Design August 4, 2021

Windermere Living: Board it Up

This article originally appeared in the Summer 2021 issue of Windermere Living

By Naomi Tomky | Photography by Carly Diaz | Food Styling By Anne Parker

 


For an intimate gathering or celebration, or just to change up a weeknight dinner, charcuterie boards are impressive crowd-pleasers.

Once an innocuous appetizer, charcuterie boards are stealing the show as stunning smorgasbords studded with salami roses and a rainbow of ripe vegetables, flamboyant fruits, and sweet and savory snacks. Traditionally, charcuterie boards are composed of meats and cheeses—the name even comes from the French for “cooked flesh.” A part of French culinary art since at least the 15th century, they were considered the food of the bourgeoisie for hundreds of years before catching on with higher-end cooks. Now, they return to accessibility as people find ways to customize their boards and feature all sorts of spreads. Trays and wood blocks can be artfully piled with everything needed for a build-your-own brunch buffet, a vegan midday meal, or an elegant soirée starter. Boards tap into a host’s creative side as an easy, fun way to put out an incredible spread that pleases every type of person. “I love making them for entertaining,” says Amy Holt of Peas Thank You in Venice, California, “because it’s a centerpiece for conversation.”

 

Photography by Carly Diza – Food Styling by Anne Parker

 

At cocktail parties, casual gatherings, or before a sit-down dinner, charcuterie board–style spreads allow people to create their own bites and discuss what they paired and how they ate it—functioning as both food and icebreaker. The chameleon of catering, boards fit in as easily at a small family picnic as they do at an upscale event, while also giving people more flexibility than a set menu: hungrier guests can make almost a full meal of the offerings, while lighter eaters can sparsely snack. But the ultimate asset of an attractive board to anchor an event is the freedom to indulge artistic whims in building a creative, edible assortment. Expert charcuterie board makers from around the West talk about how they design their signature creative boards with both classic snacks and unorthodox offerings in elegant arrangements for family, friends, and gatherings large and small.

Magnificent Morning

When a client for her charcuterie board business requested a bagel spread for a bar mitzvah, Sylvie Stulic, of the Bay Area’s On the Board Gourmet, saw it as the perfect opportunity to get creative. Now it’s part of her standard offerings, and she’s gained knowledge on the best way to build a bagel board.

Functional Design

The big size and flavor of caperberries always draws wows, says Stulic, while she adds extra brightness with red sweetie drop peppers. “I love to include a floral element,” she says, which may be actual (edible) flowers or cucumbers styled into roses. One standard bagel fixing not found on the bagel boards, though, are onions. “They contaminate the other flavors,” Stulic explains.

Tips of the Tray

Unless the board is enormous, Stulic slices and cuts the bagels in half so that they don’t visually overwhelm everything else. She uses the halves to create a line down the middle and creates symmetry with the colors around it. Aim to keep the bagels surrounded by dry ingredients so they don’t get soggy on the board. For serving a crowd or an event, bagels work well because they are traditionally eaten at room temperature. But at home, she branches out, creating similar breakfast spreads for her family out of crepes, waffles, and pancakes.

 

Photography by Carly Diza – Food Styling by Anne Parker

Creative Colors

The rainbow platters made by Amy Holt of Peas Thank You in Venice, California, stand out for their bold use of patterns, whether as a fun fruit display, a vegan snack selection, or a traditional meat and cheese board.

Shop Savvy

“Start at the farmers market,” says Holt. That’s the best place to find natural-looking fruits and vegetables, like radishes with their stems and broccolini with flowers. But even if limited to a grocery store, she can look for the same effect with tomatoes on the vine and celery with nice leaves to use as a garnish. Instead of buying pre-sliced meats or trying to slice them at home—especially for small boards that only need a few slices of each type of meat—Holt uses the deli counter at the grocery store, which will cut them to order. Holt uses honeycomb on cheeses and tops a chia seed pudding with toasted coconut to add special touches.

Tips of The Tray

Bring variety in shapes as well as color by cutting and stacking the food creatively: put berries on a skewer, clip the grape bunches into manageable sizes, and fold the meat in different ways. Start with the biggest things first by plating any dips or spreads. Holt uses a coconut chia seed pudding as the anchor to her fruit boards and hummus on her vegan spread. Arrange foods in groups of three, and always use odd numbers, as they are more naturally pleasing to people. Use triangle formations to direct the eye across platters, drawing attention to the whole board, rather than a single spot or line. Finish by tossing a small, attractive garnish all over the board—berries, little tomatoes, or cilantro flowers—to add a decorative touch.

 

Photography by Carly Diza – Food Styling by Anne Parker

Edible And Upscale  

When the fashion industry slowed down during the pandemic and the events Rona Argana once planned dried up, she used her sharp eye for design to craft grazing boxes as gifts to send to her friends. That turned into For Love and Graze, her North Hollywood, California business that spins casual snack platters into eye-catching displays.

