More • May 17, 2017

Windermere Helps Fight Food Insecurity by Funding Weekend and Summer Meal Programs

by Marilou Ubungen

For many children, the free meals that they receive in the school cafeteria may be the only food that they get for the entire day. And that’s just on the weekdays. On the weekends, children often go hungry because their families cannot afford to cover basic household expenses, including groceries. And when the school year ends, they lose the security of those two meals, making summer the hungriest season of the year for children in our communities.

Through the Windermere Foundation, many Windermere offices throughout our network support programs that provide weekend and summer meal programs. These programs help girls and boys at risk of hunger get access to nutritious meals outside of school.

Here are just a few of the programs that our agents and offices support…

California

For the past two years, the Windermere Redding office has supported an afterschool/summer program at Eagles Soar Youth Activity Center (ESYAC) with a monthly donation of $54 that they can use to purchase food, clothes, and other necessities. The program serves “housed” homeless kids—kids who live in transient housing such as motel rooms and trailer parks. It is a 100 percent volunteer organization that is funded by donations from the community. Program volunteers pick the kids up after school twice a week and they also have a summer events program. They feed and tutor the kids, provide them with clothes if needed, and send them home with food for the weekend. Over 90 percent of the kids they help are on the honor roll.

Montana

For the past two years, the Windermere Missoula office has supported the Missoula Food Bank’s Kids Empower Pack program. The Kids Empower Pack is a nutrition program helping kids stay nourished when school is not in session. School officials identify children living with chronic hunger and enroll them in the program. And every Friday, they are sent home with a backpack full of nutrition for the weekend. In 2016, the Missoula office donated $1,200, with half of the proceeds from their annual standup paddle board race being donated to the program. The program will be one of the beneficiaries again for this year’s event. Last school year, Kids Empower Pack was helping 528 local kids every weekend. In 2017, Kids Empower Pack will feed 750 kids every weekend.

Oregon

The Windermere Gearhart and Cannon Beach offices support Warrenton-Hammond Healthy Kids, Inc., donating $500 to them in 2016 and $3,500 over the past six years. WHHKids currently serves Warrenton Grade School's 771 students and Warrenton High School’s 261 students with food weekend backpacks, clothing, and hygiene items. The student population that receives free and reduced lunches is 55 percent. This is down from a high of 64 percent for the past few years. They also serve the district's homeless population.

In 2016, the Windermere Portland-Raleigh Hills office donated $2,000 to Take Action INC. Take Action INC is an all-volunteer backpack program, non-profit organization, whose mission is to find resources to feed hungry kids, educate the public of the severity of childhood hunger in our midst, and encourage local communities to adopt schools of their own. One hundred percent of the grant is used to purchase food at a generous five percent discount from their Beaverton Grocery Outlet store partner to help 36 low-income families and feed 45 food-insecure kids at Hayhurst Elementary School.

Washington

Over the past three years, the Windermere Seattle-Wedgwood office has supported the Hunger Intervention Program with approximately $9,000 in Windermere Foundation grants. The program provides nutritious weekend food for students eligible for free or reduced price lunch when school lunches aren’t available, in addition to providing meals during the summer. The program currently serves students at Olympic Hills, John Rogers, BrierCrest, and ViewLands Elementary schools, as well as Kellogg Middle School and Nathan Hale High School.

Sometimes individual agents recognize a need in their communities and create their own programs, like Anne Jones, an agent at the Windermere Tacoma-Professional Partners office. After speaking with representatives from various schools, it was determined that food insecurity was a significant issue. So last fall, Anne created the Snacks for Schools program to support Tacoma area schools. The ultimate goal of the program is to not only provide food, but to also foster connections between community members and schools throughout the city. The program’s first delivery took place in March 2017 at First Creek Middle School, where they were able to provide a snack for all 750 students. In April, they stocked the pantry at Blix Elementary. So far, snacks have been provided for 2,400 students. With the help of other agents and community partners, the program hopes to reach 13 more schools during the month of May.

