Uncategorized May 1, 2017

The Gardner Report | First Quarter 2017

Gardner Report  | WWA Q1 2017

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 me.

ECONOMIC OVERVIEW


I’m happy to report that Washington State continues to add jobs at a steady rate. While the rate of growth is tapering, this is because many markets are getting close to “full employment”, during which time growth naturally slows. That said, I believe that the state will add around 70,000 jobs in 2017.

Washington State, as well as the markets that make up Western Washington, continues to see unemployment fall and I anticipate that we will see this rate drop further as we move through the year.

In all, the economy continues to perform at or above average levels and 2017 will be another growth year.

HOME SALES


  • There were 15,652 home sales during the first quarter of 2017. This is an increase of 9.5% from the same period in 2016, but 20.7% below the total number of sales in the final quarter of 2016.
  • With an increase of 45.5%, sales in Clallam County grew at the fastest rate over the past 12 months. There were double-digit gains seen in an additional 10 counties, suggesting that demand remains very robust. The only modest decline in sales was seen in Grays Harbor County.
  • The number of homes for sale showed no improvement at all, with an average of just 6,893 homes for sale in the quarter, a decline of 33% from the previous quarter and 25% from the first quarter of 2016. Pending sales rose by 2% relative to the same quarter a year ago.
  • The key takeaway from this data is that 2017 will offer little relief to would-be home buyers as the housing supply remains severely constrained.
Annual Change in Home Sales

HOME PRICES


  • With demand continuing to exceed supply, home prices continued to rise at above-average rates. Year-over-year, average prices rose by 9.5% but were 1.1% lower than in the final quarter of 2016. The region’s average sales price is now $409,351.
  • Price growth in Western Washington is unlikely to taper dramatically in 2017 and many counties will continue to see prices appreciate well above their long-term averages.
  • When compared to the same period a year ago, price growth was most pronounced in Kittitas County, which rose by 19.6%. Double-digit price growth was seen in an additional 10 counties. The only market where the average price fell was in the ever-volatile San Juan County.
  • It is clear that rising interest rates have not taken much of a sheen off the market.
WWA Heat Map
Annual Change in Home Sale Prices

DAYS ON MARKET


  • The average number of days it took to sell a home in the first quarter dropped by 16 days when compared to the first quarter of 2016.
  • King County remained the tightest market, with the average time to sell a home at just 31 days. Island County was the only area where it took longer to sell a home than seen a year ago; however, the increase was just one day.
  • In the first quarter of the year, it took an average of 70 days to sell a home. This is down from the 86 days it took in the first quarter of 2016, but up from the 64 days it took in the final quarter of last year.
  • Given woefully low levels of inventory in all Western Washington markets, I do not expect to see the length of time that it takes to sell a home rising in 2017. In fact, it is likely that it will continue to drop.
Average Days on Market

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 first quarter of 2017, I moved the needle a little more in favor of sellers. The rapid increase in mortgage rates during the fourth quarter of 2016 has slowed and buyers are clearly out in force.

ABOUT MATTHEW GARDNER


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.
Uncategorized April 28, 2017

Windermere Foundation Quarterly Report | Q1 2017

Dear Friends of the Windermere Foundation,

Thanks to the generosity of Windermere agents and the community, the Windermere Foundation collected over $325,000 in donations during the first quarter of 2017. This is an increase of 17 percent compared to this time last year! Individual contributions and fundraisers accounted for 55 percent of the donations, while 45 percent came from donations through Windermere agent commissions. So far, we have raised a total of $33,431,017 in donations since 1989.

Each Windermere office has its own Windermere Foundation fund account that they use to make donations to organizations in their communities. Year to date, a total of $545,354 has been disbursed to non-profit organizations dedicated to providing services to low-income and homeless families throughout the Western U.S.

One organization that has been the recipient of Windermere Foundation funds is the Colorado Coalition for the Homeless. The Colorado Coalition for the Homeless operates a range of integrated programs to support children and families. These include family support services, pediatric services, eye and dental care, child, adolescent, and family therapy, and child care.