Ingredients for Elegance

Use the green color of leaves to signify freshness, says Argana. She likes mint sprigs in the spring, rosemary and sage in the winter. (Keep them well hydrated ahead of time, so they last longer.) Fancy can still be fun, and she loves to use letter-shaped cookie cutters and slices from a log of mozzarella cheese to add celebratory messages. Savory needs a balance of sweet, so even her traditional snack boards always include a sugary nibble like chocolate-covered almonds or yogurt-covered pretzels.

Tips of the Tray

Start by setting out a neutral color palette of the crackers, meats, and cheeses. Then bring in a limited range of colors, sticking to greens, oranges, and reds. Balance each color with multiple tones and items: use both olives and grapes for green and offset the reds from berries with similar shades of citrus. Most of all, Argana says, don’t forget the purpose of the creation, and consider the flavors as much as the colors: “Make sure it tastes as good as it looks.”

 

Read the full issue here: Windermere Living – Summer 2021

Market News August 4, 2021

Q2 2021 Park City, Utah Real Estate Market Update

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

 

Regional Economic Overview

Utah’s impressive post-COVID job recovery continues unabated. In the first quarter Gardner Report, I reported that the state had not only recovered all the jobs that were lost due to the pandemic, but employment was continuing to rise. This trend has continued. With 96,400 jobs added over the past year and 14,500 over the past quarter, total employment is now 26,900 jobs higher than the pre-pandemic peak. The only other state in the country that has recovered all the jobs lost due to COVID is Idaho. With a full recovery in the job market, it’s no surprise the jobless rate dropped further to 2.7% in June—its lowest level since March 2020 and the second-lowest rate in the nation; only Nebraska is lower at 2.5%.

park city, utah Home Sales

❱ In the second quarter of 2021, 76 homes were sold in Park City, more than doubling the total number of sales in the same quarter a year ago, but down 12.6% from the first quarter of this year.

❱ Sales rose in all but two markets and doubled in seven of them. However, I would note that the pandemic was gripping the nation last summer, which clearly impacted sales and skewed growth-rate data.

❱ Although the number of homes for sale rose 12.3% from the first quarter, inventory levels were 47% lower than a year ago, which is impacting sales. I would like to see more homes come to market in the second half of the year, but I am not sure that will be the case.

❱ Pending home sales were 22.6% higher than a year ago, but down 28.3% from the first quarter of 2021 due to persistent supply limitations.

A bar graph showing the annual change in home sales for various areas in Park City, Utah.

park city, utah Home Prices

❱ The average home price in Park City rose 53.9% year over year to $2.347 million, but prices were 12.2% lower than in the previous quarter.

❱ Only one neighborhood—Kamas & Marion— saw average sale prices below $1 million. The most expensive home sales were again in the Canyons & The Colony, where the average price came in at $10.89 million.

❱ Prices rose in all neighborhoods other than Canyons & The Colony. Because there were no sales reported there a year ago, I cannot make a comparison. All other areas saw double-digit increases.

❱ Of note is that four neighborhoods saw average prices breach the $1 million mark in second quarter. These were Heber, Midway, Summit Park, and Wanship/Hoytsville/Coalville/Rockport.

A bar graph showing the annual change in home sale prices for various areas in Park City, Utah.

Days on Market

❱ The average time it took to sell a home in the Park City area dropped 46 days compared to the second quarter of 2020.

❱ The amount of time it took to sell a home dropped in ten neighborhoods relative to the second quarter of last year and was down in six areas compared to the previous quarter.

❱ In the second quarter, it took an average of only 13 days to sell a home. Homes sold fastest in the Wanship/Hoytsville/Coalville/Rockport, Pinebrook, and Jeremy Ranch neighborhoods, and slowest in the Canyons & The Colony neighborhoods.

❱ The significant drop in market time can again be attributed, at least in part, to the ongoing impact of the local listing service instituting a rule that new construction developments add sales “en-masse.”

A bar graph showing the average days on market for homes in various areas of Park City, Utah.

Conclusions

A speedometer graph indicating a seller's market in the Park City, Utah area.

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.

Compared to most of the country, Utah’s economy is flourishing, and this is undoubtedly influencing expensive markets like Park City. Financing costs remain very competitive, which is driving demand as supply levels remain very low. I doubt there will be enough improvement to the number of homes for sale to meet buyer demand, which will continue to cause prices to rise at a very significant pace.

Given all these factors, sellers continue to control the market, and I am therefore moving the needle more in their favor.

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

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.

Market News August 4, 2021

Q2 2021 Utah Real Estate Market Update

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

 

Regional Economic Overview

Utah’s impressive post-COVID job recovery continues unabated. In the first quarter Gardner Report, I reported that the state had not only recovered all the jobs that were lost due to the pandemic, but employment was continuing to rise. This trend has continued. With 96,400 jobs added over the past year and 14,500 over the past quarter, total employment is now 26,900 jobs higher than the pre-pandemic peak. The only other state in the country that has recovered all the jobs lost due to COVID is Idaho. With a full recovery in the job market, it’s no surprise the jobless rate dropped further to 2.7% in June—its lowest level since March 2020 and the second-lowest rate in the nation; only Nebraska is lower at 2.5%.

utah Home Sales

❱ In the second quarter of 2021, 9,689 homes sold, representing a modest 1.2% increase year over year, and a very significant 42% increase compared to the first quarter of the year.

