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The Gardner Report – Third Quarter 2019
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.
Economic Overview
Washington State employment has softened slightly to an annual growth rate of 2%, which is still a respectable number compared to other West Coast states and the country as a whole. In all, I expect that Washington will continue to add jobs at a reasonable rate though it is clear that businesses are starting to feel the effects of the trade war with China and this is impacting hiring practices. The state unemployment rate was 4.6%, marginally higher than the 4.4% level of a year ago. My most recent economic forecast suggests that statewide job growth in 2019 will rise by 2.2%, with a total of 88,400 new jobs created.
Home Sales Activity
- There were 22,685 home sales during the third quarter of 2019, representing a slight increase of 0.8% from the same period in 2018 and essentially at the same level as in the second quarter.
- Listing activity — which rose substantially from the middle of last year — appears to have settled down. This is likely to slow sales as there is less choice in the market.
- Compared to the third quarter of 2018, sales rose in five counties, remained static in one, and dropped in nine. The greatest growth was in Skagit and Clallam counties. Jefferson, Kitsap, and Cowlitz counties experienced significant declines.
- The average number of homes for sale rose 11% between the second and third quarters. However, inventory is 14% lower than in the same quarter of 2018. In fact, no county contained in this report had more homes for sale in the third quarter than a year ago.
Home Prices
- Home price growth in Western Washington notched a little higher in the third quarter, with average prices 4.2% higher than a year ago. The average sales price in Western Washington was $523,016. It is worth noting, though, that prices were down 3.3% compared to the second quarter of this year.
- Home prices were higher in every county except Island, though the decline there was very small.
- When compared to the same period a year ago, price growth was strongest in Grays Harbor County, where home prices were up 22%. San Juan, Jefferson, and Cowlitz counties also saw double-digit price increases.
- Affordability issues are driving buyers further out which is resulting in above-average price growth in outlying markets. I expect home prices to continue appreciating as we move through 2020, but the pace of growth will continue to slow.
Days on Market
- The average number of days it took to sell a home dropped one day when compared to the third quarter of 2018.
- Thurston County was the tightest market in Western Washington, with homes taking an average of only 20 days to sell. There were six counties where the length of time it took to sell a home dropped compared to the same period a year ago. Market time rose in six counties, while two counties were unchanged.
- Across the entire region, it took an average of 38 days to sell a home in the third quarter. This was down 3 days compared to the second quarter of this year.
- Market time remains below the long-term average across the region and this trend is likely to continue until more inventory comes to market, which I do not expect will happen until next spring.
Conclusions
This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors. I am leaving the needle in the same position as the first and second quarters, as demand appears to still be strong.
The market continues to benefit from low mortgage rates. The average 30-year fixed rates is currently around 3.6% and is unlikely to rise significantly anytime soon. Even as borrowing costs remain very competitive, it’s clear buyers are not necessarily jumping at any home that comes on the market. Although it’s still a sellers’ market, buyers have become increasingly price-conscious which is reflected in slowing home price growth.
As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.
In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.
This post originally appeared on the Windermere.com Blog.
The best place to see the sunset in Kirkland- Neighbor in the Know
Click to watch the full video online at King 5 Evening
Kirkland isn’t just Costco’s brand name- it’s got imaginative coffee shops, a charming downtown and incredible sunsets.
Kirkland has a wealth of places to visit, from picturesque parks to hip coffee spots to a quickly-growing downtown. There are way too many cool spots to document all in one place, but here are few locations to visit.
Sheri Putzke, Windermere real estate agent in the area, knows a thing or two about Kirkland. One of her favorite spots for coffee is urban COFFEE lounge, which serves up both coffee and alcohol, along with unique drinks like the chai-der. Yes, that’s chai and hot apple cider, combined to create a very cozy autumnal drink. Strange concept, but highly recommended!
Downtown Kirkland is another favorite spot of Sheri’s- specifically, Park Lane, arguably the focal point in DT Kirk. Am I allowed to call it DT Kirk? We’ll see if it catches on.
In the summer, Park Lane becomes a hub of activity. On Sundays in the summer, Park Lane is closed to cars, so pedestrians can stroll, browse and dine in the sunshine. It’s a great way to take full advantage of the vibrant street.
Marina Park Pavilion is also a favorite spot of Sheri’s- especially when there’s a radiant sky like the one below. It’s her favorite spot to sit back and watch sunsets.
