How do 60,000 new employees affect Seattle?

On February 14th, at Downtown Seattle Association’s (DSA) State of Downtown event, several note-worthy stats were brought to light to paint a picture of Downtown Seattle’s story, since 2010. The driving factor behind the city’s transformation is the demand for more employees; it’s clear that housing is the “traffic jam.”

Reported statistics for Downtown Seattle

2010 – present:

  • 60,000 new jobs were added
  • Population has grown 22%
  • Taxable brick-and-mortar retail sales have increased 34%

2016

  • Downtown businesses contributed $3.2 Billion in local, state, and federal taxes

2017

  • From construction, 3.6 million square feet of space was added above street level
  • 5,725 residential units and 637 hotel rooms were added

Present – 2020

  • 3 million square feet of space will be completed
  • More than 8,700 residential units and 2,400 hotel rooms will be developed
  • Public projects, budgeted around $330 Million are planned or underway

The short version

The takeaway is more people are moving to Downtown Seattle than there are places for them to live. For the majority of Downtown Seattle, the only way to accommodate these new residents is to build upward. Two major concerns that the DSA discussed were homelessness and affordable housing, and traffic. They have not developed a solution, however, there is a 20-year plan called One Center City to develop a solution.

The event discussion was focused on Downtown Seattle (Downtown Seattle area defined by the DSA), but the findings reflect the story of all of Metro Seattle. Without an adequate supply of housing for the thousands of new employees hired per month, it’s not difficult to see how problems can arise. Downtown Seattle has its issues of traffic and congestion that other neighborhoods may not have, but the bottleneck in the story is the amount of available housing. Below is a snapshot of statistics for all of Metro Seattle, telling a similar story. The snapshot is taken from our 2017 Annual + Quarterly (Q4) Report.

What do you think?

Click to view the Puget Sound Business Journal article.

Posted on February 16, 2018 at 17:03
Brandon Sturgis | Category: 2017, Annual Report, OWN, Quarterly Report, Report | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Changes and Milestones that You Might Have Missed in 2017

Did you know Seattle broke several records this year? Have you noticed all of the changes happening around you? Did you know if you were looking for this website a year ago, you’d be – – – – out of luck! Do you remember when the whole city turned white and shut down? What is Seattle, without rain? Dry humor.

Breaking Records and Making Changes

Here’s a breakdown of 2017’s big changes and milestones, in Seattle and at the Wall Street Group, that you might have missed while texting.

January

The launch of liveloveownseattle.com.

Envisioned, by the owner of the Wall Street Group, to be a “one-stop shop” for everything that Seattle has to offer, the website has taken off and is grabbing the attention of more than 2,000 people/month. Pretty cool if you ask us. The most viewed pages are the Neighborhood Reports, the blogs, and the LOVE content (obviously, because who isn’t intrigued by LOVE?).


February

Seattle “shuts down

Monday, February 6th, snow swaddled Seattle overnight, closing schools and keeping many people home from work. What a drag that was, huh? Staying home with the family and enjoying a rare snow day. Should we make it a holiday in remembrance of such a rare event? We’ll talk to the Mayor.

 

March

Sun and tulips started creeping back into our lives as we all put on our summer garbs WAY too early.

 

April

Record-breaking month. Record-breaking month. Record-breaking month.

You read that right. Seattle broke 3 records in April.

From October 2016 to April 2017 (because, if we counted every month it rains we’d be cheating) Seattle took on 44.7” of rain, breaking the Rainfall Record from the previous year. That’s deep enough to paddleboard!

As the sky was naturally pouring down on us in copious amounts, didn’t it seem like it was raining every day? Well, almost. For 144 days, between October 2016 and April 2017, Seattle had more than .01 inches of rain. Thus breaking the record for the number of wet days.

In a different awards ceremony, Seattle celebrated the population officially passing 700,000 people. Keep in mind, the official-ness of the count is really more of a very educated, very calculated, and extremely researched guess. This is most likely the best guess we’ll get, as it is provided by the city of Seattle and Washington state, with collaboration with U.S. Census Bureau. (Sorry for all of that. We love data.)