❱ Sales activity rose in four counties but dropped in three. Summit County saw a massive increase in sales. Wasatch County also saw impressive gains. Sales dropped most in Morgan County, but because this is a very small market I’m not concerned.

❱ What aided the jump in sales from the first quarter was an increase in listing activity. Inventory of available homes rose more than 50% compared to the first quarter. Although this is good news, listing activity is still down more than 55% from this time a year ago.

❱ Pending sales rose across the board compared to the first quarter, with significant increases in Utah, Davis, Salt Lake, and Wasatch counties. With pending sales up more than 30% from the prior quarter, there will likely be solid growth in closed sales in the upcoming quarter.

A bar graph showing the annual change in home sales for various counties in Utah.

utah Home Prices

A map showing the real estate market percentage changes for various counties in Utah.

❱ A rock-solid economy and low mortgage rates had buyers out in force. That said, even with supply levels improving, demand is still outpacing supply, which has led to significant price gains. Year over year, the average home price in the region rose 41.8% to $578,648. Prices were 8% higher than in the first quarter of 2021.

❱ Although the data shows remarkable home price growth, the pandemic had a significant impact on housing during the second quarter of last year. As such, I anticipate the yearly change in prices will soften in the third quarter but remain well above the long-term average.

❱ Home price growth was led by Wasatch County, but rose by very significant rates across all the counties contained in this report. Of note is that Summit and Wasatch counties saw average sale prices above the $1 million level in the second quarter.

❱ The takeaway here is that, while the number of homes on the market did improve relative to the previous quarter, there continues to be a shortfall in inventory, which has led prices to rise at a significant pace.

A bar graph showing the annual change in home sale prices for various counties in Utah.

Days on Market

❱ The average number of days it took to sell a home in the counties covered by this report dropped 28 days compared to the second quarter of 2020.

❱ Homes sold fastest in Davis County, with sales occurring in less than two weeks in an additional four counties. The greatest drop in market time was in Summit County, where it took 63 fewer days to sell a home than it did a year ago.

❱ During the second quarter, it took an average of only 19 days to sell a home in the region, which is down 14 days compared to the first quarter of this year.

❱ Days-on-market data provided further proof of the supply/demand imbalance mentioned throughout this report. Unfortunately, I do not see any signs of supply levels rising enough to meet buyer demand.

A bar graph showing the average days on market for homes in various counties in Utah.

Conclusions

A speedometer graph indicating a seller's market in Utah.

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.

Strong economic growth—in concert with persistently low mortgage rates—continues to drive housing demand. Even with the increase in listings in the second quarter, many buyers are frustrated by the level of competition for the homes that are for sale.

It remains, undeniably, a seller’s market, and I have therefore moved the needle a little more in their favor.

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

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.

Market News August 3, 2021

Q2 2021 Idaho Real Estate Market Update

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

 

Regional Economic Overview

The post-COVID job recovery continues at an impressive rate. As discussed in last quarter’s Gardner Report, the state has not only recovered all of the 79,600 jobs that were shed during the pandemic but has added 16,300 new positions. Utah remains the only other state that can make this claim. With such a strong recovery, and additional new hiring, it is no surprise to see the unemployment rate continuing to trend lower. It currently stands at only 3%—almost half the national rate of 5.9%. New COVID-19 cases have risen in recent weeks, but not to a level that is likely to slow down the state’s robust rate of economic growth. That said, if there are significant increases in infections, it may take some of the momentum away. I remain hopeful this will not be the case.

idaho Home Sales

❱ In the second quarter, 6,023 existing homes sold, representing a drop of 4.7% year over year. However, because the pandemic was in full swing a year ago, I think it’s more meaningful to consider the second quarter sales increase of 21.7% relative to the first quarter of this year.

❱ Due to the pandemic, comparing the current quarter to a year ago does not give an accurate picture, but compared to first-quarter data, home sales showed solid growth in all counties. Bonner and Kootenai led the way in the north, and Boise and Blaine in the south.

❱ Year-over-year sales showed significant growth in all of the Northern Idaho counties contained in this report. In the southern part of the state, sales soared in Blaine County, were modestly higher in Boise and Gem counties, but were lower in all other markets.

❱ Pending sales rose 3.4% from the first quarter of this year, suggesting that the third quarter will be positive. This may also be aided by higher levels of inventory, which were up almost 55% compared to the first quarter.

A bar graph showing the annual change in home sales for various counties in North and South Idaho.

idaho Home Prices

A map showing the real estate market percentage changes for various counties in Idaho.

