a matter of hours, buyers now can take the time to consider their options and negotiate a price and terms that work best for them.

Seattle

>>>Click image to view full report.

Last December there were only 299 homes on the market in Seattle. This December there were 1,111. Despite the sharp uptick, Seattle has the tightest inventory in King County with less than two months of supply. Demand is predicted to stay high in 2019. With an abundance of high-paying jobs and not enough people to fill them, Seattle’s population is expected to grow at twice the national rate this year. Prices have continued to moderate from the unsustainable increases of last year. The median price of a single-family home inched up 2 percent from the year prior to $739,000.

Snohomish County

>>>Click image to view full report.

The median price of a single-family home was up 4 percent from last year to $470,000 in December – the same price the area posted the previous month. Inventory has more than doubled in the past year due to more sellers listing their homes and fewer sales. However, at 2.6 months of supply the area has a long way to go before becoming a balanced market.

This post originally appeared on the WindermereEastside.com Blog.

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