Windermere Living – Fall 2017

If you regularly receive Windermere Living magazine, you might notice something a little different about this issue. That’s because we’ve given the magazine a total redesign to better reflect Windermere’s passion for community, connection, and inspired living.

Within the pages of this magazine you will find carefully curated editorial which we hope will give our readers an element of surprise and delight. Our goal is to write about people and places that bring a community to life.

In this issue, we celebrate the magic of Sun Valley, Idaho. A longtime favorite of Hollywood’s A-list and outdoor mavericks, the town of Ketchum and its community of inspired locals make this alpine escape a winter must. Additionally, we’ll take you behind the scenes with celebrity designer Jonathan Adler, who reveals his picks for cozy, chic living spaces. And don’t miss our new Destination GPS, which spotlights Windermere’s vibrant markets throughout the West.

And of course, the homes. Pages upon pages of beautiful homes in all shapes, sizes, prices, and neighborhoods all over the West Coast.

You need not be in the market for a home to enjoy Windermere Living; you just need an appreciation for real estate and elevated living. We hope you like it.

Read the online version by clicking on the image below.

The Gardner Report – Second Quarter 2017

Economic Overview

The Washington State economy has been expanding at a rapid pace but we are seeing a slowdown as the state grows closer to full employment. Given the solid growth, I would expect to see income growth move markedly higher, though this has yet to materialize. I anticipate that we will see faster income growth in the second half of the year. I still believe that the state will add around 70,000 jobs in 2017.

Washington State, as well as the markets that make up Western Washington, continue to see unemployment fall. The latest state-wide report now shows a rate of 4.5%—the lowest rate since data started to be collected in 1976.

I believe that growth in the state will continue to outperform the U.S. as a whole and, with such robust expansion, I would not be surprised to see more people relocate here as they see Washington as a market that offers substantial opportunity.

Home Sales Activity

  • There were 23,349 home sales during the second quarter of 2017. This is an increase of 1.1% from the same period in 2016.
  • Clallam County maintains its position as number one for sales growth over the past 12 months. Double-digit gains in sales were seen in just three other counties, which is a sharp drop from prior reports. I attribute this to inventory constraints rather than any tangible drop in demand. The only modest decline in sales last quarter was seen in Grays Harbor County.
  • The number of homes for sale, unfortunately, showed no improvement, with an average of just 9,279 listings in the quarter, a decline of 20.4% from the second quarter of 2016. Pending sales rose by 3.6% relative to the same quarter a year ago.
  • The key takeaway from this data is that it is unlikely we will see a significant increase in the number of homes for sale for the rest of 2017.

Home Prices

  • Along with the expanding economy, home prices continue to rise at very robust rates. Year-over-year, average prices rose 14.9%. The region’s average sales price is now $470,187.
  • Price growth in Western Washington continues to impress as competition for the limited number of homes for sale remains very strong. With little easing in supply, we anticipate that prices will continue to rise at above long-term averages.
  • When compared to the same period a year ago, price growth was most pronounced in San Juan County where sale prices were 29.2% higher than second quarter of 2016. Eight additional counties experienced double-digit price growth.
  • The specter of rising interest rates failed to materialize last quarter, but this actually functioned to get more would-be buyers off the fence and into the market. This led to even more demand which translated into rising home prices.

Days on Market

  • The average number of days it took to sell a home in the quarter dropped by 18 days when compared to the same quarter of 2016.
  • King County remains the tightest market; homes, on average, sold in a remarkable 15 days. Every county in this report saw the length of time it took to sell a home drop from the same period a year ago.
  • Last quarter, it took an average of 48 days to sell a home. This is down from the 66 days it took in the second quarter of 2016.
  • Given the marked lack of inventory, I would not be surprised to see the length of time it takes to sell a home drop further before the end of the year.

Conclusions

This speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors. For the second quarter of 2017, I moved the needle a little more in favor of sellers. To define the Western Washington market as “tight” is somewhat of an understatement.

Inventory is short and buyers are plentiful.

Something must give, but unless we see builders delivering substantially more units than they have been, it will remain staunchly a sellers’ market for the balance of the year.

Furthermore, increasing mortgage rates have failed to materialize and, with employment and income growth on the rise, the regional housing market will continue to be very robust.

 

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 experience both in the U.S. and U.K.

 

This article originally appeared on the Windermere.com blog.

Windermere Hosts Third-Annual Washington Waterfront Home Tour

When you picture your best life, does it include entertaining shore-side? Launching a boat from your back steps? Or fishing in your pajamas? If you dream of a waterfront life then you’re in luck! That’s because on June 24-25 we are hosting the third-annual Washington Waterfront Home Tour. More than 80 homes from the San Juan Islands to Lake Sammamish are available to tour by boat, bike, or car. Properties are priced from $595,000 to $20 million. While you might think a waterfront home is out of your budget, there are actually properties that fit a wide variety of needs, styles, and budgets.

Here are a few examples of what you can expect to see this weekend on the tour:

Oak Harbor Charmer:


https://www.windermere.com/listing/WA/Oak-Harbor/2185-West-Beach-Rd-98277/54079653

Spectacular in Seward Park:


https://www.windermere.com/listing/WA/Seattle/7740-Seward-Park-Ave-S-98118/54556875

Enchanted Estate in Friday Harbor:


https://www.windermere.com/listing/WA/Friday-Harbor/-98250/54552772

 

A map of the homes and their open house hours can be found on the Washington Waterfront Home Tour website. Most will be held open from 1 p.m.-4 p.m. on June 24 and 25. The listing details will note the availability; for those listed as “by appointment only,” you can contact the agent for a private tour.

Follow the fun on the Windermere Real Estate Facebook page, and share your own photos while you tour these beautiful homes by tagging your pictures on Instagram and Twitter with #WAWaterfront.

 

In addition to Windermere, the Washington Waterfront Home Tour is being sponsored by Penrith Home Loans.

 

This blog post originally appeared on the Windermere.com blog.