Design June 3, 2019

12 Tips for Making Your Bedroom Cozier

Photo by MyDomaine 

At the end of a long day, your bedroom should be a sanctuary of comfort that welcomes you in. But, as a room that guests rarely see and in which homeowners spend most of their time with their eyes closed, its upkeep frequently gets pushed to the bottom of the to-do list. Thankfully, there are some little design tricks that can make a big difference. Turn your bedroom into a restful retreat when you up its coziness factor with a few of these easy ideas.

  1. Layer textures. Sheepskin rugs, a down comforter, plush pillows, and knit blankets can add a softness to the room that will make you want to sink right in. Lift these textures upward, with a canopy, tufted headboard, billowy curtains and hanging textiles (like a weaving) so even the walls and ceiling feel snuggly.
  2. Pick the right paint. Dark, saturated colors make a room feel like it’s embracing you, which is ideal for setting a sleepy environment. But if you’re nervous to commit to a dark color on the wall, choose a pale dusty blue, sage green or another light natural color for a soothing tone (just steer clear of energetic hues). Have you ever wanted to sleep on a cloud? Go with all-white paint and decor which makes even a basic bedroom feel soft and spa-like.
  3. Personalize it with reminders of the places and things that make you feel at home. Do you have a fondness for flowers? Bring floral patterns in on your textiles. Do you dream of vacation at the lake? Frame a photo of your favorite spot! Photos or paintings of uncluttered natural landscapes—like a sunset reflecting on water or a hammock under the shade of an oak—can rekindle memories of relaxation and are perfect for creating a sense of calm.
  4. Add mood lighting. Soften the light to mimic dusk for an intimate mood with dimmer switches, lamps, lanterns or even string lights. Just make sure you can reach the switch from bed, so you don’t have to disturb your peace to get up and turn it off when you’re ready to roll over and fall asleep.
  5. Skip metallic finishes. Choose warm natural decor options like wood and fabric instead of cold, manufactured metallics. This goes for everything from your bedroom furniture to window treatments. Faux wood blinds, especially when paired with floating curtains, fit with a cozy aesthetic and let you filter out harsh sunlight and maintain privacy for a truly sheltered slumber.
  6. Bring on the books! Stacks of good reads invite you to snuggle in and get lost in another world. A true retreat is a room with plenty of books that begs you to stay.
  7. Fix up—or fake—a fireplace. If your bed sits hearthside, embrace this romantic accent with styled logs and a decorated mantle. If you don’t have such a luxury, create a faux fireplace to add comfort and warmth through your décor: Arrange oversized candles and lanterns safely within a homemade hearth to bring in that cozy fireside feeling without changing the structure of your home.
  8. Keep the room uncluttered. When you want to settle in, a mess distracts you from finding comfort, to minimize the amount of stuff that makes it to your bedroom. Watch your nightstand, which often becomes a catch-all, by making a point to rehome any wandering wares now, and put things away as soon as they enter the room in the future. If you’re apt to let laundry pile up, keep it behind the closed doors of your closet so it doesn’t crowd your peace.
  9. Create a sense of timelessness. Tuck clocks and electronics away so they’re nearby if you need them, but their wires and harsh silhouettes aren’t reminding you of life outside your sanctuary. The hush that falls in a room devoid of gadgets will allow you to easily disengage from the stresses of reality.
  10. Rethink your bedding. Add a pillow-top pad to your mattress so it feels like your bed is hugging you when you climb in. Or, bring in a contoured body pillow which actually can hug you! Linen sheets feel luxe compared to cotton and are a simple swap to boost your bower. Many people also swear by skipping the top sheet while dressing their beds, which allows them to burrow directly into a fluffy comforter.
  11. Appeal to your sense of smell. Aromatherapy can have a huge impact on your perception of a space, so find some soothing essential oils or a sweet candle to blanket the room with an ambiance you adore. As soon as you open the door, you’ll be eager to plunge into your little oasis.
  12. Nestle into nooks. A window seat, a reading nook or an upholstered seating area are all inviting spaces that can draw you in from the doorway. The more intimate alcoves you can create, the cozier your bedroom will feel!