A recent donation from the Windermere Real Estate office in Centennial, Colorado is helping to fund the Coalition’s Family Support Services Program. The program provides services including emergency shelter information and referrals, housing information and referrals, referrals to other agencies, programming designed specifically to meet needs of children ages birth to 6 years, access to medical and mental health services, and diapers and baby supplies.

Generous donations to the Windermere Foundation over the years have enabled Windermere offices to continue to support local non-profits. If you’d like to help support programs in your community, please click on the Donate button.

To learn more about the Windermere Foundation, visit http://www.windermere.com/foundation. To share this information with your clients and/or on social media, please go to the Windermere Blog.

Gratefully,

Christine Wood
Executive Director
Windermere Foundation

Uncategorized April 20, 2017

Windermere Cut Party – Cinco de Mayo!

Windermere Cut Party – Cinco de Mayo!

Cinco de Mayo is nacho average holiday and this year the Windermere Cup has planned the biggest Cinco de Mayo party in Seattle in conjunction with one of the world’s premier rowing regattas. What do they have lined up? Let’s taco bout it!

The party will take place along the north shore of the Montlake Cut, west of the Montlake Bridge. Here you’ll have access to a Beer and Margarita Garden, while enjoying live music and a stunning waterfront view overlooking Portage Bay.

Brian DiJulio and The Lovejacks will kick off the event, playing from 6pm to 8 pm. Following them, the always entertaining Spike & the Impalers will take the stage and play out the evening till 10pm.

Food Trucks will be on hand with three of the most popular and sought after Mexican food vendors in the Seattle area; El CamionTaqueria Tonita, and Tacos La Flaca.

Don’t lay there and siesta – It’s time for a fiesta! Purchase your tickets online at Brown Paper Tickets. And don’t forget, you can come back down to the Montlake Cut on May 6 for Seattle’s biggest free sporting event – The Windermere Cup. More info on WindermereCup.com.

2017_wreCupEmailSignature_RealEstate

Uncategorized April 12, 2017

Seattle Farmers Markets Schedule

Uncategorized April 6, 2017

Affordable Downtown Seattle condos are getting competitive

Affordable Downtown Seattle condos are getting competitive

The units going the most above asking in 2017 were listed at below $400K

 

Downtown Seattle’s condo market is heating up in a big way. 2017 kicked off with 46 percent higher condo sale prices, and just last week, 75 percent of the Nexus to sell out two years in advance.

As Seattle residents are scrambling for more affordable housing options, more affordable condos could be at the forefront of that demand.

Data compiled by Urban Condo Spaces (UCS) found that in 2017 so far, the five condos in the greater downtown area driven the most above asking were all listed at below $400,000. Most of them were listed at below $300,000.

The condo driven most above asking listed at $299,900, sold for $370,000—a full 23 percent above asking.

 On average, Downtown Seattle condos are going for about 2 percent above asking.

“The story that seems to developing is not just an inventory issue but an affordability issue,” Jeff J. Reynolds of Urban Condo Spaces tells us. “These are all small units with very affordable price points, which has more buyers driving the prices up.”

He notes that there are only two available units downtown under $400,000 right now, plus four in Queen Anne and seven in Capitol Hill.

 The transition from renting to owning can get difficult—in addition to needing money on hand for a down payment, the more affordable units are in shorter and shorter supply.

The inventory problem isn’t isolated to affordable units, though. At the time that the last unit in the Insignia sold earlier this month, Downtown condos were experiencing a 57 percent decline year over year.

Uncategorized March 23, 2017

Spring is Here: Get Your Home Ready!

Spring is Here: Get Your Home Ready!

 

Now that the days are a little longer, the sun a little warmer, and blossoms are starting to pop, you may suddenly have the urge to do some spring cleaning. Spring cleaning is a time-honored tradition; an opportunity to sweep the cobwebs from your home, clear out the dust that accumulated during the winter, and let the sunshine in.

For many people spring cleaning may seem tedious but it doesn’t have to be! Crank some tunes, get some room decor inspiration from Pinterest, and get out the garbage bags because it’s time to get cleaning.