If you’re a foodie, Kirkland, of course, has some incredible restaurants as well. Lilac Cafe and Cafe Juanita are there for your Italian food needs, while Bottle & Bull is a swanky 21-and-up restaurant that serves drinks based on the life and times of Ernest Hemingway.
 urban COFFEE lounge is the place to be in Juanita Village. | 9744 NE 119th Way |
 The food at Bottle & Bull is inspired by the travels of Ernest Hemingway. | 105 Lake St. |
 Marina Park Pavilion in downtown Kirkland is a great place for sunsets. | 25 Lakeshore Plaza |
This article originally appeared on KING 5’s Evening.
Local Market Update – October 2019
While fall usually brings a decrease in sales activity, the opposite was true in September. The number of listings on the market dropped by double digits and home sales rose. It is still a seller’s market, however prices have stabilized. With interest rates near historic lows and employment levels at historic highs, the housing market is expected to stay strong throughout the fall and winter.
EASTSIDE
Long the most affluent area of King County, the Eastside continues to record the highest home prices in the region. The median price of a single-family home on the Eastside was $928,500 in September, an increase of 4% from a year ago and a decrease of less than 1% from August. The Eastside construction boom continues, indicating that developers remain confident in the strength of the local economy.
KING COUNTY
The number of homes on the market in King County fell by almost 20% in September when compared to a year ago. However, last fall saw an increase in inventory that was unusual for the time of year. The median price of a single-family home was $660,000, down just 1% from the same time last year. Cities in King County, outside of Seattle, all saw price increases. Sales were up 7% indicating no shortage of buyers.
SEATTLE
Prices remained relatively stable, with the median price of a single-family home in September dipping 3% over a year ago to $750,000. As tech companies continue to recruit top talent to the area, Seattle’s population keeps booming and demand for housing remains high. While home sales traditionally dip in the fall, the city saw sales increase by 12% in September as compared to last year. Rising rents may push more buyers into the market.
SNOHOMISH COUNTY
Buyers continue to be drawn to Snohomish County thanks to a strong economy and housing costs that are considerably more affordable than King County. That influx of buyers is also driving up prices. The median price of a single-family home in September was $492,500, up from $484,995 the same time last year. At $167,500 less than the median price in King County, it’s a relative bargain.
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com
Kirkland community features award-winning floor plans
Crosswater includes three- and four-bedroom townhomes with attached two-car garages.
Distinguished by a sought-after Kirkland address, Crosswater is a boutique community of 16 luxury townhomes characterized by contemporary architecture and a private setting.
The community, built by Toll Brothers, just opened for presales, offering interested homebuyers the chance to get in early and personalize their homes to their style and taste.
The homes range in size from 1,941 to 2,194 square feet. All of the plans have 3.5 baths.
“One popular design that we’re featuring here is our Burke plan,” says Sheri Putzke, community sales manager. “Its incredible great room surrounded by impressive floor-to-ceiling windows has made this an award-winning design. All of our floor plans are thoughtfully designed with efficient layouts appreciated by homeowners. Flex spaces on the lower level offer versatility as an office, bonus room or guest suite.”
The Burke is one of the floor plans available at Crosswater. The community’s three- and four-bedroom townhomes range from 1,941 to 2,194 square feet.
All Toll Brothers homebuyers are offered two complimentary consultations with a designer at the Kirkland Design Studio. At these sessions, buyers can select hardware, paint colors, lighting, cabinets and countertop surfaces, as well as many other design touches to distinguish their home.
As part of the builder’s national sales event, homebuyers who purchase by Sept. 29 receive 50% off Design Studio options up to $30,000, plus additional vendor incentives.
“These appointments are a big hit with our buyers and a huge perk of working with Toll Brothers,” says Putzke. “Buyers have an opportunity to touch and feel the finishes, and select options for their home based on their personal taste. Even if they choose to stay within the included features, they still have choices. It’s not like they’re limited to just A, B or C color schemes. At the same time, if they do choose to upgrade, they have even more options. Agents are welcome to accompany their customers to help select items that might offer a better return on investment in the long run.”
Residents living at Crosswater will appreciate the central Kirkland location, with nearby casual and fine dining and convenient shopping. Juanita Beach Park is nearby, providing easy access to water activities on Lake Washington, and Juanita Village is 2 miles away.