May

The MarketFront was Completed

Pike Place MarketFront project completed in May, but the grand opening was the following month. Keep reading for the excitement

June

Open for business!

The previous owners traded places with our new owner, of Wall Street Group – Windermere Real Estate, in June. A friendly passing of the baton and business is as usual.

Oh right. Pike Place MarketFront opened to the public, too.

 

July

Kusama comes to Seattle at the SAM

Yayoi Kusama, a Japanese contemporary artist who likes to work in sculpture and installations, showed Seattle what an infinity experience might look and feel like.

“Our earth is only one polka dot among a million start in the cosmos. Polka dots are a way to infinity.” – Yayoi Kusama


August

Don’t look at it!

Remember when the earth was going to stop rotating? Or how about when we were all going to turn into zombies? What about the time when we all looked at the Total Solar Eclipse without proper SolarGlasses (made of cardboard)?

Yes, we actually heard those claims. And don’t say you didn’t look at the Eclipse with your bare eyes. We’ve never seen what 9% of the Sun looked like either. (p.s. if you find any typos it’s because our eyes are still recovering)

Dry Humor

Would you believe that Seattle broke 2 rainfall records and in the same year we also claim the driest stretch too? We sure did! For a record-breaking 56 days, Seattle was without its most talked about characteristic, rain.

September

SPORTS SPORTS SPORTS

So, let’s get this out of the way. The Seahawks. First-year missing the postseason since 2011. But we started off strong with 4 wins during the preseason and ending the season over .500. Let’s keep our heads high and let’s hear it in 2018, 12s!

The Mariners. Oh, Mariners. They didn’t make it to the postseason…again…but did you get a chance to check out the homerun food offerings at Safeco Field? Ballard Pizza Co., Great State Burger, and Poquitos! Tempted to buy season tickets for the food. Yumm!

The Sounders had a great season with a 14-11 record, and making it to the MLS Cup finals. Not to mention our 9-year streak of having the best record in the MLS. We’re really looking forward to next season.

Space Needle gets a Spacelift

If you’ve been able to pull your eyes off of your phone for a moment and look up. You’ll notice the Space Needle looks a bit different. That’s because it’s getting a facelift. To be more specific, the safety cage that hinders the view will be replaced with floor to “sky” glass barrier; from the renderings, it looks like the restaurants may be getting fitted with a glass floor.

October

Oktober Fests, scare-athons, and “hello” cold weather again (we had a good run, sun).

November

Giving back and get-togethers

We couldn’t say enough about how much the Wall Street Group Brokers do for the community. All year long, they attend in charity events, roll their sleeves up for community service, and gladly pull their checkbooks out. November is a special time during the year when the staff, owners, and dozens of Brokers come together to help a few organizations.

Every year for last 15 years, our Brokers have offered a hand to help out families in need of a Thanksgiving dinner, with Child Haven, Northwest Harvest Food Drive, and #tacklehomelessness. It’s truly a beautiful time of year.

December

Wrap it up

As we wrapped up a monumental year of changes, experiences, and a dynamic real estate market, we had a few more things to squeeze in. A couple more community events to provide winter clothing and toys to Seattle youth, and one amazing holiday party. Chihuly Garden and Glass hosted the Brokers of Wall Street Group for our Annual Holiday Party, and all we can say is, wow and #blessed. Blessed to have a community of relationships like you to look after one another and grow this wonderful city together.

And there ya have it, the most phenomenal changes and milestones in 2017. Maybe we stretched the meaning of phenomenal and milestones a bit, but they say beauty is in the eye of the beholder. Either way, 2017 was a great year for us at the Wall Street Group and it was pretty cool to watch all of the changes happen in Seattle.

We are predicting 2018 to be even more phenomenal.

How was your 2017? Any big changes?

