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LOCAL MARKET UPDATE – DECEMBER 2020

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[THE STATE OF] REAL ESTATE [THE STATE OF] REAL ESTATELOCAL ECONOMY Nothing about 2020 is normal, and that includes real estate trends. The housing market typically slows significantly during the holiday season, but that is not the case this year. Buyer interest is strong, sales are up, and prices have followed suit.     A recent report ranked our area as the most competitive real estate market in the country, with 71% of homes selling within two weeks. While the number of new listings in November were up compared to a year ago, there just wasn’t enough inventory to meet the current surge in demand. In King County there were 37% fewer single-family homes on the market – 1,621 homes this November vs. 2,592 a year ago. Inventory in Snohomish County is even more strained. At the end of the month there were just 416 homes for sale as compared to 1,204 a year ago, a 65% drop.  Both counties had about a two week supply of homes at the end of November.  A four month supply of inventory is considered balanced.  Buyers in the market for a condominium in King County had much more options. Condo inventory was up 39% over last year. The inventory-starved market sent home prices higher. The median single-family home price in King County was up 10% over a year ago to $730,500. Home prices in Snohomish County rose 14% to $566,000. In a survey of homebuyers looking for a home during Covid-19, 82% said they would go over budget to get their ideal home.  Record-low interest rates have helped soften the blow of soaring prices a bit. According to Freddie Mac, rates on a 30-year fixed-rate mortgage fell to their lowest level, at 2.71%, for the 14th time this year. With low inventory and high demand, buyers need to be ready to compete. That means being pre-approved or willing to offer cash, and working with an agent on a plan that includes counter-offers, escalation clauses and other strategies to help win the sale.  As many consider working remotely long-term, our home has become more important to us than ever. The charts below provide a brief overview of market activity. KING COUNTY SEATTLE SNOHOMISH COUNTY  

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LOCAL MARKET UPDATE – NOVEMBER 2020

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  ·NOVEMBER 9, 2020 The number of people who can work remotely may be changing the way we view our homes, but one trend has not changed. The local housing market in October remained unseasonably hot. And that doesn’t show signs of changing any time soon. October saw continued low inventory and record-level sales, with the number of sales exceeding that of 2019 year-to-date. While new listings are on the rise, they are being snapped up quickly and many homes are selling in a matter of days. In King County there were 38% fewer single-family homes on the market as compared to a year ago. Snohomish County had 59% fewer listings.  A four-month supply of homes for sale is considered a balanced market, but King and Snohomish counties currently have less than one month of supply. With supply unable to keep up with demand, home prices are escalating at double-digit rates. The median single-family home price in King County rose 14% over a year ago to $745,000. Prices in Snohomish County jumped 17% year-over-year to a record high of $579,972. About half the homes that closed in October sold for over the asking price as compared to about a quarter of the homes the same time last year. The real estate market here is uncommonly resilient. Growing employment in major tech industries and an enviable quality of life have made our region one of the fastest growing areas in the country. With interest rates remaining at record lows, we may well skip the traditional slowing in the winter market altogether. 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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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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