❱ Compared to a year ago, the average home price in the region rose 44.4% to $558,161. Prices were also up 8% compared to the prior quarter.

❱ Southern Idaho also saw significant year-over-year gains. Boise County jumped almost 67%. Of additional note was that prices were only .6% higher in Southern Idaho compared to the prior quarter.

❱ Prices rose year over year by at least 47% in all Northern Idaho counties covered by this report, and they were 9% higher than in the first quarter of this year. Some suspect that prices are being driven up by an increase in buyers from nearby Spokane, Washington moving to Northern Idaho where prices and supply are better, and it’s close enough to commute to Spokane for work.

❱ Buyers still outnumber sellers, which resulted in steep price increases. This may also be a function of mortgage rates rising in the first quarter, which nudged more buyers off the fence even as inventory levels remained very weak.

A bar graph showing the annual change in home sale prices for various counties in North and South Idaho.

Days on Market

❱ It took an average of 68 days to sell a home in Northern Idaho, and 36 days in the southern part of the state covered by this report.

❱ The average number of days it took to sell a home in the region dropped 29 days compared to the second quarter of 2020 and was down 27 days compared to the first quarter of this year.

❱ In Northern Idaho, days-on-market dropped in all counties compared to a year ago, and market time was also lower than in the previous quarter. In Southern Idaho, market time dropped in all counties other than Valley, where it took five more days to sell a home than in the second quarter of 2020. Market time was down across the state compared to the first quarter of this year.

❱ Homes sold fastest in Boise and Ada counties in the southern part of the state, and in Shoshone County in the northern part of the state.

A bar graph showing the average days on market for homes in various counties in North and South Idaho.

Conclusions

A speedometer graph indicating a seller's market in Idaho.

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 economy continues to perform very admirably, and this is allowing buyers to become even more confident in their decision to buy a home. Mortgage rates have pulled back, and while I expect them to tick higher as we move through the year, they will still be remarkably low from a historic standpoint. Inventory levels have risen, but demand is still outpacing supply. Therefore, I have moved the needle more in favor of home sellers.

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

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.

Market News August 2, 2021

Q2 2021 Central Washington Real Estate Market Update

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

 

Regional Economic Overview

I am pleased to report that the Central Washington region has recovered all of the jobs that were lost due to the COVID-19 pandemic. Across the five counties that make up this report, total employment was 220,554, up more than 1,900 jobs from the pre-pandemic peak in March 2020. Given the recovery in the job market, it’s not surprising that the unemployment rate dropped to 6.1%, the lowest level since last October and well below the pandemic peak of 15.4%. The total labor force remains lower than a year ago but is starting to rise again, which may lead the contraction in the overall jobless rate to slow, but I do not anticipate it will rise again. I would add that the current jobless rate is actually lower now than it was before the pandemic appeared.

central washington Home Sales

❱ Home sales in Central Washington were 30.9% higher than a year ago. Given that the pandemic was starting to grip the region at that time, this statistic is not very informative. However, when comparing sales with the first quarter of this year, it was impressive to see an increase of 56.9%, with a total of 1,473 homes sold.

❱ Pending sales were up 54.5% from the first quarter, suggesting that closings in the third quarter will show further growth.

❱ Sales activity rose across the board, with significant increases in Kittitas County and sales in all other markets rising by double-digits.

❱ Inventory levels were down more than 17% compared to the first quarter and were 30% lower than a year ago. This is disappointing, as many other counties across the state are actually seeing the number of homes for sale start to rise. The local market remains very tight, and this will continue to favor home sellers.

A bar graph showing the annual change in home sales for various counties in Central Washington.

central washington Home Prices

A map showing the real estate market percentage changes in various counties in Central Washington.

❱ With low levels of inventory and solid demand, the average home price in Central Washington continued to trend higher. Prices were up 26.8% year over year to $471,858 and were 14% higher than in the prior quarter.

❱ Mortgage rates rose modestly during the first quarter of this year before pulling back in second quarter. This likely nudged many buyers off the fence. Rising mortgage rates and low supply levels have driven prices up.

❱ All counties covered by this report experienced significant price increases, with double-digit gains across the board.

❱ Home-price growth in Central Washington remains well above the long-term average, but affordability is becoming an increasing concern. Douglas and Kittitas counties are now technically unaffordable. As we move through the balance of the year, I expect price growth to continue, but we should see a slowdown in the pace of appreciation.

A bar graph showing the annual change in home sale prices for various counties in Central Washington.

Days on Market

❱ The average time it took to sell a home in Central Washington in the second quarter of 2021 was 36 days.

❱ During the second quarter, it took 28 fewer days to sell a home in Central Washington than it did a year ago.

❱ All counties saw the length of time it took to sell a home drop compared to a year ago, with noticeable improvement everywhere other than Yakima County, though market time there dropped by only 8 days.

❱ It took 21 fewer days to sell a home in the second quarter than it did in the first quarter of this year.

A bar graph showing the average days on market for homes in various counties in Central Washington.