The community is located close to I-405 and major employment centers in Bellevue, Redmond and Seattle. Children living at Crosswater can attend schools in the highly rated Lake Washington School District.
“The quiet location really distinguishes the community as it’s set back from the road,” says Putzke. “There’s a lot of vegetation and it’s situated in a peaceful, lush setting.”
 Crosswater is a boutique community of 16 luxury townhomes. |
CrosswaterPrices: From the low $800,000s |
This article originally appeared in on SeattleTimes.com
Local Market Update – September 2019
A decrease in inventory coupled with an increase in sales activity led to fewer options for home shoppers in August. There is some good news for would-be buyers as mortgage rates have dropped to their lowest level in three years. Demand remains high but there simply aren’t enough homes on the market. Brokers are hoping to see the traditional seasonal influx of new inventory as we move forward.
EASTSIDE
The median price of a single-family home on the Eastside was $935,000 in August, unchanged from a year ago and up slightly from $925,000 in July. New commercial and residential construction projects are in the works. Strong demand for downtown condos has prompted plans for yet another high-rise tower to break ground next year.
KING COUNTY
Home prices in King County were flat in August. The median price of a single-family home was $670,000, virtually unchanged from a year ago, and down just one percent from July. Southeast King County, which has some of the most reasonable housing values in the area, saw prices increase 9% over last year. Inventory remains very low. Year-over-year statistics show the volume of new listings dropped 18.5% in King County.
SEATTLE
Homes sales were up 12% in Seattle for August, putting additional pressure on already slim inventory. There is just over six weeks of available supply. There are signs that prices here are stabilizing as the median home price of $760,000 was unchanged from a year ago and up less than one percent from July. With its booming economy, demand here is expected to stay strong.
SNOHOMISH COUNTY
Buyers looking for more affordable options outside of King County pushed pending sales, mutually accepted offers, up nearly 16% over a year ago. Home prices have softened slightly. The median price of a single-family home in August was $490,000, down slightly from the median of $492,225 the same time last year.
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com
Seattle Real Producers – August 2019
Written By: Carla Swedish | Photos By: Cecile Miller
A strong work ethic and empathetic kindness show up in Sheri Putzke’s #1 passion, which is “complete client satisfaction”. Sheri understands that a real estate transaction is “always a big deal” and not just from a financial perspective. Purchasing or selling a home usually occurs because of something else going on in a client’s life – marriage, a growing family, death, divorce, or a new job. Sheri considers it a privilege to help her clients negotiate transitions that are often emotional and overwhelming. “I like to solve problems and help people. I try to remain even-keeled, staying focused on resolving any issues. When a real state need arises, I want to be the person they call,” she says,
Sheri’s transition into real estate was natural, albeit unexpected. Her husband Mark has built homes for over 20 years and is the sole proprietor of Chandler Homes. Initially, Mark had a business partner whose wife was a real estate agent. When Mark bought out his partner, he suggested Sheri get her license. Sheri has never regretted her decision. Now she and Mark both “live and breathe” real estate. “I help him, he helps me,” she explains. They enjoy going to open houses together, keeping current on the latest and greatest in new trends and fun ideas.
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Sheri was primarily a stay-at-home mom to the couple’s three children – Tristan, Ashley, and Chloe – when she started with Hallmark Realty in downtown Kirkland. The low-key, mellow office was a convenient fit for her. In 2009, when her youngest started full-time school, Sheri joined Windermere. Windermere’s technology, education, resources, contacts, and Accountability Group program were instrumental in taking her business to the next level. In her Accountability Group, Sheri and two other agents of similar age and with similar time in the business bounced ideas and best practices off each other. Knowing Sheri’s experience with her husband’s construction business, one group member connected Sheri with CamWest (now Toll Brothers). Working onsite for several years with CamWest dramatically increased Sheri’s expertise with new home sales. The hours were long, but the opportunity for learning and meeting new clients was priceless. Sheri’s knowledge deepened by answering questions about everything from foundations to finishes, guiding buyers through the selection of custom structural options and interior finishes, and educating buyers on the build process. “Site work required a huge commitment, sometimes 5-7 days per week, but eventually the time and tenacity paid off,” says Sheri.
To this day, selling new construction remains an important component of Sheri’s business. Builders seek Sheri’s well-regarded opinion on floor plans, finishes, and pricing. While new construction sales are “not for everyone” given the structured schedule, Sheri credits it with helping jump-start her real estate career. Additionally, understanding what goes into building a home has given Sheri the skill to help buyers, even on resales, better understand inspection issues and possible remedies.