Thanks to the efforts of our Windermere offices and agents, we are tackling issues of food insecurity in our communities and helping our nonprofit partners provide nutritious meals for children in need. If you’d like to help support programs in your community, please click on the Donate button.

To learn more about the Windermere Foundation, visit http://www.windermere.com/foundation.

Market News • May 15, 2017

Oregon and Southwest Washington Real Estate Market Update

by Windermere Economics

ECONOMIC OVERVIEW

Oregon State has added almost 40,000 new jobs over the past 12 months. Although growth has slowed significantly, we can attribute this to the fact that the state has reached “full employment.” When this is achieved, growth has to rely on the population rising to drive jobs higher and, inevitably, the pace slows. Year-over-year, employment in Oregon rose by 2.2%.

In February, the state unemployment rate fell to 4% and is now at a level that has not been seen in more than four decades. Additionally, the number of people who are unemployed dropped to about 82,000—a figure last seen in August of 1995.

HOME SALES

First quarter home sales fell by 4.5% compared to the same period last year. In total, 12,299 homes sold in the first quarter of this year.
Sales rose the fastest in Klickitat County, which saw a 50% increase over Q1 2016. There were also noticeable increases in sales in Skamania, Cowlitz, Klamath, and Tillamook Counties. Home sales fell the most in Jefferson, Crook, Hood River, and Washington Counties.
There were 11 counties where sales rose year over year, and 15 counties that reported declines.
The low number of homes for sale continues to affect the market and is pushing home sales activity lower. This means sellers remain firmly in the driver’s seat.

HOME PRICES

The average home price in the region rose by 9.4% year-over-year to $334,299. This is down from 10.9% in the fourth quarter of 2016.
Jefferson County took over as the market with the strongest annual price growth, with homes selling for 30.7% above the level seen a year ago.
All but three counties experienced rising prices when compared to the first quarter of 2016, and most of these saw significant, double-digit increases.
Despite rising interest rates, the lack of inventory continues to drive home prices higher.

DAYS ON MARKET

The average number of days it takes to sell a home in the region dropped by five days when compared to the first quarter of 2016, but it took 17 days longer to sell a home than in the fourth quarter of 2016.
The average time it took to sell a home in the region was 98 days.
In several counties, days on market rose when compared to the same period a year ago. This is not too surprising given that the counties where sales slowed are small, which often leads to erratic demand.
Counties where homes sold the fastest were Washington and Multnomah Counties, where it took an average of 33 and 42 days respectively for homes to sell.

CONCLUSIONS

The speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors. Economic growth in Oregon State remains impressive, and the region’s housing market clearly continues to benefit from such robust growth. Home sales have slowed, which has taken a little steam out of the strong appreciation rates we’ve seen over the past several months. That said, the market remains remarkably tight and unlikely to shift dramatically for the duration of 2017. As such, I have moved the needle slightly more toward sellers for the first quarter.

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.

More • May 12, 2017

How to Stay Organized During a Home Renovation

by Guest Author

When you’re embarking on a renovation project, it’s a good idea to clear as much space as possible before the chaos ensues. Think about what you want and need in your new room, and thoroughly declutter the area. Follow these tips for clearing, organizing and storing to ensure your building work creates as little upheaval as possible.

Be systematic. Start sifting through your cupboards and bookshelves. If you need to pack up a room or two, now is a great time to assess what’s lurking in the back of your cabinets.

Pack frequently used items into transparent storage boxes. Label them clearly and move them to another room. They’ll be out of the way of dust and builders, but still easily accessible.

Items used less often can be packed in cardboard boxes and stored out of the way. Pack them carefully and label each box with the general contents. It’s a great idea to take photos of the box and label in its new location, so you can easily find things during the renovation or when you’re unpacking after the work is complete.

Organize 1: Hannah Brown, original photo on Houzz

Consider your needs. If you’re planning an interior remodel to change the way you use your space, think about why you want to change the layout. Do you need a safe play area for young children, or maybe a small office space to facilitate working from home?