Conclusions

A speedometer graph indicating a seller's market in Central Washington.

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.

Listing activity has not yet risen to a level that meets buyer demand, and this is impacting home prices, which certainly favors sellers. Assuming the number of homes for sale will not rise significantly in the coming months, prices will continue their upward trajectory. At some point though, affordability will start to act as more of a headwind than is currently being experienced. As such, I am moving the needle a little more in favor of sellers.

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

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.

Market News August 2, 2021

Q2 2021 Eastern Washington Real Estate Market Update

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

 

Regional Economic Overview

The Eastern Washington job market continues to recover following the loss of more than 47,000 jobs due to the pandemic. The latest numbers show that all but 6,300 of the jobs lost have returned, with solid numbers after the state reopened fully. It was interesting to note that the Benton/Franklin market has now recovered all of the jobs that were lost due to COVID-19, and Walla Walla and Lincoln counties have reached almost a full recovery. Spokane County is still down 3,500 jobs from its pre-pandemic peak, which is expected given its size. That said, I would not be surprised to see a full recovery there by the end of the summer, if not sooner. With jobs returning, the unemployment rate continues to decline. The latest data shows the region’s unemployment rate is down to 5.1% from 11.4% a year ago.

eastern washington Home Sales

❱ Home sales throughout Eastern Washington rose 15.4% compared to the same quarter in 2020. Given that the pandemic was in full swing at that time, these stats aren’t very informative. Of greater interest was that sales rose 47.9% from the first quarter of this year.

❱ Listing activity was up more than 26% from the first quarter, which explains the rapid growth in sales. That said, the number of homes for sale is still 52% lower than during the early pandemic period.

❱ Year-over-year, sales rose by double digits across the board. Of particular note was significant growth in Whitman, Spokane, Lincoln, and Walla Walla counties compared to the first quarter of this year.

❱ Pending home sales, which are an indicator of future closings, were 38.3% higher than in the first quarter. This suggests that closings in the third quarter will be positive.

A bar graph showing the annual change in home sales for various counties in Eastern Washington.

eastern washington Home Prices

A map showing the real estate market percentage changes in various counties in Eastern Washington.

❱ Year-over-year, the average home price in Eastern Washington rose a very significant 28.8% to $410,242. Home prices were also 14.1% higher than in the first quarter of this year.

❱ Demand remains strong, and, even with greater inventory of homes for sale, prices continue to rise at well-above-average rates.

❱ Prices rose in every county, and all but one county saw double-digit increases. Lincoln, Walla Walla, and Spokane counties all experienced significant growth.

❱ Mortgage rates pulled back in the quarter, but I expect them to rise modestly as we move through the year. This will have some impact on the pace of home price growth, but a larger factor will be affordability. Spokane County is verging on becoming technically unaffordable for buyers, and all counties aside from Lincoln are now considered unaffordable for first-time buyers.

A bar graph showing the annual change in home sale prices for various counties in Eastern Washington.

Days on Market

❱ The average time it took to sell a home in Eastern Washington in the second quarter of 2021 was 20 days.

❱ During the second quarter, it took 15 fewer days to sell a home in Eastern Washington than it did a year ago.

❱ All markets saw days-on-market drop compared to the second quarter of 2020, with significant declines in Walla Walla (-27 days), Whitman (-22 days), and Grant (-20 days) counties.

❱ It took 13 fewer days to sell a home in the second quarter than it did during the first quarter of last year.

A bar graph showing the average days on market for homes in various counties in Eastern Washington.

Conclusions

A speedometer graph indicating a seller's market in Eastern Washington.

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.

Eastern Washington’s economy continues to recover, and rising mortgage rates in the first quarter nudged a lot of buyers off the fence. Even with rates pulling back in the second quarter, the belief that they will start to rise again has only increased buyer urgency, which has also been buoyed by growing levels of inventory.

The market will continue to perform strongly as we move through the balance of this year and, even though there are more homes for sale, conditions are still highly competitive. Because affordability issues are increasing, I am leaving the needle in the same place as last quarter, but it remains a seller’s market.

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

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.

Market News July 30, 2021

Q2 2021 Colorado Real Estate Market Update

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

 

Regional Economic Overview

Although the post COVID-19 job recovery took a step backward last winter, it has since picked up again, which is very pleasing to see. At the end of the second quarter, the state had recovered more than 276,000 of the 376,000+ jobs that were shed due to COVID-19. Even though employment levels are still almost 100,000 lower than the pre-pandemic peak, they are heading in the right direction. Looking at the markets contained in this report, current employment levels in Colorado Springs are only 2.2% below the pre-pandemic peak, followed by Denver and Fort Collins, which are both down 3.6% from the 2020 peak. I would add that all markets showed jobs continuing to return. With total employment levels rising, the unemployment rate stands at 6.2%, down from the pandemic peak of 12.1%. Regionally, unemployment levels range from a low of 4.8% in Boulder to a high of 6.3% in Grand Junction. COVID-19 infection rates dropped during the quarter, which is certain to lead to employment levels continuing to rise unless we see another significant increase in infection rates due to the rise of new variants across the country.

colorado Home Sales

❱ The late spring/early summer market was a good one for home sales, which were up 33.9% from a year ago. Comparing the current quarter to a period when COVID-19 was widespread is not that informative, but, with sales up more than 55% from the first quarter of this year, the market appears to be very buoyant.