Posted on January 26, 2018 at 16:19
Brandon Sturgis | Category: LIVE, LOVE, OWN | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Wrapping up a December Full of Winter Memories

Holiday, party, Parties, invitations, invite, fun, cheer, past, present, future, memory, memories, heart, secret, Santa, gift, Eggnog, food, share, brandy, alcohol, drinks, presents, gift, work, frustration, vacation, year, end, summer, nice, warm, December, pure, winter, season, seasonal

Yes, ’tis the season to create some memorable times. Don’t you remember your first glass of Eggnog? Or that one family get-together you can’t stop giggling about?

And, forget about the cold, dark, and short days. December truly is a great time of year. It’s a time of celebration for a year of hard work. A time for gathering with friends and family and sharing each other’s company. A time for passing on traditions to your children and new family members. It’s also a great time to slow down and take a vacation. But you know all of that. Heck, you’ve probably got something planned tonight so, we’ll keep this short.

Take in the celebrations or libations

For those of us that don’t have Festivus to attend later, here are a few ideas, from our team, to get you out of the house and into some holiday fun.


Spend some time at the 
Reindeer Festival
November 11 – December 24

Swanson’s Nursery website reports “[trees] are going fast,” but that shouldn’t stop you from taking the kiddos by to get their photos with Santa and his REAL reindeer. They’ve also scheduled a delightful Cello Concert at 6 pm, on December 21st.


Take in the spectacle and smells of Gingerbread Village
November 21 – January 1

Architects, builders, and culinary teams took to the Graham cracker and various sweets and frostings to create a yummy installation of the future city of Seattle. Viewing hours last nearly all day and night, so there’s no reason you can’t see this amazing dessert display. Stop by and what the city planners and developers envision for Seattle’s future.


Enjoy a holiday classic ballet, 
The Nutcracker
November 24 – December 28

A beautiful story in which a young girl’s favorite Christmas toy comes to life and whisks her away to a magical kingdom.


Take the family to Winterfest
November 24 – January 1 (closed December 25)

Located at Seattle Center, Winterfest is a 5-week long holiday and winter celebration. Fun for the family, including FREE events and performances at the Armory, winter train and village, ice sculptures, and ice skating.


Cheers and Feast
around Seattle

So you’re not into the holiday-specific events. Maybe you just want to find some holiday style meals or drinks, look no further. On any given day, you can find about 2,041,347.134 things to do around Seattle, so we had our friends at The Stranger put this list together for us, for you. (we just searched food and drink events on thestranger.com). Enjoy!

Shop till you drop

Hey, maybe you’re not into any of those things. You could always go shopping downtown if you haven’t yet. Tis the season for deals upon deals.

Whatever you end up doing, bundle up, put on your Cheermeister crown, and enjoy your company. Oh, get your Vitamin-D. It’s important!

 

So, what are you going to do? Big plans?

Posted on December 19, 2017 at 13:18
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Turn to the Art Scene When Seattle Turns Cold and Grey

Grey Weather in Seattle is a trending topic

We often cruise the cosmic interwebs (e.g. Google trends, Facebook feeds, and news articles) to see what the buzz is, around Seattle. After all, we’re involved in one of the most dynamic real estate markets in the world (currently), and it’s our job to know what people are talking about. Oddly enough, a lot of people are wondering what there is to do during the cold and rainy winter season and how people survive “this weather.” We’ll assume most of the people asking questions like this are Seattle transplants, but we have encountered a few Seattleites sounding a similar request.

The fact is Seattle doesn’t shut down when the weather changes from the beautiful sunny summer to the grey…other season. Actually, quite the opposite. This is when Seattle’s culture gets to shine.

