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Western Washington Real Estate Market Update – Third Quarter

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  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.   REGIONAL ECONOMIC OVERVIEW Employment numbers in Western Washington continue to improve following the massive decline caused by COVID-19. For perspective, the area shed more than 373,000 jobs between February and April. However, the recovery has been fairly robust: almost 210,000 of those jobs have returned. Unemployment levels remain elevated; the current rate is 8.2%. That said, it is down from 16.6% in April. The rate, of course, varies across Western Washington counties, with a current low of 7.2% in King County and a high of 11.2% in Grays Harbor County. The economy is healing, but the pace of improvement has slowed somewhat, which is to be expected. That said, I anticipate that jobs will continue to return as long as we do not see another spike in new infections. HOME SALES Sales continued to improve following the COVID-19-related drop in the first quarter of the year. There were 25,477 transactions in the quarter, an increase of 11.6% from the same period in 2019, and 45.9% higher than in the second quarter of this year. Listing activity remains woefully inadequate, with total available inventory 41.7% lower than a year ago, but 1.6% higher than in the second quarter of this year. Sales rose in all but two counties, though the declines were minimal. The greatest increase in sales was in San Juan County, which leads one to wonder if buyers are actively looking in more isolated markets given ongoing COVID-19-related concerns. Pending sales—a good gauge of future closings—rose 29% compared to the second quarter of the year, suggesting that fourth quarter closings will be positive.       HOME PRICES Home-price growth in Western Washington rose a remarkable 17.1% compared to a year ago. The average sale price was $611,793. When compared to the same period a year ago, price growth was strongest in Mason, Island, and San Juan counties. Only one county saw prices rise by less than ten percent. It was even more impressive to see the region’s home prices up by a very significant 9.4% compared to the second quarter of 2020. It is clear that […]

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A LIFE SAVING GIFT

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This month, Windermere and I are doing our part to give back. My office is partnering with Bloodworks Northwest for an important blood drive Oct. 16-30 and I encourage you to take part if you’re able. Besides helping to increase our region’s life-saving blood supply, the Bloodworks-Windermere drive offers donors free screenings for COVID-19 antibodies. Not only could you find out if you’ve already been exposed to the virus, your donation could help save a life as the demand for antibody-rich convalescent plasma continues to grow in our region. Be assured that Bloodworks is taking every precaution to make the donation process as safe and simple as possible. If you’re interested, you can register for the drive at schedule.bloodworksnw.org or by calling 800-398-7888. Please make sure to use sponsor code WRE. Let’s be All in, for our community!  

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LOCAL MARKET UPDATE – OCTOBER 2020

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OCTOBER 9, 2020 [THE STATE OF] REAL ESTATELOCAL ECONOMY While daily life may seem unpredictable, the local real estate market remains extremely stable. Activity in September acted more like the traditional peak spring market with home sales soaring and prices hitting record highs. Inventory remains very tight and new listings are selling quickly in every price range. There just aren’t enough homes on the market to meet demand. King County had about half the inventory of a year ago. Snohomish County had 63% fewer available homes. On the other hand, the number of condos on the market in King County jumped by 24% over last September. Brokers attribute the flood of new inventory to COVID remote workers looking to trade their in-city condo for more living space. Despite the increase in inventory, condo prices rose 8% in September and pending sales — the best indicator of current demand — shot up 36% over the same period last year. The slim supply of single-family homes means bidding wars and all-cash offers were the norm, driving prices to record highs. King County saw the third consecutive month of record-setting values. The median home price hit $753,600 in September, a 14% jump over last year. Prices in Snohomish County soared 16% from a year ago to $569,997, just shy of its all-time high of $575,000. For both counties, half the homes sold for over list price in September as compared with just a quarter of the homes a year ago. The market doesn’t show signs of cooling off any time soon. In September the greater Northwest area saw the highest number of transactions since June 2018. Pending sales were up 32% in King County and 29% in Snohomish County. Interest rates continue to be at historic lows. With the area posting some of the fastest population growth in the country, expect the market to stay unseasonably hot. The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here. EASTSIDE KING COUNTY SEATTLE SNOHOMISH COUNTY  

