My newest listing – Condo in the UDistrict

Posted on August 24, 2019 at 3:03 pm
Robert Johnson | Category: Home Ideas, Market Info, Neighborhood, Open Houses

Hot off the press, Gardner Report on W.WA housing

Hot off the press, the Gardner Report on the Western WA housing market. Matthew is always insightful and brings his expert opinion on our local economy, jobs & policies and how they will impact housing. A good read for anyone planning a move in W.WA!

robertbjohnson #workwithafriend #seattleneighborhoods knowyourstats

 

Posted July 25 2019, 11:00 AM PDT by Matthew Gardner, Chief Economist, Windermere Real Estate

Western Washington Real Estate Market Update

Posted in Western Washington Real Estate Market Update by Matthew Gardner, Chief Economist, Windermere Real Estate 

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 agent.

 

ECONOMIC OVERVIEW

Washington State employment jumped back up to an annual growth rate of 2.4% following a disappointing slowdown earlier in the spring. As stated in the first quarter Gardner Report, the dismal numbers earlier this year were a function of the state re-benchmarking its data (which they do annually).

The state unemployment rate was 4.7%, marginally up from 4.5% a year ago. My current economic forecast suggests that statewide job growth in 2019 will rise by 2.6%, with a total of 87,500 new jobs created.

 

HOME SALES

  • There were 22,281 home sales during the second quarter of 2019, representing a drop of 4.8% from the same period in 2018. On a more positive note, sales jumped 67.6% compared to the first quarterof this year.
  • Since the middle of last year, there has been a rapid rise in the number of homes for sale, which is likely the reason sales have slowed. More choice means buyers can be more selective and take their time when choosing a home to buy.
  • Compared to the second quarter of 2018, there were fewer sales in all counties except Whatcom and Lewis. The greatest declines were in Clallam, San Juan, and Jefferson counties.
  • Listings rose 19% compared to the second quarter of 2018, but there are still a number of very tight markets where inventory levels are lower than a year ago. Generally, these are the smaller — and more affordable — markets, which suggests that affordability remains an issue.

 

 

HOME PRICES

  • Year-over-year price growth in Western Washington continues to taper. The average home price during second quarter was $540,781, which is 2.8% higher than a year ago. When compared to first quarter of this year, prices were up 12%.
  • Home prices were higher in every county except King, which is unsurprising given the cost of homes in that area. Even though King County is home to the majority of jobs in the region, housing is out of reach for many and I anticipate that this will continue to act as a drag on price growth.
  • When compared to the same period a year ago, price growth was strongest in Lewis County, where home prices were up 15.9%. Double-digit price increases were also seen in Mason, Cowlitz, Grays Harbor, and Skagit counties.
  • The region’s economy remains robust, which should be a positive influence on price growth. That said, affordability issues are pervasive and will act as a headwind through the balance of the year, especially in those markets that are close to job centers. This will likely force some buyers to look further afield when searching for a new home.

 

 

 

 

 

DAYS ON MARKET

  • The average number of days it took to sell a home matched the second quarter of 2018.
  • Snohomish County was the tightest market in Western Washington, with homes taking an average of only 21 days to sell. There were five counties where the length of time it took to sell a home dropped compared to the same period a year ago. Market time rose in eight counties and two were unchanged.
  • Across the entire region, it took an average of 41 days to sell a home in the second quarter of 2019. This was the same as a year ago but is down 20 days compared to the first quarter of 2019.
  • As stated above, days-on-market dropped as we moved through the spring, but all markets are not equal. I suggest that this is not too much of an issue and that well-priced homes will continue to attract attention and sell fairly rapidly.

 

 

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. I am leaving the needle in the same position as the first quarter as demand appears to still be strong.

The market has benefitted from a fairly significant drop in mortgage rates. With average 30-year fixed rates still below 4%, I expect buyers who have been sitting on the fence will become more active, especially given that they have more homes to choose from.

 

 

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.

Posted on July 29, 2019 at 1:29 pm
Robert Johnson | Category: Finance, Market Info, Neighborhood

Market Update – W-WA down to Seattle

The Gardner Report will tell you what’s happening in WWA real estate and a forecast for 2019.
The other graphs show you how the Seattle real estate market is trending for Q1 of 2019.

Some of the hotter neighborhoods are seeing over +15% price appreciation Feb to Mar 2019.
But most economist don’t feel we’re returning to the craziness of the last few years.
A much more manageable growth rate moving forward for Seattle, that’s nice for everyone, buyers and sellers.