Seattle is a city of Art

See, over the years, Seattle has grown to be a thriving city for the arts community. As early as the 1920’s, Seattle began to emerge as an international arts center. Jazz, Russian ballet performances, painters, and musicians of all kinds began showcasing their talents here. As of January 2011, Seattle was home to 4,571 arts-related businesses employing over 20,000 people. If that’s not compelling enough, Seattle was recently designated by UNESCO, as a City of Literature in the Creative Cities Network. Seattle is the top city in the United States for arts organizations per capita, and our nonprofit arts landscape is the fourth largest in the USA. Needless to say, apart from the booming tech industry as of late, the art culture has always been the major factor in people’s decision to relocate to the Seattle area.

[arve url=”https://vimeo.com/133316594″ title=”Welcome to Seattle City of Literature” description=”Listen to a few of the many literary leaders in Seattle discuss why Seattle is such a literary city and why it would make such a great addition to UNESCO’s Creative Cities Network. ” upload_date=”Monday, July 13, 2015 at 2:52 AM EST” /]

To add to its recent recognition, Seattle’s art scene is amplified by more than 140 theaters, museums, galleries, and arts-related businesses.

Theaters

Museums

Galleries

So, when the warm summer days, hikes with friends, long walks through downtown, and neighborhood festivals are put on hold during the grey season, look to the art scene. There are some hidden gems out there.

Don’t worry if art isn’t your thing

Of course, there are endless things to do in Seattle during the grey season. Are you a beer enthusiast? Would you rather spend your time in coffee shops, by the fire? I bet you’ve always wanted to learn how to play an instrument. What about dusting off those board games that you’ve accumulated over the years? Now is the perfect time self-exploration and indoor stimulation (although rainy hikes are quite liberating, too). What’s your favorite thing to do during the rainy, winter season?

Posted on November 14, 2017 at 14:22
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The Gardner Report: Western Washington | Q3 2017

The Gardner Report is an analysis of the Western Washington Real Estate Market, provided by Windermere Real Estate Chief Economist, Matthew Gardner. This is a great starting point to building more knowledge and helping you make better informed real estate decisions.

For more information about the real estate market in YOUR area, we have monthly Neighborhood-specific reports, as well as, our own Q3 2017 – analysis and Seattle area Report. If you have more questions please contact your Wall Street Group (of Windermere) Broker.

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ECONOMIC OVERVIEW

The Washington State economy added 79,600 new jobs over the past 12 months—an impressive growth rate of 2.4%, and well above the national growth rate of 1.2%. However, as we anticipated in last quarter’s report, we continue to see a modest slowdown in the growth rate as the state grows closer to full employment. Growth has been broad-based, with expansion in all major job sectors other than Aerospace (a function of a slowdown at Boeing). Given the current rate of expansion, I am raising my employment forecast and now predict that Washington will add 81,000 new jobs in 2017.

Given the robust job market, it is unsurprising that the state unemployment rate continues to fall. The current unemployment rate in Washington State is 4.6% and we are essentially at full employment. Additionally, all counties contained within this report reported either a drop or stability in their unemployment rate from a year ago. I maintain my belief that the Washington State economy will continue to outperform the U.S. as a whole. Given such a strong expansion, we should also expect solid income growth across Western Washington.

HOME SALES ACTIVITY

  • There were 25,312 home sales during the third quarter of 2017. This is an increase of 3.6% over the same period in 2016.
  • Clallam County maintains its number one position for sales growth over the past 12 months. Only four other counties saw double-digit gains in sales. This demonstrates continuing issues with the low supply of listings. There were modest declines in sales activity in six counties.
  • The market remains remarkably tight with listing inventory down by 14.2% when compared to the third quarter of 2016. But inventory is up a significant 32% compared to the second quarter of this year. Pending sales rose by 5.2% over the same quarter a year ago, which suggests that closings in Q4 will still be robust.
  • The key takeaway from this data is that inventory is still very low, and the situation is unlikely to improve through the balance of the year.
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HOME PRICESGardner, Report, Windermere, Western, Washington, Market, Real, Estate, House, Housing, Owner, Listing, Analysis, Economist, Economy, annual, change, home, sales, q3, quarter, third, 3rd, 2017, annual, clallam, mason. thurston, grays, harbor, cowlitz, kitsap, lewis, pierce, snohomish, island, king, whatcom, san, juan, jefferson, skagit, county, seattle, puget, sound, percentage, percent, data, graphical, graphic, infographic, information, area, place, washington, western, west, map