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LOCAL MARKET UPDATE – SEPTEMBER 2020

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SEPTEMBER 18, 2020 [THE STATE OF] REAL ESTATELOCAL ECONOMY August saw the lowest number of homes for sale in more than 20 years and the lowest mortgage rates on record. Sparse inventory and high demand pushed home prices to  new highs. With pending sales outpacing new listings, inventory continues to shrink. King and Snohomish counties each have about a two-week supply of available homes.  Four to six months of inventory is considered a balanced market, favoring neither buyers nor sellers. The region saw the second consecutive month of record-setting price growth with home prices experiencing double-digit increases as compared to a year ago. Fierce competition among buyers has made multiple offers the norm. In King County, 46% of home sold for more than the list price. Last August that number was 24%. In Snohomish County, 58% of homes sold above list price as compared to just 28% the prior year. The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here. EASTSIDE KING COUNTY SEATTLE SNOHOMISH COUNTY VIEW FULL EASTSIDE REPORT

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LOCAL MARKET UPDATE – AUGUST 2020

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[THE STATE OF] REAL ESTATELOCAL ECONOMY While the pace of daily life may seem slow right now, the local real estate market has had an unusually busy summer. The number of new listings in July was up, sales increased, and home prices followed suit. • While overall inventory is at historic lows, more sellers put their homes on the market. New listings of single-family homes in King County jumped more than 25% from a year ago. Snohomish County saw a 7% increase in new listings. • Pent-up buyer demand fueled sales activity in July.  The number of pending sales was up 17% over a year ago in King County, and up 13% in Snohomish County. • With buyers snapping up new listings as soon as they hit the market, total available inventory dropped to a 10-year low for the month. • The lack of inventory is benefiting sellers, and multiple offers are now common at every price point. As a result, single-family home prices rose 7% in King County and 15% in Snohomish County. The charts below provide a brief overview of market activity. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here. EASTSIDE KING COUNTY SEATTLE SNOHOMISH COUNTY  

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LOCAL MARKET UPDATE – JULY 2020

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[THE STATE OF] REAL ESTATELOCAL ECONOMY While our lives are very different than they were a year ago, the local real estate market has recovered to 2019 levels. Record low interest rates are helping spur demand. Sales were up, home prices increased and multiple offers were common. The number of pending sales, a measure of current demand, was higher in June than for the same period a year ago. The supply of homes on the market remains very low, with just a month of available inventory.  When inventory is this low, quick sales over full price are common. That was the case in June when about 40% of homes sold for more than the asking price. Home prices in King County rose 4% over a year ago. Snohomish County home prices increased 5%. More sellers put their homes on the market. While total inventory remains low, the number of new listings in June was similar to the same time last year. The monthly statistics below are based on closed sales. Since closing generally takes 30 days, the statistics for June are mostly reflective of sales in May. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here. EASTSIDE KING COUNTY SEATTLE SNOHOMISH COUNTY VIEW FULL EASTSIDE REPORT

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LOCAL MARKET UPDATE – JUNE 2020

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JUNE 9, 2020 [THE STATE OF] REAL ESTATELOCAL ECONOMY As we move to the next phase of reopening, life feels like it’s slowly inching back towards normal.  The same is true in real estate. Statistics on home sales in May provided the first true picture of the effects of COVID-19. Those reports confirmed the incredible strength and stability of the local real estate market. The Stay Home order, as expected, continued to impact the number of sales. However, the market is starting to move its way towards more normal activity. Pending sales, a measure of current demand, have risen every week since April. The slight drop in median closed sale price is a result of a proportionately larger number of lower priced homes selling than is normal. It should not be interpreted as a decrease in individual home value. There were significantly fewer homes for sale in May than the same time last year. With less than a month of available inventory, competition among buyers was intense. Bidding wars and all-cash offers were common. The monthly statistics below are based on closed sales. Since closing generally takes 30 days, the statistics for May are mostly reflective of sales in April. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.  As we adapt to new phases of reopening, know that the safety of everyone remains our top priority. EASTSIDE KING COUNTY SEATTLE SNOHOMISH COUNTY VIEW FULL EASTSIDE REPORT