Provide your designer or architect with as much information as possible about how you want to use your space, so he or she can make it really work for you. A good professional will listen and provide a solution tailored to your requirements. In this dining area, for example, the designer has incorporated neat wine storage beneath the bench seating.

Look at the space objectively. Once you have an idea of how you want your renovated space to look, you can plan your decluttering strategy. Take a few photos of your room and look at them with a friend or relative whose opinion you trust. Talk about what you need to take out to achieve your desired look. This will help motivate you as you declutter, getting rid of everything that doesn’t contribute toward your goal.

Also, think about whether you want to take on the mammoth task of decluttering yourself, or whether it’s worth calling in a professional organizer to help you declutter at the outset.

Organize 2: ZeroEnergy Design, original photo on Houzz

Use storage that moves. Plastic storage boxes on wheels will come in very handy, as you’ll probably be moving things around to give your builders access around the house.

If you’re planning a bedroom refurbishment, you’ll need to be selective about which clothes and toiletries you pack away and which you want to keep on hand for the duration of the improvements. A portable covered clothes rail and some lightweight drawers on wheels can store a capsule wardrobe and keep your clothes dust-free.

Think about daily routines. Most home remodeling projects involve some disruption, so plan ahead for changes to your daily routine. If you’re having your kitchen renovated, you could think about setting up a mini cook station elsewhere in the house. This could be something as simple as a table and microwave.

Related: Search for Console Tables

Alternatively, you could arrange to stay somewhere else for a while. Pets might also need a place to go; ask a friend to help out or research reputable pet sitters in your area.

Organize 3: Kelly Hoppen London, original photo on Houzz

Store valuables securely. While it’s important that you trust your builders, there will be periods during the renovation when your home will be left unlocked. It might possibly be without windows, doors and even walls at some point. In addition, a stream of tradespeople will be coming and going. So take precautions and keep valuables in a safe in your home, or in a deposit box off-site.

Make some room. Almost any renovation project will require you to be living in fewer rooms than usual, and these areas will probably need to be multifunctional. If you’re not going to keep all your room furniture when the work is finished, it’s a good idea to pass pieces on or sell them before the work starts. Decluttering prior to the renovation means you’ll have fewer items to move, pack, store and unpack once the work is finished.

If you’re planning to use a garage or loft for storage during the project, check in advance that large items will fit through doors and openings. Also, make sure you’ve cleared out sufficient space for the furniture to fit. Alternatively, you could rent a secure storage locker while the renovation is taking place.

Organize 4: The Posh Shed Company, original photo on Houzz

Don’t forget the outside. If your project involves some external work, do that outside decluttering you’ve been putting off. Clear away all those items you’ve left outside to deal with in the future, as the future has now arrived! Rent a dumpster or a van and get rid of your accumulated junk. If it’s not junk, add to your project budget by selling your unwanted possessions.

Gather everyday essentials. With all the disruption of a home improvement project, it’s crucial that you don’t lose essentials such as your keys, phone, chargers, project paperwork and tape measure. Consider setting up a special workstation to keep these necessities on hand.

By Hannah Young, Houzz

Market News • May 10, 2017

Colorado Real Estate Market Update

by Windermere Economics

ECONOMIC OVERVIEW

Annual employment in Colorado grew by a respectable 2.3% in February, which equated to about 64,000 new jobs over the past 12 months. Within the metropolitan market areas included in this report, employment has been mixed, with Denver, Fort Collins, and Colorado Springs reporting above-average growth. However, Greeley and Grand Junction saw a modest decline in employment.

In February, the unemployment rate in Colorado was 2.9%, down from 3.3% a year ago. The lowest reported unemployment rates were in Fort Collins and Boulder, at just 2.6%. The highest rate was in Grand Junction, but it was still a respectable 4.7%.

HOME SALES

There were 11,640 home sales during the first quarter of 2017, an annual increase of 2.2%.
Arapahoe County saw sales grow at the fastest rate over the past 12 months, with a 7.9% increase. There were also impressive increases in Douglas County. There were very modest sales declines in the relatively small Larimer and Weld Counties.
Listing activity remains well below historic averages, with the total number of homes for sale in the first quarter 10.7% below that seen a year ago.
Home sales are generally higher than seen a year ago, but inventory levels are well below where they need to be to satisfy would-be buyers.