Flooded with soft lighting, plush textures, and other comfy touches, your bedroom environment will envelop you at day’s end. And, perhaps even better than the idea of your bedroom refresh itself, is knowing that none of these tips take longer than a weekend to complete! So, slide into your slippers as you settle on which cozy updates you’ll select for your new favorite room of the house.

 

More May 29, 2019

Giving Thanks to Our Vendor Partners

 

Throughout the years, the Windermere Foundation has donated more than $38 million to hundreds of organizations throughout the Western U.S.  We’ve helped homeless shelters, food banks, schools, hospitals, community centers, and other nonprofits that provide services to low-income and homeless families.

 

Most of this funding comes from our agents who give a portion of every commission they earn to the Windermere Foundation. In addition to this, Windermere has a number of vendor partners that do their part by donating a portion of the business they receive from Windermere, back to the Windermere Foundation. Examples of these partners include Bumblejax, Complete Office, Fran’s Chocolates, glassybaby, Knack, Loop & Tie, Morrison Craig Apparel, Posie Turner, Sozo, and Windsor Vineyards.

 

One partner in particular that we’d like to give special recognition to is trueIMAGE Publishing. Since 2007, trueIMAGE Publishing has provided Windermere agents with beautiful calendars that showcase exclusive images from award-winning photographers. These calendars are popular gift items that agents send to their clients. Through these calendar sales, trueIMAGE Publishing has generously donated over $247,000 to the Windermere Foundation! We cannot thank them enough for all they’ve done to help us continue our tradition of giving.

 

We are so grateful for all of our “true-ly” wonderful vendor partners who share our passion for helping those less fortunate. Their contributions have helped us continue to provide funding for things such as diapers and formula for babies, housing assistance for families with critically ill children, shoes and school supplies to students in need, and scholarships for low-income adults seeking to continue their education in order to be able to provide more for their families.

 

To learn more about the Windermere Foundation, or to make a donation, please visit windermerefoundation.com.

More May 23, 2019

Windermere Supports Red Nose Day

 

Originating in the U.K. in 1988, Red Nose Day started to help end child poverty. In 2015, the public charity, Comic Relief USA, launched the campaign in the U.S.

 

Last year, the Red Nose campaign raised $47 million, setting the total raised since 2015 to over $150 million, and have changed the lives of over 16 million children. These funds help buy vaccines and medical services, as well as meals, educational assistance and more. Half of the money raised supports programs in the 50 states and Puerto Rico, and the other half helps fund programs in Latin America, Africa, and Asia.

 

Companies like Bill and Melinda Gates Foundation, M&M’s, Mars Wrigley Confectionary, and NBC have supported the organization as national and programming partners. NBC will have a celebrity-filled Red Nose Day program planned at 8/7 c tonight.

 

We’ve supported Red Nose Day for the last two years through our philanthropic arm, Windermere Foundation, this year we were happy to give $1000, not to mention the red noses! We are proud to help organizations in our local and global communities who work to support low-income and homeless families. Please join us again this year in giving to this important campaign to end child poverty.

 

To participate, you can get your $2 Red Nose at your nearest Walgreens. Of that, $1.30 goes to the fund. The nose purchase is not tax deductible, but a donation made directly to them is. You can donate online at https://donation.rednoseday.org/.

 

To learn more about the organization and who they help, and how you can participate, go to their website: https://rednoseday.org/home.

Market News May 22, 2019

The Housing Market in 2019

The last time we saw a balanced market was late 1990s, meaning many sellers and buyers have never seen a normal housing market.  Windermere Real Estate’s Chief Economist Matthew Gardner looks at more longer-term averages, what does he see for the future of the housing market?

 

Living May 15, 2019

13 Appliance Tips & Hacks for Household Chores

Modern home appliances make our lives so much easier: They tackle dreaded household chores, saving us time and effort. There are lots of ways to use them, however, that you may not have thought of before. Here are 13 little-known tricks for getting more than your money’s worth from your appliances.

  1. Sanitize small toys and more. Use your dishwasher to wash and sanitize teething rings, small plastic toys, mouth guards, and even baseball caps. Place items on the top rack and run the dishwasher as usual with detergent (without any dirty dishes). Put smaller items in a small mesh laundry bag so that they don’t move around.