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LOCAL MARKET UPDATE – MAY 2020

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MAY 11, 2020 [THE STATE OF] REAL ESTATELOCAL ECONOMY We hope you are weathering the new normal as best as you can. With everyone spending more time than ever at home, real estate has taken on a whole new importance. For those who are interested, here is a brief update on how COVID-19 continues to affect our local market: Business was better than expected under the Stay Home order. COVID-19 did reduce real estate sales in April as compared to a year ago, however the number of sales rose steadily each week of the month. Sales growth continued in early May and we expect sales to increase slowly week by week. The number of new listings dropped, suggesting that would-be sellers are waiting until the shelter-in-place order is over to put their home on the market. With local technology companies continuing to hire, buyers will continue to face competition for limited inventory in the coming months. Home prices remain stable, with the median price of homes sold in April up slightly from a year ago. Sellers appear to be pricing homes realistically and buyers are not finding deep discounts. The monthly statistics below are based on closed sales. Since closing generally takes 30 days, the statistics for April are mostly reflective of sales in March. Next month’s data will offer a more telling trend of the effect of the virus on the local housing market. If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here. As our current situation evolves, know that the safety of everyone remains our top priority. EASTSIDE KING COUNTY SEATTLE SNOHOMISH COUNTY  

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Neighbors in Need

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Regular price$10.00 You may enter your local Windermere office name so that your donation stays in your local community (optional): Amount$10$15$25$50$100$150$200$250$300$400$500$1,000$1,500$2,000$2,500                      $10                                        $15                                        $25                                        $50                                        $100                                        $150                                        $200                                        $250                                        $300                                        $400                                        $500                                        $1,000                                        $1,500                                        $2,000                                        $2,500                    ADD TO CART We’re on a mission to help our local food banks keep their shelves stocked through our “Neighbors in Need” campaign. For every dollar our offices raise, the Windermere Foundation will match up to $250,000. The need has never been greater, so let’s all do our part so no one goes hungry. You can help too by donating here! Thank you for supporting the Windermere Foundation. You are making a positive difference in the lives of local low-income and homeless families in your community. Please consider making a gift through our secure site or mail a check to: WINDERMERE FOUNDATION 1151 Fairview Ave. N. Seattle, WA 98109 Questions? Contact foundation@windermere.com

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Western Washington Real Estate Market Update

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  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.   A MESSAGE FROM MATTHEW GARDNER Needless to say, any discussion about the U.S. economy, state economy, or housing markets in the first quarter of this year is almost meaningless given events surrounding the COVID-19 virus. Although you will see below data regarding housing activity in the region, many markets came close to halting transactions in March and many remain in some level of paralysis. As such, drawing conclusions from the data is almost a futile effort. I would say, though, it is my belief that the national and state housing markets were in good shape before the virus hit and will be in good shape again, once we come out on the other side. In a similar fashion, I anticipate the national and regional economies will start to thaw, and that many of the jobs lost will return with relative speed. Of course, all of these statements are wholly dependent on the country seeing a peak in new infections in the relatively near future. I stand by my contention that the housing market will survive the current economic crisis and it is likely we will resume a more normalized pattern of home sales in the second half of the year.   HOME SALES There were 13,378 home sales during the first quarter of 2020, a drop of only 0.2% from the same period in 2019, but 27% lower than in the final quarter of 2019. The number of homes for sale was 32% lower than a year ago and was also 32% lower than in the fourth quarter of 2019. When compared to the first quarter of 2019 sales rose in eight counties and dropped in seven. The greatest growth was in Cowlitz and Lewis counties. The largest declines were in Island and Snohomish counties. Pending sales — a good gauge of future closings — rose 0.7% compared to the final quarter of 2019. We can be assured that closed sales in the second quarter of this year will be lower due to COVID-19.       HOME PRICES Home-price growth in Western Washington rose compared […]

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