HOME PRICES

With demand remaining strong, home prices continue to escalate. In the first quarter of this year, average prices rose by 8% when compared to a year ago. Average home prices across the region broke the $400,000 barrier at $402,273.
Home prices remain well above historic highs and continue to trend upward. While there are very modest slowdowns in price growth—possibly a function of rising interest rates—they should continue to appreciate at above-average rates throughout 2017.
Appreciation was strongest in Arapahoe and Weld Counties, where prices rose by 12.2% and 10.1% respectively.
The housing market remains strong and this will continue until we see a substantial increase in the number of homes for sale, which is unlikely in the near-term.

DAYS ON MARKET

The average number of days it took to sell a home dropped by one day when compared to the first quarter of 2016.
Homes in a majority of the counties took less than a month to sell.
During the first quarter, it took an average of 30 days to sell a home. This is down by one day compared to the same time last year.
Demand remains very strong across the region, which is evident by the remarkably short amount time that it takes to sell a home.

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. In the first quarter of 2017, the needle remains well into seller’s territory. The recent increases in mortgage rates have not had any dampening effect on either demand or home prices, and I expect this will remain unchanged through the end of the year.

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.

Market News • May 9, 2017

Nevada Real Estate Market Update

by Windermere Economics

ECONOMIC OVERVIEW

Employment in the Las Vegas area continues to improve, reporting a 3.2% increase compared to first quarter of last year, while the unemployment rate remained essentially the same. As of February, 966,300 people were employed in the Las Vegas market, up by 29,900 from February 2016. Another good sign is that the labor force continues to expand, suggesting that there is more confidence in the area’s economy. I believe we will continue to see the job market improve as we move through the year

HOME SALES

A total of 8,623 homes sold in the first quarter, which was an increase of 11.9% over the same period a year ago. Sales were 14.2% lower than last quarter, but I believe that’s due to seasonality.
Home sales were somewhat less robust in the North Las Vegas, Summerlin, and Green Valley/Henderson sub-markets, but this is likely due to low inventory and is not a cause for concern.
There were sizable increases in home sales in a majority of the sub-markets reviewed within this report, but sales grew the fastest in the Southeast Las Vegas sub-market, which saw a 24% increase when compared to a year ago.
Inventory levels remain very low, with 28% fewer homes for sale than the same period in 2016. We may see a spring “bump” in listings; however, the market is going to remain very tight for the foreseeable future.

HOME PRICES

Over the past year, home prices in the region rose by 7.8% to $245,121. When compared to the fourth quarter of 2016, prices are up by 2.3%.
The relatively affordable downtown sub-market saw the strongest annual growth, with home prices rising by 20.3% to $158,300. Double-digit gains were also seen in the Green Valley/Henderson, Sunrise, and Whitney neighborhoods.
Prices rose in all sub-markets when compared to the first quarter of 2016, with several continuing to rise at rates that are well above their long-term averages.
The only market that did not see prices rise significantly over the past year was in the Southeast Las Vegas market.

DAYS ON MARKET

The average time it took to sell a home in the region dropped by 16 days when compared to the first quarter of 2016.
It took an average of 47 days to sell a home in the first quarter of this year, which is two days higher than seen last quarter.
The length of time it takes to sell a home dropped in all the Las Vegas sub-markets compared to a year ago.
The greatest drop in days-on-market was in the Green Valley/Henderson and Southwest sub-markets, which both dropped by 22 days when compared to the same quarter in 2016.

CONCLUSIONS

The speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors. Employment growth in Clark County has picked up again, and this bodes well for the housing market in this region. Due to the low number of homes for sale, home prices continue to increase despite rising mortgage rates. Given these factors, I have moved the speedometer more towards the seller’s side. Inventory levels are still very low and competition for well-located—and well-priced—homes remains high.