  1. Clean ceiling fixtures. At least once or twice a year, remove and clean your glass ceiling fixtures and light covers in an empty dishwasher. Run the machine on the normal cycle.

  1. Eliminate wrinkles from clothing. To smooth out wrinkled clothes or linens left too long in the dryer, toss a damp, lint-free cloth in with them. Run the load on the lowest setting for 10 to 15 minutes. Newer dryers also feature a steam setting that removes wrinkles and refreshes clothing between wears.

  1. Disinfect sponges and dishcloths. Kitchen sponges and dishcloths contain billions of germs. Clean and disinfect them daily by zapping them on high in the microwave for 2 minutes to kill germs.

  1. Freshen up your curtains. Vacuum heavy drapes with the upholstery attachment. Use the dusting brush attachment for lighter drapes. Wash sheer curtains in the washing machine on the delicate cycle, then hang them up while they’re damp to prevent wrinkles.

  1. Remove wax from fabric or carpet. To get rid of wax on a tablecloth, place it in your freezer until the wax is hard. Then put a flat paper bag over the wax and another under the fabric. Iron the top bag with a medium-hot iron until all the wax transfers to the bag. To remove wax from a carpet or rug, place an ice pack on the spot until the wax hardens. Shatter the wax and vacuum up the chips.

  1. Clean baseboards. Dusting baseboards can be a backbreaking chore. Use your vacuum cleaner and the dusting brush attachment to avoid having to bend down. Do the same to clean chair and table legs.

  1. Organize your fridge. Use the built-in features of your refrigerator to organize food by category. Designate certain shelves or areas for leftovers, preferably front and center, so you don’t forget they’re in there. Use special-purpose bins for their intended use: crispers for vegetables, deli trays for deli meats and cheeses, cold storage trays for meats. Newer models also feature convertible cooling zones to keep food fresh.

  1. Dust blinds. Extend the blinds fully and turn the slats to the closed position. Use the dusting brush attachment on your vacuum cleaner to clean the slats from top to bottom. Then open and reclose the slats in the opposite direction and repeat the process.

  1. Clean your microwave. The best time to clean your microwave is immediately after using it. Thanks to residual steam, all you have to do is wipe it out with a paper towel or damp sponge. To clean old messes, microwave 2 cups of water on high for 5 minutes. The steam will soften cooked-on spills, which you can wipe off with a paper towel or cloth.

  1. Exterminate dust mites. Dust mites live off human and animal dander and other household dust particles. They thrive in sofas, carpets, and bedding. Use the upholstery attachment to vacuum your mattress and upholstered furniture regularly to minimize dust mites. Be sure to empty the canister in an outdoor trashcan.

  1. Groom your pet. After you’ve groomed your dog or cat, use the dusting brush attachment to clean up after. It’s an easy way to collect shedding fur, especially from carpetted areas or upholstery.

  1. Remove grime from shower liners. Wash plastic shower curtain liners in the washing machine with hot water and detergent on the regular cycle. Throw in a small bath towel to help “scrub” mildew and soap scum off the liner. Then rehang the liner and let it air-dry.

Have you found any unusual cleaning hacks for your appliances? Share in the comments below!

Market News May 15, 2019

Hawaii/Maui Real Estate Market Update

 

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

 

ECONOMIC OVERVIEW  

Hawaii’s economy continues to add jobs, but the rate of growth remains tepid. Over the past 12 months, the state added 3,200 new jobs, representing a growth rate of .5%. This lackluster growth may be due to the fact that the unemployment rate was a very healthy 2.7%.

On Maui, employment growth dropped 2.2% year-over-year, and has been contracting for the past 14 months. Even with this drop in employment, the unemployment rate was a healthy 2.8%, up from 2.2% a year ago. The unemployment rate may remain low, even given job losses, as the labor force continues to grow smaller. It is also worth noting that there are almost 3,600 job openings on Maui.

 

HOME SALES

  • In the first quarter of 2019, 490 homes sold—a drop of 7.4% compared to the first quarter of 2018.
  • Three markets saw growth in sales over the first quarter of 2018: North Shore, the West Side, and Up Country. There was a significant decline in sales in the Central area.
  • The contraction in sales came as inventory levels dropped 7.3%. Three market areas saw listing inventories rise: Up Country, the Westside, and the Central area. Lower inventory levels were seen in South Maui and North Shore.
  • Pending home sales in the quarter were down 5.8% from a year ago but up 16% from the fourth quarter of 2018, suggesting that second quarter closings may be more positive.