  • Given tight supply levels, it is unsurprising to see very solid price growth across the Western Washington counties. Year-over-year, average prices rose 12.3% to $474,184. This is 0.9% higher than seen in the second quarter of this year.
  • With demand far exceeding supply, price growth in Western Washington continues to trend well above the long-term average. As I do not expect to see the new home market expand at any significant pace, there will be continued pressure on the resale market, which will cause home prices to continue to rise at above-average rates.
  • When compared to the same period a year ago, price growth was most pronounced in Grays Harbor County where sale prices were 20.1% higher than the third quarter of 2016. Nine additional counties experienced double-digit price growth.
  • Mortgage rates in the quarter continue to test the lows of 2017, and this is unlikely to change in the near-term. This will allow home prices to escalate further but I expect we will see rates start to rise fairly modestly in 2018, which could slow price growth.Gardner, Report, Windermere, Western, Washington, Market, Real, Estate, House, Housing, Owner, Listing, Analysis, Economist, Economy, annual, change, home, sale, price, buy, sales, seller, q3, quarter, third, 3rd, 2017, annual, clallam, mason. thurston, grays, harbor, cowlitz, kitsap, lewis, pierce, snohomish, island, king, whatcom, san, juan, jefferson, skagit, county, seattle, puget, sound, percentage, percent, data, graph, chart, area, place, western, west, washington

DAYS ON MARKET

  • The average number of days it took to sell a home in the quarter dropped by eight days when compared to the same quarter of 2016.
  • King County continues to be the tightest market, with homes taking an average of 17 days to sell. Every county except San Juan saw the days on market drop from the same period a year ago.
  • This quarter, it took an average of 43 days to sell a home. This is down from the 51 days it took in the second quarter of 2016 and down by 8 days from the second quarter of this year.
  • At some point, inventory will start to grow and this will lead to an increase in the average time it takes to sell a house. However, I do not expect that to happen at any time soon. So we remain in a seller’s market.Gardner, Report, Windermere, Western, Washington, Market, Real, Estate, House, Housing, Owner, Listing, Analysis, Economist, Economy, annual, average, days, time, on, market, change, home, listing, property, sale, price, buy, sales, seller, q3, quarter, third, 3rd, 2017, annual, clallam, mason. thurston, grays, harbor, cowlitz, kitsap, lewis, pierce, snohomish, island, king, whatcom, san, juan, jefferson, skagit, county, seattle, puget, sound, percentage, percent, data, graph, chart, area, place, western, west, washington

CONCLUSIONS

This speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors. For the third quarter of 2017, I have left the needle at the same point as the second quarter. Though price growth remains robust, sales activity has slowed very slightly and listings jumped relative to the second quarter. That said, the market is very strong and buyers will continue to find significant competition for accurately priced and well-located homes.

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ABOUT MATTHEW GARDNER

Matthew Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics and has over 25 years of professional experience both in the U.S. and U.K.

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Here is the full Gardner Report.

Posted on October 31, 2017 at 11:19
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STEM: Inspiring Students to Create a Brighter Future

Washington State is a National Leader in STEM!

In 2013, the state of Washington passed a bill to significantly improve its STEM (Science, Technology, Engineering, and Mathematics) learning opportunities and educational outcomes for K-12 students. Simply put, Washington schools, government, and non-profit organizations have teamed together to create more ways to give our children opportunities to learn and apply STEM skills. Each year, more opportunities arise, more grant money is budgeted, our children get excited, and a brighter future is painted.

Why is STEM important?