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.

Market News • May 8, 2017

Eastern Washington Real Estate Market Update

by Windermere Economics

ECONOMIC OVERVIEW

I’m happy to report that Washington State continues to add jobs at a steady rate. While the rate of growth is tapering, this is because many markets are getting close to “full employment”, during which time growth naturally slows. That said, I believe that the state will add around 70,000 jobs in 2017. Eastern Washington continues to see employment growth, albeit modest in some markets, as well as a decline in unemployment. It is still my expectation that we will continue to see the regional economy improving as we move through the balance of the year.

HOME SALES

Home sales throughout Eastern Washington fell very modestly in the first quarter when compared to the same period in 2016. In total, there were 2,383 home sales in the first quarter of this year—a drop of 0.3%.
Sales rose at the fastest rate in Spokane County, which had an 8.5% increase over the first quarter of 2016. There were also reasonable increases in Kittitas County.
A majority of counties in the region saw home sales fall relative to the first quarter of
2016, but two counties did experience an increase. The number of pending home sales, which are an indicator of future closings, was down across the board. We are likely to see slower sales until later this spring at the earliest.
As I suggested in my last report, sales are a product of supply and Eastern Washington is sadly lacking in the number of homes that are on the market. Listing activity is down by 28% from the first quarter of 2016 and the decline in sales is a natural result of this.

HOME PRICES

Year-over-year, average prices in the region rose by 8.3% to $228,955. Although home prices did fall compared to last quarter, this rate of growth remains well above average.
Whitman County had the greatest price growth, with homes selling for 25.2% above that seen a year ago.
All but one of the counties in this report saw prices rise when compared to the first quarter of 2016, with four counties exhibiting price growth over 10%.
The key takeaway here is that home price growth continues at above-average rates because of very limited supply.

DAYS ON MARKET

The average number of days it took to sell a home dropped by 17 days when compared to the first quarter of 2016.
The average time it took to sell a home in the region was 76 days.
Okanogan County was the only area where the average days on market rose (from 130 to 131 days).
Counties where homes sold the fastest were Franklin and Benton—the same two counties that saw the fastest pace of sales last quarter.

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 first quarter of 2017, I moved the needle a little more in favor of sellers. The rapid increase in mortgage rates during the fourth quarter of 2016 has slowed and buyers are clearly out in force. Home prices continue to increase as the number of homes for sale drops. The market remains staunchly in favor of sellers, and this is unlikely to change in the near- to mid-term.

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.

Market News • May 3, 2017

Southern California Real Estate Market Update

by Windermere Economics

ECONOMIC OVERVIEW

The markets covered by this report, which include Los Angeles, San Diego, San Bernardino, Orange, and Riverside Counties, added 115,900 new jobs between February 2016 and February 2017, and the unemployment rate dropped from 5.2% to 4.6%. This represents fewer new jobs than were seen in our last report, but as we continue to move toward “full employment”, a slowing in employment growth is to be expected.

HOME SALES

There were a total of 40,561 home sales in first quarter of this year. This was 5.1% higher than the same period in 2016, but 12% lower than the fourth quarter of last year. This can be attributed to the continued low level of homes for sale throughout the region.
The average number of homes for sale remains well below that seen a year ago (-15.2%), reversing the more modest decline in listings that we saw in the last quarter of 2016.
Home sales were up across the board, with Riverside County continuing to hold the lead with a substantial 10.6% increase relative to the same period in 2016. Healthy sales were also seen in San Bernardino County. San Diego County experienced some slowing in home sales, but that’s likely due to the fact that the number of homes for sale is down 20% compared to a year ago.
With just 31,000 active listings in the first quarter, sellers are firmly in the driver’s seat. I remain hopeful that inventory levels will rise as we move through the spring; however, the Southern Californian markets are likely to see a housing supply shortage through the balance of the year.

