Are you ready for some Monday Night Football? Cheer extra loud for our defense because each tackle they make will result in us donating $100 to YouthCare to help #tacklehomelessness. As the Official Real Estate Company of the Seattle Seahawks, we’re proud we can work together to make a difference in our community. #tacklehomelessness #SEAvsBUF #goHawks #MNF
Annual employment growth in Washington State slowed somewhat in the third quarter of this year, but still remains well above the long-term average. Additionally, the jobs that are being created are primarily quality, high-paying positions, which is important for the health of our economy.
Unemployment in the state remains at levels that are somewhat higher than I would like to see, but this continues to be impacted by a growing labor force and modestly slowing job growth. I still expect to see the rate drop a little further as we move through the final quarter of the year.
HOME SALES ACTIVITY
- There were 24,277 home sales during the third quarter of 2016—up by an impressive 7.9% from the same period in 2015, and 6.8% above the total number of sales seen in the second quarter of this year.
- Skagit County saw sales grow at the fastest rate over the past 12 months, with transactions up by 25.6%. There were also impressive increases in home sales in Thurston, San Juan, Pierce, and Grays Harbor Counties. Sales fell slightly in Jefferson and Kittitas Counties.
- Overall listing activity remains low with the total number of homes for sale at the end of the quarter 11.2% below that seen a year ago. That said, I’m happy to report that listings have been slowly trending higher in 2016.
- I’ve been thinking about how sales can continue to rise while inventory remains so low. I believe this is due to an uptick in first-time buyers. These buyers have no home to sell, so they don’t add to the number of listings; however, they do cause sales to increase when they buy. This is a good trend to see!
- As demand continues to exceed supply, we are continuing to see upward pressure on home prices. In the third quarter, average prices rose by a substantial 10.2% and are 3.2% higher than seen in the second quarter of this year.
- The current rate at which homes are appreciating cannot continue, and I anticipate that we will see a “cooling” start to take place in 2017.
- When compared to the third quarter of 2015, price growth was most pronounced in Lewis County. In total, there were nine counties where annual price growth exceeded 10% and prices were higher across the entire region when compared to a year ago.
- Although supply levels are slowly starting to creep higher, we are still solidly in a seller’s market. Rising inventory levels should start to do a better job of meeting demand next year, which when combined with modestly higher mortgage interest rates, will see the region move closer toward becoming a balanced market.
DAYS ON MARKET
- The average number of days it took to sell a home dropped by twenty-two days when compared to the third quarter of 2015.
- All the counties that comprise this report saw the length of time it took to sell a home drop.
- In the third quarter of 2016, it took an average of 52 days to sell a home. This is down from the 74 days it took in the third quarter of 2015, and down from the 67 days it took in the second quarter of this year.
- King and Snohomish Counties remain the only two markets where it took less than a month to sell a home. Even though King County saw days on market rise slightly from 18 to 20, it remains the hottest market in the region.
This speedometer reflects the state of the region’s housing market using housing inventory, price gains, sales velocities, interest rates, and larger economics factors. For the third quarter of 2016, I am moving the needle very slightly toward the buyers. This is entirely due to the recent increase in inventory levels that I believe will continue through the rest of the year. That said, the region remains steadfastly a seller’s market.
Matthew Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics, and has over 25 years of professional
Way to go Hawks! This week we are donating $2,500 to our partners at YouthCare to help #TackleHomelessness. As the Official Real Estate Company of the Seattle Seahawks, we’re donating $100 per Seahawk’s home game tackle. So far this year we are giving $8,200 to provide essentials for homeless youth. #tacklehomelessness
Maybe you’re thinking of selling, maybe you’re thinking of refinancing, or maybe you’re just curious about the market. But the question is, “What is that domicile of your’s worth?”
Such a simple question should be returned with a simple answer, right? Well unfortunately, determining the value of your home–or any home for that matter–can be a tricky process. You can go online and nowadays there are endless websites that will promise you a fast answer with fancy charts and graphs. As tempting as it may be to trust this information, be wary of letting a computer program tell you what your largest investment is worth.
The trouble with these websites is that they have little to no local market information. They are not aware that a new park is being built, or that a four-lane highway is being re-routed, or that you’ve lovingly cared for and maintained your home.