So, you may think STEM education has been around since you were in school. Unless you participated in Science Fairs and went out of your way to expose yourself to STEM activities, you probably only scratched the surface of what is available to children today. Traditional education teaches about cool technology, math equations, and engineering marvels. STEM education goes a step further and puts the student in the driver’s seat and creates opportunities to put their education to work. Wouldn’t it be fun to learn how to build a robot? Code a program to control the robot? Or use the robot to gather samples of ecosystems in the Puget Sound? With real-world application, students are given the opportunity to get excited about possible career paths at an early age.

There are limitless benefits of STEM education, but here are a few to get you thinking: for years to come,

  • education standards and curriculum quality education will increase
  • high school graduation rates will increase
  • job satisfaction will increase
  • the global economy will increase, beginning in Seattle
  • there will be a greater number and quality inventions
  • the poverty level will decrease
  • the price of education will decrease

Washington STEM put together an amazing video outlining what STEM means and how students can thrive from STEM education.

[arve url=”https://www.youtube.com/watch?time_continue=27&v=DT5wR70lNDY” title=”Washington STEM – Inspire, Engage and Unleash Potential” description=”Washington STEM advances excellence, innovation, and equity in science, technology, engineering, and math (STEM) education for all Washington students. Our vision is to see all students succeed in thriving communities all within a vibrant Washington state.” upload_date=”Nov 29, 2016″ /]

STEM is Important for Seattle

Let’s be frank for a minute. Consider the industry that has moved into Seattle. No, we’re not talking about all of the construction. We’re talking about the tech industry that is creating all of the construction. Companies like Amazon, Google, Facebook, Microsoft, Expedia (and the list goes on) are continuing to grow and change the landscape of Metro Seattle – not to mention the other giant corporations like Boeing, Starbucks, Nordstrom, Nintendo, Weyerhauser, and Windermere. The employees that these global companies are looking for are (for all intense and purposes) STEM employees. That said, 30% of their tech-savvy and STEM employees are transplants (not from Seattle).

The more foreign employees these companies recruit, the more real estate construction and buildings will be built to accommodate them. Following all of these employees will be more consumer businesses, restaurants, traffic and more advancements in the city infrastructure, and ultimately a bigger Metropolitan area.

The changes in Seattle are happening and will continue for years to come. The key to growing with the city is to acclimate our children to the new and future economy. Resources are widely available and access is becoming easier.

How can my child get involved in STEM education?

There’s a good chance your student is already involved in STEM education at school. Beginning in preschool and Kindergarten, students in Seattle public and private schools are provided with workshops, classroom learning and out of classroom exposure to STEM education. Middle and high schools offer clubs and organizations to further their interests.

Check the Seattle Public Schools’ website to find out if your young student has access to STEM learning. See how your children’s school ranks for STEM, in the Seattle Area.

Extra-Curricular STEM Opportunities

Great resources put together by Washington STEM
20-plus STEM Summer Camps for Seattle-Area Kids by ParentMap
Marine-based STEM learning by Salish Sea Expeditions

Help us expand our list! Let us know which STEM Ed opportunity opened your student’s eyes.


STEM Success Stories

STEM grads step right into the future by The Seattle Times
A life-changing summer in Seattle for six STEM students by PATH – Stories of innovation and impact
Inside the pioneering Seattle area school that’s shaking up how STEM education is taught by GeekWire

Posted on September 18, 2017 at 15:05
Brandon Sturgis | Category: OWN | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

The Gardner Report: Western Washington – Q2 2017

The Gardner Report is an analysis of the Western Washington Real Estate Market, provided by Windermere Real Estate Chief Economist, Matthew Gardner. This is a great starting point to building more knowledge and helping you make better informed Real Estate decisions.

For more information about the Real Estate market in YOUR area, we have monthly Neighborhood specific reports, as well as, our Q2 2017 – Seattle Metro Report. If you have more questions please contact your Windermere-Wall Street Group Broker.

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ECONOMIC OVERVIEW

Washington State economy has been expanding at a rapid pace but we are seeing a slowdown as the state grows closer to full employment. Given the solid growth, I would expect to see income growth move markedly higher, though this has yet to materialize. I anticipate that we will see faster income growth in the second half of the year. I still believe that the state will add around 70,000 jobs in 2017.