HOME PRICES

Average prices in the region rose by 5.3% compared to first quarter of 2016, and are 2.6% higher than fourth quarter of 2016.
Home values in San Diego, Los Angeles and Orange Counties rose to levels that are getting close to their pre-recession peaks. It is possible that home prices —in concert with rising mortgage rates—are likely to slow at some point, but not quite yet.
San Bernardino County saw the greatest annual appreciation in home values (+7.7%). This was followed by Riverside County, where the average price rose 7.2% year-over-year.
Pending home sales continue to trend higher, but are slowing due to tight inventory levels. Demand remains strong and sales prices will likely continue their upward trajectory as buyers outnumber sellers.

DAYS ON MARKET

The average time it took to sell a home in the region was 56 days. This is a drop of 11 days when compared to the first quarter of 2016, but two days longer than in the fourth quarter of 2016.
The biggest drop in the number of days it took to sell a home was in San Bernardino and Orange Counties, where it took 14 fewer days to sell a home compared to a year ago.
Homes in San Diego County continue to sell at a faster rate than the other markets in the region. In the first quarter, it took an average of 34 days to sell a home, which is four days less than a year ago.
All five counties saw a drop in the amount of time it took to sell a home between the first quarter of 2016 and the first quarter of 2017.

CONCLUSIONS

The speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

The Southern California economy continues to add jobs, which in turn is increasing the already-high demand for housing. Rising mortgage rates have had a modest effect on slowing home price growth, but they are getting close to record territory in several of the region’s markets.

I was hopeful that we would see a bit of a spring “bump” in listings, but that has not been the case. As such, the market continues to strongly favor sellers, so I have moved the needle a little more in their direction.

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.

More • May 2, 2017

Windermere Welcomes China to 31st Windermere Cup This Saturday

by Shelley Rossi

For the past 31 years, Windermere Real Estate and the University of Washington have joined together to host the annual Windermere Cup rowing regatta, which brings the world’s best crews to Seattle to compete against the nationally acclaimed UW men’s and women’s teams. Held annually on the first Saturday in May, the Windermere Cup is both an international sporting event and opening day party, followed by the world’s largest boat parade.

This year’s event will see the Huskies take on the Shanghai men's and women's High-Performance Rowing teams from China on Saturday, May 6. This matchup will mark the third time that a team from China has travelled to Seattle to compete in the Windermere Cup. Their first appearance came 27 years ago when the People’s Republic of China took home the Windermere Cup ahead of Navy, Washington, and Cambridge. Twelve years later the Chinese men’s rowing team returned for the 2002 Windermere Cup.

In addition to the crew races, the family-friendly Windermere Cup event also includes food vendors, booths to purchase UW and Windermere Cup apparel and commemorative gear, as well as a bouncy house for the kids.

Windermere Cup App:

The crew races start at 10am and end around noon. Following the final Windermere Cup race is the Seattle Yacht Club’s Opening Day Boat Parade. Download the Windermere Cup App to access schedule and team information, and for live race results: https://event.crowdcompass.com/windermerecup17

Windermere Cut Cinco de Mayo Party:

A new addition to this year’s event is the Windermere Cut Cinco de Mayo party down along the north shore of the Montlake Cut. Twenty dollars gets you into the beer/margarita garden where you can listen to Spike and the Impalers while munching on food from one of three Mexican food trucks. For more information and to buy tickets go to Brown Paper Tickets.

Windermere Cup Book:

This book is about the athletes, colorful characters, and brilliant people the Windermere Cup rowing regatta has featured every first Saturday in May since 1987. Through interviews, original documents and pages upon pages of breathtaking photographs, author Gregg Bell captures this event’s more than 30 remarkable years, its spirit and its soul.

The Windermere Cup is a touchstone for our company, our family of offices and agents, and the University of Washington. Not only is this an international sporting event, it’s a celebration of camaraderie, teamwork, and community – and truly great tradition that we are honored to be a part of.

For more information please visit windermerecup.com and follow us at Facebook.com/WindermereCup and @WindermereCup on Twitter.