❱ Sales were higher in all counties other than the very small Clear Creek County. Where sales rose, they did so at double-digit rates in all markets other than Weld.

❱ During the second quarter, 13,428 homes sold. This is very impressive but not overly surprising, given that the average number of homes for sale was up 45% from the first quarter.

❱ Another positive was that pending sales, which are an indicator of future closings, were 42.8% higher than in the first quarter. This suggests that closings next quarter should be positive as well.

A bar graph showing the annual change in home sales for various counties in Colorado.

colorado Home Prices

A map showing the real estate market percentage changes in various counties in Colorado.

❱ Prices continue to appreciate at an impressive pace, recording an increase of 28.1% year over year to an average of $615,409. Home prices were also 10.7% higher than the first quarter of this year.

❱ Buyer demand remains very strong, likely exacerbated by the drop in mortgage rates in the second quarter and improving levels of inventory.

❱ Year-over-year, prices rose across all markets covered by this report, with the exception of Clear Creek County. Of the markets that saw prices rise, all did so by double digits, with very notable gains in Boulder, Gilpin, and Park counties.

❱ Affordability levels continue to trouble me, and the pace of price appreciation has to slow at some point. The market is clearly still out of balance, but as long as the credit quality of buyers remains high, I do not see any cause for concern.

A bar graph showing the annual change in home sale prices for various counties is Colorado.

Days on Market

❱ The average number of days it took to sell a home in the markets contained in this report dropped 14 days compared to the second quarter of 2020.

❱ The amount of time it took to sell a home dropped in every county contained in this report compared to the second quarter of 2020. The exception was Gilpin County, where it rose by only two days.

❱ It took an average of only 14 days to sell a home in the region, which is down 11 days compared to the first quarter of this year.

❱ The Colorado housing market remains very tight, as demonstrated by the fact that it took less than a month for homes to sell in every county other than one.

A bar graph showing the average days on market for homes in various counties in Colorado.

Conclusions

A speedometer graph indicating a seller's market in Colorado.

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.

Sales rose on the back of lower mortgage rates and higher levels of homes available to buy. Although this should signify a move back to a more balanced market, we are not there yet as price growth remains well above the long-term average.

With solid demand and favorable financing rates, the market is expected to remain active as we move through the balance of the year. That said, housing affordability is becoming an increasingly large concern. According to the Colorado Association of REALTORS®, statewide affordability for single-family homes has dropped almost 20% year-over-year and is down 17.8% for multi-family homes.

At some point, an affordability ceiling will be reached, which will slow home-price appreciation—but not yet. As such, I am moving the needle a little more in favor of home sellers, as they remain in the driver’s seat, for now.

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

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.

Market News July 30, 2021

Q2 2021 Southern California Real Estate Market Update

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

 

Regional Economic Overview

Despite a decrease in employment levels last winter, Southern California saw a decent job recovery between May 2020 and February 2021. However, it appears we lost some momentum as COVID-19 cases started to rise again, specifically in Los Angeles County. Although the region has recovered 1.28 million of the 2.02 million jobs that were shed during the pandemic, the region is still more than 720,000 jobs shy of the pre-COVID peak. That said, the region’s unemployment rate in June was 8.8%, down significantly from 15.5% a year ago. Data at the end of the second quarter showed the lowest jobless rates were in Orange (6.4%) and San Diego (7%) counties. The highest rate was, unsurprisingly, in Los Angeles County, where it was 10.5%.

southern california Home Sales

❱ The housing market continued its upward swing, with 52,792 home sales closing in the second quarter, which was a year-over-year increase of 70.5%. However, I would caution not to read too much into this growth rate as COVID-19 heavily impacted sales in the second quarter of last year.

❱ Pending home sales, which are an indicator of future closings, were 10.9% higher than in the first quarter of this year, suggesting that closings in the third quarter will be positive.

❱ Home sales increased across the board, with closings rising in all markets by more than 40%. Sales in Orange and Los Angeles counties nearly doubled.

❱ Listing activity continues to lag, with an average of only 14,747 homes for sale in the quarter. This is 41.8% lower than a year ago, and 6.2% higher than in the first quarter of 2021.

A bar graph showing the annual change in home sales for various counties in Southern California.

southern california Home Prices

A map showing the real estate market percentage changes in various counties in Southern California.

❱ The average home sale price in the region was $984,959. This was 35.7% higher than a year ago and 13.2% higher than in the first quarter of this year.

❱ Mortgage rates rose modestly in the first quarter, which likely got some would-be buyers off the fence. This additional demand, in concert with persistently low supply levels, resulted in significant price appreciation.