Fourteen years later, Sheri’s clientele is predominantly comprised of past clients and their family and friends. Sheri averages 50+ closed transactions a year and has repeatedly been recognized as one of the top realtors in King and Snohomish counties. However, financial success is not Sheri’s motivation. She “pays absolutely no attention” to the dollar values, focusing instead on creating the best possible experience for her clients. When asked about her awards, Sheri “stays humble”, simply referring people to her website (sheriputzke.com).
Sheri has never forgotten her early years in real estate and the challenges of building a business. Though she continues to hold open her own listings, Sheri gives other agents the opportunity to do so whenever possible, knowing how much those experiences helped her. “I greatly value my relationships with other agents. We are at our best when we work cooperatively–attending one another’s open houses, sharing information and resources, and always treating each other with respect,” she says.
Sheri’s best advice to newer agents? “Just keep going. There were so many times I wanted to quit in my first year. I felt overwhelmed and intimidated. I stuck with it, asked hundreds of questions, and my confidence grew.” Sheri also stresses the importance of honesty. “Always consider today’s buyer as a future seller. Being forthright with them about the value/desirability of their home purchase (and with sellers about the market value of their home) fosters trust,” she advises. Sheri educates first-time homebuyers on the care and maintenance of their home and remains a resource for them after the sale closes.
For more experienced agents, Sheri advocates surrounding oneself with the “best in the business”. She says, “As you get busier, you can’t do it all yourself. It’s important to build a team of like-minded professionals to support you.”
Sheri is a “one-man show” and the primary contact to her clients, but she acknowledges she couldn’t do it without support. She credits her longtime Transaction Manager, Danielle, with helping keep close track of contract deadlines and handling most aspects of the job that require sitting at a desk. It would drive Sheri crazy to sit in a chair all day but Danielle, though licensed, prefers working “behind the scenes”. The two make a great team. “Support” also includes a Social Media Manager, expert stagers and photographers, and top-notch Escrow and mortgage professionals.
Often working far more than 40 hours a week, Sheri strives to keep everybody (meaning clients, Mark, and her children) happy. Working hard is easy. Balance is the challenge. “It is getting easier now that my children are older, but rarely does a day go as planned. My work happens when it happens,” she admits.
Daily exercise is a critical component for restoring balance–running or working out helps to calm and clear Sheri’s mind. The family’s second home in Suncadia also offers respite. Sheri truly loves her on-the-go, fun, interesting, ever-changing job. She chose her tagline, Love Where You Live, because “The Pacific Northwest offers such stunning natural beauty. Views are a passion of mine, and it’s amazing to integrate a great view with incredible architecture. It’s such an honor and privilege to live and work here. I love my home and my community. I want my clients to feel the same way!” Her success and client satisfaction rating suggest they do.
Local Market Update – July 2019
The market in our region appears to be moderating. Inventory is up, prices are relatively stable and homes are taking a bit longer to sell. However, with less than two months of available inventory, supply is still far short of demand. Steady buyer activity, low interest rates and a thriving economy are making for a strong summer in the housing market.
Eastside
>>>Click image to view full report.
The median price of a single-family home on the Eastside was $950,000 in June, down 3% from the same time last year and up $21,000 from May. Many buyers are looking to take advantage of the Eastside jobs boom with Amazon announcing plans to build a 43-story tower in Bellevue and Google expecting to reach 1 million square feet of office space in Kirkland.
King County
>>>Click image to view full report.
There was good news for buyers in June as a growing supply of homes helped boost inventory close to 2012 listing levels. The median price of a single-family home in King County was $695,000. That figure is a 3% drop from a year ago and virtually unchanged from May. 33% of homes sold above list price; another sign prices are moderating when compared to 52% of homes sold over list price this time last year.
Seattle
>>>Click image to view full report.
Home inventory in Seattle inched slightly higher in June. However, with less than two months of supply, the city is still a solid seller’s market. Apple’s plan to turn Seattle into a key engineering hub can only add to demand. The median price of a single-family home in Seattle was $781,000, down 4% from a year ago and nearly unchanged from May.
Snohomish County
>>>Click image to view full report.