  1. Make a list of what needs to be cleaned in each room.

Lists can help you stay organized — especially if you have a huge project on your plate. Walk through each room and write down what needs to get done. Writing a list will ensure you have all the cleaning materials you’ll need before getting started.

  1. Make your playlist.

Listening to music while cleaning can make things go by faster. Of course, you don’t have to make a playlist; you could always just turn the radio on to your favorite station.

  1. Get three bins and label them: trash, recycle and donate.

As you go through each room, make sure to declutter. Recycle old magazines and papers from the previous year. Put items you no longer use or need, like that book you bought 10 years ago but never read, in the donate box. Itemize your donate pile when finished because you may be able to deduct those donations on your taxes.

  1. Work on one room at a time.

It’s easy to get overwhelmed when you want to clean your entire home all at once. Refer to your list in step 1 and check each one off as you go. Tracking your progress will keep you working in an organized fashion and keep you going when you start to get tired.

  1. Set an amount of time to work on each room.

It’s easy to get distracted, looking at items you’ve forgotten or old photographs, and before you know it you’ve spent the entire day cleaning just one single room. Set a timer so you don’t fall into this trap and to give yourself small breaks throughout the process.

  1. Get some help.

Don’t do all the cleaning yourself! Recruit your kids, significant other or roommates to help out. Anyone who contributes to the mess should also help clean it.

  1. Start from the top and work your way down.

Use the law of gravity and clean from the top of the ceiling to the floor. Knock all the dusty cobwebs from the corner, wash the curtains, clean the windows, dust/vacuum the furniture, and finally vacuum the floor.

  1. Consider using natural cleaners.

Many chemical-based cleaners emit hazardous fumes. Some cleaners when mixed together can even emit toxic fumes that can seriously hurt you. Vinegar is a great substitute to use as a general household cleaning solution, and it is not nearly as expensive as packaged cleaning solutions.

  1. Be patient.

Take your time and let grimy surfaces, like the ones in your bathroom and kitchen, soak in your cleaning solution. Work on something else on your list while your cleaner does the hard work.

  1. Reward yourself at the end.

Having something to look forward to at the end of a long day of cleaning sure makes things go a lot faster. Plus, you worked hard and deserve it. Treat yourself.

Uncategorized March 20, 2017

2017 Tulip Festival Information

Uncategorized March 17, 2017

Saint Patrick’s Day in Seattle

Saint Patrick’s Day in Seattle

 

It’s Saint Patrick’s Day which means Corned beef and cabbage, green beer, and people dressed like deranged Leprechauns are everywhere. Despite the lack of a large population of Irish descendants in Seattle, we still have several great Irish Pubs that share the food, music and merriment of a pub you might find in our Sister CityGalway, Ireland. So if you can’t celebrate Saint Patrick’s Day on the Emerald Isle – then do it in the Emerald City.

Murphy’s Pub

Family friendly until 9pm, Murphy’s offers a seat to your whole family – but your dog is welcome to stay there with you until closing time. The oldest Irish Pub in Seattle, Murphy’s was also the first to offer local microbrews when Redhook Brewery opened in 1982.

TRY: Black and Tan

Mulleady’s Pub

Being a restaurant with food that is much better than the usual pub fare, Mulleady’s will be serving a five-course St. Patrick’s Day dinner tonight. Calling ahead to see what the lines are like might be prudent.

TRY: Red Breast Collection Spirit Flight

Conor Byrne

A tried and true Irish Pub, the doors open today at noon and the live music starts at 1pm. Skillet Street Foodwill have a food truck parked outside all day – no word on what their menu might be.

TRY: Jameson and ginger cocktail

Owl N’ Thistle

Located on Post Alley in an old red brick building, on a rainy Seattle day, all you need to do is close your eyes to make believe you’re in Ireland. The doors open at 11am today with live music starting at 1pm. Post Alley is closed off in this small section so revelers can also hang outside.