❱ The region saw double-digit price growth across all counties contained in this report. Annual prices were up more than 30% in all counties except Riverside—but they only just missed out. On average, prices were up more than $100,000 from the prior quarter.

❱ I still anticipate mortgage rates to rise as we move through the year, but the increase will be very modest. Although prices are expected to rise further, affordability constraints continue to grow, which at some point will slow the remarkable gains we have seen.

A bar graph showing the annual change in home sale prices for various counties in Southern California.

Days on Market

❱ In the second quarter of the year, the average time it took to sell a home in the region was only 19 days, which is 20 fewer days than a year ago and 9 fewer days than in the first quarter of 2021.

❱ All markets contained in this report saw the time it took to sell a house drop compared to both the second quarter of 2020 and the first quarter of this year.

❱ Homes in San Diego County continue to sell at a faster rate than other markets in the region. In the second quarter, it took an average of only 13 days to sell a home there. This is 9 fewer days than it took a year ago.

❱ Comparing days on market to a year ago is not that informative given that the pandemic was in full force then. What is of greater interest is that market time dropped from the first quarter of this year, indicating that conditions are very tight.

A bar graph showing the average days on market for homes in various counties in Southern California.

Conclusions

A speedometer graph indicating a seller's market in Southern California.

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.

Home sales and prices were all higher than in the first quarter of 2021, while the number of homes available to buy remained significantly lower. With solid demand in place, it is staunchly a seller’s market. However, with mortgage rates likely to rise in the coming year, and affordability constraints starting to tighten all markets except perhaps San Bernadino, the pace of price growth must slow at some point.

Even with the headwinds mentioned above, I have still chosen to move the needle a little more in favor of home sellers.

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

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.

Market News July 29, 2021

Q2 2021 Oregon and Southwest Washington Real Estate Market Update

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

 

Regional Economic Overview

The recovery of the jobs lost due to the pandemic continued in the second quarter, but at a significantly slower pace than in the first quarter. Of the more than 285,000 Oregon-based jobs shed during the pandemic, 181,800 have now returned. Though this is positive, state employment is still down more than 100,000 jobs. As I predicted last quarter, it is now clear that Oregon’s efforts to pull back on reopening due to rising COVID-19 cases slowed the velocity of the job recovery, but there was growth in the second quarter.

In Southwest Washington, 16,980 of the more than 22,000 jobs that were lost have returned, and they are returning more quickly than in Oregon.

More hiring has allowed the unemployment rate in Oregon to drop from 6% at the end of the first quarter to 5.6% in June. The jobless rate in Southwest Washington currently stands at 6%, its lowest level since the pandemic took hold.

oregon and southwest washington Home Sales

❱ In the second quarter of the year, 19,614 homes sold, an increase of 37% from the second quarter of 2020. Although an increase was certainly expected given where we were last year, I was also very pleased to see a 59% increase in sales from the first-quarter figure.

❱ The largest increase in sales from the first quarter was in the greater Portland metro area, but all counties contained in this report experienced more transactions.

❱ Sales rose in every county other than Tillamook compared to a year ago, but this is a very small market that regularly experiences extreme swings in the number of sales. In markets where sales rose, all but two of them saw double-digit gains.

❱ Demand remains strong but supply is still lagging. More buyers are getting off the fence after mortgage rates rose in the first quarter. Although rates have pulled back somewhat, the specter of them rising has generated a lot of competition for the homes that are available.

A bar graph showing the annual change in home sales for various counties in Oregon and Southwest Washington.

oregon and southwest washington Home Prices

A map showing the real estate market percentage changes in various counties in Oregon and Southwest Washington.

❱ The average home price in the region continues to soar. Prices were up 26.1% year over year to $532,397 and were 5.8% higher than in the first quarter of the year.

❱ Relative to a year ago, Tillamook County again led the market with the strongest annual price growth, but it is a very small market prone to significant swings. The most expensive market was Hood River County, where the average sale price was $728,700.

❱ All counties contained in this report saw prices rise more than 10%. Prices in Jackson, Klickitat, and Wasco counties were lower than in the first quarter, but I do not see this as being pervasive and I expect them to pick back up as we move through the rest of the year.

❱ Prices continue to rise at an astonishing pace, but many areas are hitting an affordability ceiling. This, in concert with modest increases in mortgage rates, is likely to temper price growth—but just not yet. This year, prices will continue to increase at well above the long-term average.

A bar graph showing the annual change in home sale prices for various counties in Oregon and Southwest Washington.

Days on Market

❱ The average number of days it took to sell a home in the region dropped 30 days compared to the second quarter of 2020. It took 16 fewer days to sell a home compared to the first quarter of this year.

❱ The average time it took to sell a home in the second quarter of 2021 was 35 days.

❱ With the exception of Benton County, which was up nine days, every county saw the length of time it took to sell a home drop compared to a year ago. Benton was also the only county that saw market time rise compared to the first quarter of 2021.