Posted on April 26, 2019 at 2:35 pm
Robert Johnson | Category: Market Info | Tagged , , , , , ,

When the home you love goes to someone else to love

Congratulations to a wonderful family that can now move back home to be with family!
It always feels great when a beloved home can be passed on to another family to love as well.

Posted on April 23, 2019 at 2:55 pm
Robert Johnson | Category: Familiy, Home Ideas, Market Info, Neighborhood | Tagged , , , ,

WW Stats – Up +10.5% – Median Price!

My office, Windermere Wedgwood, publishes statistics for the transactions that we represent each month.

These statistics dive deeper than the basic info you get from online sources.

The pack below shows transaction details like type of financing, cash offers, # of offers and the one I find most interesting this month, median sold price.

The median sold price for the 16 transactions completed by my office in December 2018 was $839k vs. $759k from Dec. 2017 or +10.5%

Even with the Seattle Times headlines about Seattle’s rapid decrease in prices, the numbers don’t lie, +10% vs last year!

https://1drv.ms/b/s!AlaUpVIy4kt9ge4Fxw5kVih5A4RrJA

Posted on January 17, 2019 at 12:30 pm
Robert Johnson | Category: Market Info | Tagged , , , , , , , ,

Hiring in Seattle up +10% vs 2017!

So much for the HQ2/3 impact on the Seattle employment picture.

This workforce report is pulled from LinkedIn data but a good indicator of what’s happening in the broader market.

While Amazon might be slowing down their rate of hiring in Seattle, others are ramping up for 2019 and beyond – Expedia, Facebook and Google to name a few.

Seattle is still a great place to invest your real estate dollar and looks to continue…

Posted on January 9, 2019 at 5:52 pm
Robert Johnson | Category: Market Info | Tagged , , , , , , , ,

Increased Loan Limits mean Increased Buying Power

Has your lender told you about the upcoming changes for conforming loans in 2019?

Make sure you’re working with a knowledgeable lender that keeps you informed on the latest and the greatest.

Thank you Matt for always keeping me up to date.

 

New conforming loan limits for King/Pierce/Snohomish county – all the way up to $726,525.

Gives you more purchasing power and reach.

A $725,000 home purchase will now qualify for a conforming loan with as little as 5% down payment of  $36,250.

You’ll be able to afford more home and still be competitive in the changing Seattle area market!

 

 

Posted on December 4, 2018 at 3:58 pm
Robert Johnson | Category: Market Info | Tagged , , , , ,

It’s Seasonal, really, plus a few other things…

It’s seasonal, really, we’re going through a slow down in the Seattle market but it’s also seasonal.  

What you want to pay attention to in the attached eye chart of a graph is the bottom graph and how every winter (December) for the last 10 years, we see a dramatic slow down in sales.

So yes, the rate of appreciation has slowed in the Seattle area since May 2018. 

But, we also see a slow down in transactional sales every winter.

Put them together and it seems more dramatic and remember we had quite a run up of prices over the last 5 years.

 

Posted on December 4, 2018 at 3:34 pm
Robert Johnson | Category: Market Info | Tagged , , , , , , ,

Where’s Robert…Neighborhood Series – Capitol Hill story

Come hear more of the story at my Open House this Sunday 1-4p.
321 Coryell Ct. E.

Posted on November 9, 2018 at 1:37 pm
Robert Johnson | Category: Market Info, Neighborhood, Open Houses | Tagged , , , , , , , , , ,

Home buyers need to hurry, here’s why – in Seattle –

My list for what’s driving the Seattle housing market:   

 

* Mortgage Rates will climb when Fed raises prime rate early 2019.

* Amazon announces HQ2 location(s), will Amazonians move? Not likely, Seattle is still one of the most desirable cities in US for tech workers.

* Facebook just announced, increasing office space in Bellevue + S. Lake Union.

* We have 34 Fortune 500 companies in Seattle, was only 7 in 2010! 

* Seattle will still be hiring moving into 2019. We’re more than just Amazon.

* Home Prices will continue to increase at new slower rate but Still Increasing.

 

 

Because of all of these reasons, I think the Seattle housing market will continue to grow and appreciate.

So, waiting for prices to drop is a long shot and the wild card of increasing Interest Rates will lower buyer’s purchasing power next Spring.

We know where we are now, the future is a gamble with so many variables.

This is why buyer’s should purchase this winter in Seattle.

RBJ.

Posted on November 6, 2018 at 1:08 pm
Robert Johnson | Category: Market Info | Tagged , , , , , , ,