 

 

HOME PRICES

  • The average home price in the region dropped 9.9% year-over-year to $824,955.
  • Affordability is a significant issue on Maui, where average home prices in areas like Westside and Up Country are now above $1 million. I’m hopeful the recent drop in interest rates will stimulate more buyers. It’s worth noting that jumbo loan interest rates are also very competitive, which may help the higher-end markets.
  • Although the region saw an overall drop in average home prices, the Up Country area experienced an increase of 16.1%. One additional area saw prices rise year-over-year, while prices dropped in the remaining three markets.
  • Even given affordability constraints in many Maui market areas, I anticipate we will see home prices rise in 2019, though at fairly modest rates.

 

 

DAYS ON MARKET

  • The average number of days it took to sell a home on Maui dropped two days compared to the first quarter of 2018.
  • The amount of time it took to sell a home dropped in two markets: South Maui and the Westside. Market time rose in the rest of the markets.
  • In the first quarter, it took an average of 62 days to sell a home. The fastest-moving market was North Shore and the slowest was the Westside.
  • The drop in days on market suggests a healthy demand for housing, despite the slowing pace of home sales. I anticipate we will see modestly rising activity as we move through 2019.

 

 

CONCLUSIONS

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

For the first quarter of 2018, I have moved the needle a little more in favor of buyers but the market is not yet at equilibrium, even given the drop in sales and lower home prices. Though the market is in need of more inventory, I remain positive about the longer-term outlook for home prices and demand on Maui.

 

 

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 May 14, 2019

Big Island of Hawaii Real Estate Market Update

 

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

 

ECONOMIC OVERVIEW

Hawaii’s economy continues to add jobs, but the rate of growth is tepid. Over the past 12 months, Hawaii added just 1,400 new jobs, representing a growth rate of 0.2%. Even with this lack of job formation, the state has a very healthy 2.8% unemployment rate.

On the Big Island, year-over-year employment dropped 4.7% to 84,600 persons and has been negative for the past eight months. The unemployment rate was a respectable 3.7%, up from 2.6% a year ago. As stated in the last Gardner Report, the Island continues to see its civilian workforce contract and this may be a reason for the lack of job growth. Notably, there are over 3,900 job openings on the Big Island. Additionally, the area is still recovering from the 2018 volcanic eruption which hit the Island’s economy very hard.

 

HOME SALES

  • In the first quarter of 2019, 689 homes traded hands, a drop of 10.4% compared to the first  quarter of 2018 and 5.9% lower than the fourth quarter of 2018.
  • The only markets that saw growth in sales were Hamakua and North Kona, which rose by a very significant 44% and 4.7% respectively. There was a significant decline in sales in North Kohala, but it is a very small market and the 56.5% drop equated to a loss of only 13 sales.
  • The regional drop in sales came as inventory levels rose 15.4% from a year ago and 11.2% from the fourth quarter of 2018. There may well be some hangover from the 2018 volcanic eruption, but that reason might be growing stale. I will continue to monitor the data as we move through 2019 to see if this is still the case or if there are other reasons for the contraction.
  • Inventories rose in six of the markets analyzed: North Kohala, South Hilo, North and South Kona, Kau, and Puna. South Kohala, Hamakua, and North Hilo saw modest drops. Buyers have more choice and continue to be far more selective — and patient — in making an offer on a home.

 

 

HOME PRICES

  • The average home price in the region dropped 7.1% year-over-year to $541,135.
  • Affordability is still an issue, but the current low interest rate environment may stimulate buyers as we move through the later spring season. I expect to see prices start to pick up, but at fairly modest rates.
  • Appreciation was strongest in the South Kona market, where prices rose by 38.6%—again, a function of it being a very small area with limited sales. Three additional areas saw prices rise between the first quarter of 2018 and the first quarter of 2019, and five markets saw average sale prices drop.
  • Despite ongoing affordability issues in many Big Island market areas, I still expect home prices to rise in 2019.