TRY: Irish coffee

Kells

Arguably the most well-known Irish restaurant and bar in Seattle, so naturally their Saint Patrick’s Day event is huge. In fact, their festival is a three-day event from Thursday, March 16 through Sunday, March 19. The doors open at 9am and music starts at noon.

TRY: Guinness or Harp lager

Uncategorized March 8, 2017

New Features vs. Character

We are often asked, “Which is the better buy, a newer or older home?” Our answer: It all depends on your needs and personal preferences. We decided to put together a list of the six biggest differences between newer and older homes:

The neighborhood

Surprisingly, one of the biggest factors in choosing a new home isn’t the property itself, but rather the surrounding neighborhood. While new homes occasionally spring up in established communities, most are built in new developments. The settings are quite different, each with their own unique benefits.

Older neighborhoods often feature tree-lined streets; larger property lots; a wide array of architectural styles; easy walking access to mass transportation, restaurants and local shops; and more established relationships among neighbors.

New developments are better known for wider streets and quiet cul-de-sacs; controlled development; fewer aboveground utilities; more parks; and often newer public facilities (schools, libraries, pools, etc.). There are typically more children in newer communities, as well.

Consider your daily work commute, too. While not always true, older neighborhoods tend to be closer to major employment centers, mass transportation and multiple car routes (neighborhood arterials, highways and freeways).

Design and layout

If you like VictorianCraftsman or Cape Cod style homes, it used to be that you would have to buy an older home from the appropriate era. But with new-home builders now offering modern takes on those classic designs, that’s no longer the case. There are even modern log homes available.

Have you given much thought to your floor plans? If you have your heart set on a family room, an entertainment kitchen, a home office and walk-in closets, you’ll likely want to buy a newer home—or plan to do some heavy remodeling of an older home. Unless they’ve already been remodeled, most older homes feature more basic layouts.

If you have a specific home-décor style in mind, you’ll want to take that into consideration, as well. Professional designers say it’s best if the style and era of your furnishings match the style and era of your house. But if you are willing to adapt, then the options are wide open.

Materials and craftsmanship

Homes built before material and labor costs spiked in the late 1950s have a reputation for higher-grade lumber and old-world craftsmanship (hardwood floors, old-growth timber supports, ornate siding, artistic molding, etc.).

However, newer homes have the benefit of modern materials and more advanced building codes (copper or polyurethane plumbing, better insulation, double-pane windows, modern electrical wiring, earthquake/ windstorm supports, etc.).

Current condition

The condition of a home for sale is always a top consideration for any buyer. However, age is a factor here, as well. For example, if the exterior of a newer home needs repainting, it’s a relatively easy task to determine the cost.  But if it’s a home built before the 1970s, you have to also consider the fact that the underlying paint is most likely lead0based, and that the wood siding may have rot or other structural issues that need to be addressed before it can be recoated.

On the flip side, the mechanicals in older homes (lights, heating systems, sump pump, etc.) tend to be better built and last longer.

Outdoor space

One of the great things about older homes is that they usually come with mature tress and bushes already in place. Buyers of new homes may have to wait years for ornamental trees, fruit trees, roses, ferns, cacti and other long-term vegetation to fill in a yard, create shade, provide privacy, and develop into an inviting outdoor space. However, maybe you’re one of the many homeowners who prefer the wide-open, low-maintenance benefits of a lightly planted yard.

Car considerations

Like it or not, most of us are extremely dependent on our cars for daily transportation. And here again, you’ll find a big difference between newer and older homes. Newer homes almost always feature ample off-street parking: usually a two-care garage and a wide driveway. An older home, depending on just how old it is, may not offer a garage—and if it does, there’s often only enough space for one car. For people who don’t feel comfortable leaving their car on the street, this alone can be a determining factor.

Finalizing your decision

While the differences between older and newer homes are striking, there’s certainly no right or wrong answer. It is a matter of personal taste, and what is available in your desired area. To quickly determine which direction your taste trends, use the information above to make a list of your most desired features, then categorize those according to the type of house in which they’re most likely to be found. The results can often be telling.

Uncategorized March 2, 2017

Spring Home Maintenance Checklist