❱ Homes again sold the fastest in Washington County, where it took only 11 days for the average home to go under contract. An additional 16 counties saw the average market time drop to below a month.

A bar graph showing the average days on market for homes in various counties in Oregon and Southwest Washington.

Conclusions

A speedometer graph indicating a seller's market in Oregon and Southwest Washington.

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.

Home sales continue to grow, and robust demand is causing prices to rise significantly, resulting in a market that strongly favors sellers. The additional supply of homes that I’m predicting for 2021, combined with modestly rising interest rates, may start to slow the momentum in price growth, but for now I have moved the needle further in favor of sellers.

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

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.

Market News July 28, 2021

Q2 2021 Western Washington Real Estate Market Update

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

 

Regional Economic Overview

Employment levels in Western Washington picked up in the late spring and early summer months. The region has now recovered 168,800 of the 297,210 jobs that were lost due to the pandemic. Although the recovery is palpable, there are still 128,000 fewer jobs than there were at the pre-COVID peak in February 2020. The most recent data (May) shows the region’s unemployment rate at a respectable 5.2%. This is significantly lower than the April 2020 high of 16.8%, but still not close to the 2020 low of 3.7%. The jobless rate was lowest in King County (4.8%) and highest in Grays Harbor County (7.6%). Although unemployment levels continue to drop, we cannot attribute all the improvement to job creation: a shrinking labor force also lowers the jobless rate. In short, job recovery continues but we still have a way to go.

western washington Home Sales

❱ Regardless of low levels of supply, sales in the second quarter rose 45.6% year-over year, with a total of 25,640 homes sold. Although comparisons to the same quarter a year ago are not informative due to the pandemic, I was pleased to see sales increase 61.3% from the first quarter of this year.

❱ Listing activity was 42.8% higher than in the first quarter, which was a pleasant surprise. Listings rose the most in Kitsap, Clallam, Island, and Mason counties, but there were solid increases across the region.

❱ Sales were up across the board, with sizable increases in San Juan, King, Whatcom, and Snohomish counties. Only Mason County experienced sales growth below 10%.

❱ Pending sales (demand) outpaced active listings (supply) by a factor of 6. Even with the increase in the number of homes for sale, the market is far from being balanced.

A bar graph showing the annual change in home sales for various counties in Western Washington.

western washington Home Prices

A map showing the real estate market percentage changes in various counties in Western Washington.

❱ Home prices rose 31.4% compared to a year ago. The average sale price was $734,567—another all-time record.

❱ Year-over-year price growth was strongest in San Juan and Jefferson counties, but all markets saw prices rise more than 23% from a year ago.

❱ Home prices were a remarkable 15.7% higher than in the first quarter of this year, possibly due in part to the drop in 30-year fixed mortgage rates between the end of the first and second quarters. That said, the modest decline in mortgage rates is certainly not the primary driver of price growth; the culprit remains inadequate supply.

❱ Relative to the first quarter of the year, San Juan (+33%), Jefferson (+24.7%), and Island (+20.5%) counties saw the fastest rate of home-price appreciation.

A bar graph showing the annual change in home sale prices for various counties in Western Washington.

Days on Market

❱ It took an average of only 18 days for a listed home to go pending. This was 22 fewer days than a year ago, and 11 fewer days than in the first quarter of 2021.

❱ Snohomish, Kitsap, Thurston, and Pierce counties were the tightest markets in Western Washington, with homes taking an average of only 7 days to sell in Snohomish County and 9 days in the other three counties. The greatest drop in market time compared to a year ago was in San Juan County, where it took 84 fewer days to sell a home.

❱ All counties contained in this report saw the average time on market drop from the same period a year ago. The same can be said when comparing market time in the current quarter with the first quarter.

❱ It’s widely known that the area’s housing market is very tight and unfortunately, I don’t expect the number of listings to increase enough to satisfy demand in the near term. Furthermore, I’m seeing rapid growth in demand in the counties surrounding King County which is likely proof that buyers are willing to move further out given the work-from-home paradigm shift.

A bar graph showing the average days on market for homes in various counties in Western Washington.

Conclusions

A speedometer graph indicating a seller's market in Western Washington.

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.

Demand is maintaining its momentum, and, even with supply levels modestly improving, the market remains extraordinarily tight.

Mortgage rates are still hovering around 3%, but the specter of them starting to rise at some point is clearly motivating buyers. I am very interested to see significant interest outside of the Seattle metro area, although King County is certainly still performing well. I will be monitoring whether this “move to the ‘burbs” is endemic, or a temporary phenomenon. My gut tells me that it is the former.

At some point, the remarkable run up in home values will slow. Affordability constraints are becoming more widespread, and even a modest uptick in mortgage rates will start to slow down price increases. It’s worth noting that list-price growth is starting to taper in some markets. This is a leading indicator that may point to a market that is starting to lose a little momentum.

The bottom line is that the market still heavily favors sellers and, as such, I am moving the needle even more in their favor.

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

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.