Washington State, as well as the markets that make up Western Washington, continue to see unemployment fall. The latest state-wide report now shows a rate of 4.5%—the lowest rate since data started to be collected in 1976.

I believe that growth in the state will continue to outperform the U.S. as a whole and, with such robust expansion, I would not be surprised to see more people relocate here as they see Washington as a market that offers substantial opportunity.

HOME SALES ACTIVITY

  • There were 23,349 home sales during the second quarter of 2017. This is an increase of 1.1% from the same period in 2016.
  • Clallam County maintains its position as number one for sales growth over the past 12 months. Double-digit gains in sales were seen in just three other counties, which is a sharp drop from prior reports. I attribute this to inventory constraints rather than any tangible drop in demand. The only modest decline in sales last quarter was seen in Grays Harbor County.
  • The number of homes for sale, unfortunately, showed no improvement, with an average of just 9,279 listings in the quarter, a decline of 20.4% from the second quarter of 2016. Pending sales rose by 3.6% relative to the same quarter a year ago.
  • The key takeaway from this data is that it is unlikely we will see a significant increase in the number of homes for sale for the rest of 2017.

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HOME PRICESGardner, Report, Windermere, Western, Washington, Market, Real, Estate, Home, Sale, Buy, House, Housing, Owner, Listing, Analysis, Economist, Economy, Seattle, Puget, Sound

  • Along with the expanding economy, home prices continue to rise at very robust rates. Year-over-year, average prices rose 14.9%. The region’s average sales price is now $470,187.Price growth in Western Washington continues to impress as competition for the limited number of homes for sale remains very strong. With little easing in supply, we anticipate that prices will continue to rise at above long-term averages.
  • Price growth in Western Washington continues to impress as competition for the limited number of homes for sale remains very strong. With little easing in supply, we anticipate that prices will continue to rise at above long-term averages.When compared to the same period a year ago, price growth was most pronounced in San Juan County where sale prices were 29.2% higher than
  • When compared to the same period a year ago, price growth was most pronounced in San Juan County where sale prices were 29.2% higher than second quarter of 2016. Eight additional counties experienced double-digit price growth.
  • The specter of rising interest rates failed to materialize last quarter, but this actually functioned to get more would-be buyers off the fence and into the market. This led to even more demand which translated into rising home prices.

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DAYS ON MARKET

  • The average number of days it took to sell a home in the quarter dropped by 18 days when compared to the same quarter of 2016.
  • King County remains the tightest market; homes, on average, sold in a remarkable 15 days. Every county in this report saw the length of time it took to sell a home drop from the same period a year ago.
  • Last quarter, it took an average of 48 days to sell a home. This is down from the 66 days it took in the second quarter of 2016.
  • Given the marked lack of inventory, I would not be surprised to see the length of time it takes to sell a home drop further before the end of the year.

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CONCLUSIONS

This speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors. For the second quarter of 2017, I moved the needle a little more in favor of sellers. To define the Western Washington market as “tight” is somewhat of an understatement.

Gardner, Report, Windermere, Western, Washington, Market, Real, Estate, Home, Sale, Buy, House, Housing, Owner, Listing, Analysis, Economist, Economy, Seattle, Puget, Sound

Inventory is short and buyers are plentiful.

Something must give, but unless we see builders delivering substantially more units than they have been, it will remain staunchly a sellers’ market for the balance of the year.

Furthermore, increasing mortgage rates have failed to materialize and, with employment and income growth on the rise, the regional housing market will continue to be very robust.

ABOUT MATTHEW GARDNER

Matthew Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics, and has over 25 years of professional experience both in the U.S. and U.K.

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Here is the full Gardner Report.

Posted on July 27, 2017 at 16:38
Brandon Sturgis | Category: OWN | Tagged , , , , , , , , , , , , , , , , , , , , , ,