 

 

 

 

 

 

 

 

DAYS ON MARKET

  • The average time it took to sell a home on the Big Island dropped 22 days compared to the first quarter of 2018.
  • Notably, the amount of time it took to sell a home dropped across the board.
  • In the first quarter, it took an average of 81 days to sell a home. Homes sold fastest in North Hilo and slowest in Kau.
  • The recent drop in mortgage interest rates will likely continue to stimulate demand as we move through 2019.

 

 

CONCLUSIONS

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

For the first quarter of 2019, I have placed the needle close to the middle. Although we saw a decline in sales and prices compared to the first quarter of 2018, I anticipate prices will rise as inventory levels — although trending higher — will not be sufficient to meet demand. Locational attributes will be increasingly important in the coming year as buyers become more selective than we have seen in quite some time. Additionally, the market may take a pause until home buyers get more clarity regarding Bill 108, which could have a substantial effect on investors who are purchasing vacation rental properties.

 

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.

Design May 13, 2019

Designing the Perfect Office to Work From Home In Style

Photo by letsbemates.com.au

Working from home is an aspiration for many of us, but to do so effectively takes effort. A disorganized space at home can be just as troublesome as a hectic office. The most disciplined telecommuters will tell you that you need a structured routine and organization to get into work mode.

Having a designated workspace helps you set the tone for your day. Even if you live in a small space, you need to find a balance between home and office. People who work from home often have a difficult time separating work hours from their non-work hours because it's so easy to continue working late into the night. However, maintaining a balance and shutting down the computer is important for your overall wellbeing. These five tips can help you create the perfect home office: 

 

  1. Natural Light – Study upon study tells us that natural light is needed to boost productivity and mood. Make sure to set your desk up as close to a window as you can. If being near a window isn’t an option, a natural light lamp is the next best thing. It helps balance your body clock and leaves you feeling rested and refreshed.
     
  2. To-Do List or Planner – Start each day off by making a to-do list outlining what you need to get done before the end of the workday. Make sure to set a realistic time frame in which all of that should be completed, so you can check each one off the list and feel immense accomplishment once you've completed them all.
     
  3. Storage – If you have a big enough space, put in a large bookshelf where you can organize everything (think storage boxes). It reduces clutter and looks stylish. Using your walls and cabinetry is the most efficient use of space.
     
  4. Calendar – Many people tend to rely on digital calendars these days because of their convenience. When all of your devices sync together and pop up with reminders, you never have to worry about missing an appointment. However, many people find that it helps to keep a paper calendar handy too so you can easily view your whole month at a glance.
     
  5. Space for Inspiration – It doesn't matter what field you work in, having a source of inspiration in your workspace is essential. Whether it's a photo of your family, your dream car, or that vacation you've been dying to take, having that inspiration right in front of you provides a constant reminder of why you do what you do.

Market News May 13, 2019

Montana Real Estate Market Update

 

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

 

ECONOMIC OVERVIEW 

Over the past 12 months, Montana has added 4,800 new non-agricultural jobs. This represents an annual growth rate of a modest 0.9%, which is lower than the national growth rate of 1.7%. In the first quarter of the year, the state lost 1,300 non-agricultural jobs, which was a disappointment, but I remain hopeful we will see some improvement as we move through the balance of the year. My 2019 forecast still suggests the state will see non-farm employment rise 1.2%, or an additional 5,800 new jobs. In March, the state unemployment rate was a healthy 3.7%, matching the level seen a year ago.

 

HOME SALES

  • In the first quarter of 2019, 825 homes sold, a drop of 25% over the same period in 2018.
  • Sales activity fell across the board, with the largest annual drop in small Park County, where sales were down 54.4%.
  • The number of homes for sale is still well below the levels I would like to see, with an average of 1,092 listings in the first quarter within the counties contained in this report.
  • Clearly, inventory levels continue to hold sales back. I am still hopeful that the late spring market will bring an increase in listings, but the growth is likely to be modest.