After hovering around $500,000 since March, home prices in Snohomish County crept up in June. The median price of a single-family home was $515,500, as compared to $511,500 last June. Snohomish County continues to attract buyers priced out of the King County market, putting an additional strain on supply which stands a just 1.5 months of inventory.
This post originally appeared on GetTheWreport.com
Local Market Update – June 2019
The pace of the housing market gained momentum in May, bringing an uptick in open house traffic and offers. A drop in interest rates and increased inventory were great incentives for buyers. Despite the increase in supply there is less than two months of inventory available – half the national average and far short of what is considered balanced. Industry experts are predicting a strong market as we segue into summer.
Eastside
>>>Click image to view full report.
The median price of a single-family home on the Eastside was $928,800 in May, down 3% from the same time last year and virtually unchanged from April. With a booming economy that continues to grow, news of Amazon’s expansion in Bellevue, the latest Microsoft acquisition and plans for a $1.2 billion office park in Redmond, demand for housing on the Eastside is unlikely to decrease any time soon.
King County
>>>Click image to view full report.
Home sale activity in King County was brisk in May. According to a Windermere analysis, 7 out of 10 properties sold last month had 15 or fewer days on the market. More than half of the homes sold at or above list price. The median price of a single-family home was $700,000. While down 4% from the same time last year, that price was up about $22,000 from the previous month. Home to the fastest growing economy in the country, King County is expected to draw even more buyers to the area this year.
Seattle
>>>Click image to view full report.
Seattle employment continues to grow faster than in most of the country. This has made the city a top location for workers, particularly millennials. Demand has put a strain on available homes, reducing the supply to just seven weeks of inventory available. May home prices in Seattle were lower than they were a year ago, but showed a healthy increase from the previous month. The median price of a single-family home was $784,925 in May, down 5% from a year ago and up $30,000 from April.
Snohomish County
>>>Click image to view full report.
In May, the median price of a single-family home in Snohomish County was $499,950. That number remains unchanged from a year ago, and also unchanged from March and April. Despite a 44% increase in inventory, the supply of homes for sale in this area is even tighter than in King County. Brokers report that buyers are being drawn from King County and willing to trade a longer work commute for more affordable housing.
This post originally appeared on GetTheWReport.com
Local Market Update – May 2019
April brought good news for homebuyers. Inventory increased, prices continued to moderate and mortgage rates remained low. While buyers have more choices, there is still less than two months of inventory on the market. Demand is expected to remain strong as we head into the prime spring real estate season.
Eastside
>>>Click image to view full report.
The median price of a single-family home on the Eastside was $927,500 in April, down 2% from the same time last year. The economy here remains robust, particularly in the tech sector. After snapping up substantial real estate in Bellevue earlier this year, Amazon announced in April it would lease two more towers. Buyer demand and scarce inventory are keeping the Eastside market competitive.
King County
>>>Click image to view full report.
With the number of homes for sale in King County up 78% over last year, buyers have more choices and a bit more time to make a decision. However, there is still less than two months of inventory, half the national average. The median price of a single-family home in April was $690,000. That figure was down 5% from the same time last year, but up from the $677,725 median price in March.
Seattle
>>>Click image to view full report.
With one of the strongest economies in the nation, demand here remains solid. While the number of homes for sale continued to rise, there is just five weeks of available inventory, far short of the four to six months that is considered balanced. The median price of a single-family home in Seattle hit $754,000 in April, down 8% from a year ago and up slightly from the prior month.
Snohomish County
>>>Click image to view full report.
In Snohomish County, the median price of a single-family home fell by 1% from a year ago to $500,000, the same figure posted in March. A 57% increase in inventory combined with low interest rates have created a strong beginning to the spring market.
This post originally appeared on GetTheWReport.com
W Collection Portfolio – April 2019
Windermere Real Estate has a long tradition of genuine success — the W Collection program engages this very tradition with every detail. As a W Collection agent, I am trained to provide an extraordinary level of quality and service.
Signature marketing materials, international exposure, and dedication to perfection, ensure each W Collection property reaches the right buyers — both locally and globally. The combination of this vast global network and Windermere’s strength as the Northwest’s luxury-market leader, provides the ultimate platform to showcase truly outstanding properties or to find the dream home for the most discerning buyer.
You can find me in the W Collection Portfolio in the April issue of the Puget Sound Business Journal! This insert showcases me along with my fellow W Collection agents as well as luxury listings, market statistics and Windermere’s partnership with Luxury Portfolio International and Juwai.com.