Market News • May 1, 2017

Western Washington Real Estate Market Update

by Windermere Economics

ECONOMIC OVERVIEW

I’m happy to report that Washington State continues to add jobs at a steady rate. While the rate of growth is tapering, this is because many markets are getting close to “full employment”, during which time growth naturally slows. That said, I believe that the state will add around 70,000 jobs in 2017. Washington State, as well as the markets that make up Western Washington, continues to see unemployment fall and I anticipate that we will see this rate drop further as we move through the year. In all, the economy continues to perform at or above average levels and 2017 will be another growth year.

HOME SALES

There were 15,652 home sales during the first quarter of 2017. This is an increase of 9.5% from the same period in 2016, but 20.7% below the total number of sales in the final quarter of 2016.
With an increase of 45.5%, sales in Clallam County grew at the fastest rate over the past 12 months. There were double-digit gains seen in an additional 10 counties, suggesting that demand remains very robust. The only modest decline in sales was seen in Grays Harbor County.
The number of homes for sale showed no improvement at all, with an average of just 6,893 homes for sale in the quarter, a decline of 33% from the previous quarter and 25% from the first quarter of 2016. Pending sales rose by 2% relative to the same quarter a year ago.
The key takeaway from this data is that 2017 will offer little relief to would-be home buyers as the housing supply remains severely constrained.

HOME PRICES

With demand continuing to exceed supply, home prices continued to rise at above-average rates. Year-over-year, average prices rose by 9.5% but were 1.1% lower than in the final quarter of 2016. The region’s average sales price is now $409,351.
Price growth in Western Washington is unlikely to taper dramatically in 2017 and many counties will continue to see prices appreciate well above their long-term averages.
When compared to the same period a year ago, price growth was most pronounced in Kittitas County, which rose by 19.6%. Double-digit price growth was seen in an additional 10 counties. The only market where the average price fell was in the ever-volatile San Juan County.
It is clear that rising interest rates have not taken much of a sheen off the market.

DAYS ON MARKET

The average number of days it took to sell a home in the first quarter dropped by 16 days when compared to the first quarter of 2016.
King County remained the tightest market, with the average time to sell a home at just 31 days. Island County was the only area where it took longer to sell a home than seen a year ago; however, the increase was just one day.
In the first quarter of the year, it took an average of 70 days to sell a home. This is down from the 86 days it took in the first quarter of 2016, but up from the 64 days it took in the final quarter of last year.
Given woefully low levels of inventory in all Western Washington markets, I do not expect to see the length of time that it takes to sell a home rising in 2017. In fact, it is likely that it will continue to drop.

CONCLUSIONS

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.

More • April 27, 2017

Over half-a-million dollars has been disbursed to non-profits so far this year!

by Windermere Foundation

Thanks to the generosity of Windermere agents and the community, the Windermere Foundation collected over $325,000 in donations during the first quarter of 2017. This is an increase of 17 percent compared to this time last year! Individual contributions and fundraisers accounted for 55 percent of the donations, while 45 percent came from donations through Windermere agent commissions. So far, we have raised a total of $33,431,017 in donations since 1989.

Each Windermere office has its own Windermere Foundation fund account that they use to make donations to organizations in their communities. Year to date, a total of $545,354 has been disbursed to non-profit organizations dedicated to providing services to low-income and homeless families throughout the Western U.S.

One organization that has been the recipient of Windermere Foundation funds is the Colorado Coalition for the Homeless. The Colorado Coalition for the Homeless operates a range of integrated programs to support children and families. These include family support services, pediatric services, eye and dental care, child, adolescent, and family therapy, and child care.

A recent donation from the Windermere Real Estate office in Centennial, Colorado is helping to fund the Coalition’s Family Support Services Program. The program provides services including emergency shelter information and referrals, housing information and referrals, referrals to other agencies, programming designed specifically to meet needs of children ages birth to 6 years, access to medical and mental health services, and diapers and baby supplies.

Generous donations to the Windermere Foundation over the years have enabled Windermere offices to continue to support local non-profits. If you’d like to help support programs in your community, please click on the Donate button.

To learn more about the Windermere Foundation, visit http://www.windermere.com/foundation.