 

 

 

HOME PRICES 

  • The average home price in the region continued to rise in first quarter, with a year-over-year increase of 1.5% to $406,540.
  • Jefferson and three other counties experienced double-digit price increases compared to a year ago. Average sale prices dropped in two counties. Small Broadwater County saw the biggest price drop, but this is a function of the size of the market and the relatively few transactions that occur there.
  • Price appreciation was strongest in Jefferson County, where home prices rose by almost 90%. This is a very small area, though, and wild swings in prices are not that uncommon.
  • The takeaway from this data is that prices continue to rise modestly but housing affordability is likely acting as a headwind to more robust price growth.

 

 

 

 

 

DAYS ON MARKET 

  • The average number of days it took to sell a home rose eight days compared to the first quarter of 2018.
  • Homes sold fastest in Broadwater County and slowest in Lake County. Five counties — Missoula, Lewis & Clark, Broadwater, Jefferson, and Madison — saw days on market drop compared to the first quarter of 2018.
  • During the first quarter of 2019, it took an average of 107 days to sell a home in the region.
  • The takeaway here is that market time is rising, which is likely due to limited choice as well as lower affordability levels.

 

 

 

CONCLUSIONS

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

For the first quarter of 2019, I have moved the needle a little further toward buyers. Mortgage rates dropped significantly in the first quarter and this, to a degree, helps home buyers offset affordability issues. Additionally, current list prices are likely holding back many prospective buyers, so I wouldn’t be surprised to see prices moderate in the coming months. As always, pricing homes accurately will be key to attracting buyers.

 

 

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 May 9, 2019

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 agent.

 

ECONOMIC OVERVIEW 

Oregon added 29,500 new jobs over the past 12 months, representing an annual growth rate of 1.5%. The current pace of job growth continues the slowdown that started in mid-2018. I am not overly concerned by this slowdown in growth, as it is typical for this stage in the economic cycle.

The Southwest Washington market (Clark, Cowlitz, Skamania, and Klickitat counties) added 4,490 new jobs over the past 12 months, which represents an annual growth rate of 2.1%.

Oregon’s unemployment rate was 4.4% in February, up from 4.2% a year ago. In Southwest Washington, the unemployment rate was 5.5%, down from 5.9% in February of 2018.

 

HOME SALES

  • First quarter home sales dropped 13.1% compared to the same period last year, with a total of 10,516 transactions.
  • Year-over-year sales rose in five counties, remained static in one, but dropped in the other 21 counties contained in this report.
  • Sales rose the most in Crook County, which saw a massive 110% increase compared to the first quarter of 2018, though this was an increase of only 11 sales. There were also solid increases in Jefferson and Cowlitz counties. Home sales fell the most in the small Tillamook, Skamania, and Hood River counties.
  • Sales in the first quarter were clearly a disappointment, but I don’t believe this is a systemic drop in demand.  I am confident the spring will bring more buyers and sales will pick back up in many markets.

 

 

HOME PRICES

  • The average home price in the region rose 2.2% year-over-year to $369,721, but the market saw a drop of 1.4% compared to the fourth quarter of 2018.
  • Eighteen of the counties contained in this report experienced price growth compared to the first quarter of 2018. Eight counties saw price contractions.
  • Klamath County led the market with the strongest annual price growth. Homes there sold for 11.1% more than a year ago. Crook, Tillamook, and Klickitat counties experienced the largest drop in home prices, but these are small counties, making them more prone  to significant swings.
  • The takeaway is that price growth continues to moderate, but I expect it to pick up in the second quarter given the drop in interest rates earlier this year.

 

DAYS ON MARKET

  • The average number of days it took to sell a home in the region dropped 3 days compared to a year ago, but was up by 16 days compared to the final quarter of 2018.
  • Twelve counties saw the length of time it took to sell a home drop compared to a year ago. Fourteen counties saw market time rise.
  • The average time it took to sell a home last quarter was 90 days.
  • Homes again sold the fastest in Washington (43 days) and Cowlitz (45 days) counties.

 

 

CONCLUSIONS

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

I believe listing inventories will continue to rise as we move through the spring months. We will also see more buyers start their search for a new home to take advantage of the drop in interest rates. With all of this in mind, I have moved the needle further toward buyers because they have more choice and price growth has slowed. That said, in aggregate, the market still favors home sellers.

 

 

 

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilties, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs and 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.