The bottom line is this: If you’re serious about getting an informative valuation for your home you should contact a local real estate professional. These professionals work with the actual people who will ultimately determine the value of your home–the home buyer themselves. This is their profession and they will be happy to sit with you and explain the current market conditions that affect your home value.
As the Official Real Estate Company of the Seattle Seahawks we are excited to announce the #WindermereFoundation will be donating $3,100 to YouthCare from yesterday's game as a part of our shared goal to#TackleHomelessness. For each home game tackle by the Seahawks, Windermere will donate $100 to help provide essential services and support for homeless youth.#12s #GoHawks #nfl #windermereblue #seahawks
What do Windermere Real Estate and the Seattle Seahawks have in common? We both got our start in Seattle in the 1970s. And we’re both organizations who believe in giving back to our community. So when presented with the opportunity to become the Official Real Estate Company of the Seattle Seahawks, we didn’t have to think twice.
At the center of this partnership with the Seahawks is a new #tacklehomelessnesscampaign in which the Windermere Foundation will donate $100 for every Seahawks home-game tackle during the 2016 season. And on the receiving end of these donations is YouthCare, a Seattle-based non-profit organization that has been providing services and support to homeless youth for more than 40 years.
In addition to raising money, the #tacklehomelessness campaign will also bring awareness to the very issue of homeless youth struggling in our community. We know the Seahawks are equally committed to this important cause.
Our partnership with the Seahawks and YouthCare fits perfectly with the mission of the Windermere Foundation which is to support low-income and homeless families in the communities where we have offices. Through the #tacklehomelessnesscampaign, we hope to be able to do even more.
You can follow our progress throughout the Seahawks season on our Facebook page at Facebook.com/WindermereRealEstate.
To say that Windermere has a lot of Seahawks fans would be an understatement. That’s why we are so excited to announce today that we are now the “Official Real Estate Company of the Seattle Seahawks”!
At the center of this partnership with the Seahawks is a new #tacklehomelessness campaign in which the Windermere Foundation will donate $100 for every Seahawks tackle at home during the 2016 season. On the receiving end of these donations is YouthCare, a Seattle-based non-profit organization that has been providing services and support to homeless youth from across Puget Sound for more than 40 years. Since 1989, the Windermere Foundation has donated over $30 million to non-profits that support low-income and homeless families, so partnering with YouthCare and the Seahawks on the#tacklehomelessness campaign is a perfect fit for us.
“We are proud to partner with Windermere, an iconic and locally-based company with a deep commitment to this community,” said Seahawks Vice President of Corporate Partnerships Amy Sprangers. “Windermere’s brand and values align perfectly with our commitment to this region. It is wonderful that this partnership will make a positive impact on homeless youth throughout the Seattle area.”
If you’re not already excited about the upcoming Seahawks season, this video should do it.
Now say it with us . . . Go Hawks!
Good Morning and Happy Monday!
We are pleased to be launching a new Marketing Campaign for our Buyers and Sellers!
Here is a preview of a new 30 second spot that will be airing on Comcast Spotlight during October.
Enjoy! I will also be posting some of our Broker's 30 second spots to give you an idea of the marketing you can expect from your Windermere Broker.
Gary and Sandy Jones
Cheryl and Daryl Main
Sounds cliche right?! It is not. Becoming a real estate professional can lead to a lifetime of amazing experiences where you participate in helping people make the biggest "moves" in their lives and most likely their largest investments.
If you have ever bought or sold a home I'm guessing you can recall how emotional that experience was. Try to imagine your real estate professional during that experience. They were there for you to help navigate through the negotiations, the inspections, the appraisal the closing and more!
My personal experiences in real estate have led to life-long friends who have come to rely on me as a trusted advisor who has helped many of them make their dreams come true.
If you have been wondering what it would be like to help people make their dreams come true in real estate your timing is perfect. Current market conditions are ideal for starting a career in real estate.
We are actively hiring and training new and experienced agents at Windermere Gig Harbor.
Contact me to learn more about becoming a real estate professional with Windermere Real Estate. For more information click Getting Started Below.