Gardner Report
The following analysis of the Eastern 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
Employment in Washington State continues to soften; it is currently at an annual growth rate of 1.7%. I believe this is a temporary slowdown and we will see the pace of employment growth improve as we move further into the new year. It’s clear that businesses are continuing to feel the effects of the trade war with China and this is impacting hiring practices. This is, of course, in addition to the issues that Boeing currently faces regarding the 737 MAX.
My most recent economic forecast suggests that statewide job growth in 2020 will rise 2.2%, with a total of 76,300 new jobs created. The Eastern Washington market added 17,800 total jobs over the past 12 months, representing an annual growth rate of a very impressive 3.8%. That said, and even as the region added jobs, the unemployment rate rose to 5.2% from 4.9% a year ago. This does not worry me, though, as the county data is not seasonally adjusted, and the areas covered by this report tend to see unemployment rates rise during the winter months. Additionally, the labor force grew by almost 20,000 persons, which likely added to the unemployment rolls.
HOME SALES
- Home sales throughout Eastern Washington were up 5.8% compared to the same quarter in 2018, with a total of 3,405 closed sales.
- Pending home sales in the region were 1.8% lower than a year ago and 41% lower than in the third quarter of 2019, suggesting that first-quarter closings will likely be lower.
- Sales activity dropped in Lincoln and Grant counties, but the total contraction amounted to only 21 fewer sales, so there is nothing to be concerned about.
- The average number of homes for sale in the quarter was 22.6% lower than a year ago, suggesting that the market remains very tight. I do not expect any significant increases in listing activity until the second half of 2020.
HOME PRICES
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- Year-over-year, the average home price in Eastern Washington rose by a significant 12.3% to $297,048. That said, prices were 2.2% lower than in the third quarter.
- As mentioned in the previous section, low inventory levels are pervasive and are likely the most significant hurdle to many home buyers. Low inventory continues to put upward pressure on prices.
- Prices rose in all of the counties contained in this report, with double-digit gains in all but two counties.
- The takeaway is that average home-price growth in Eastern Washington remains well above the long-term average.
DAYS ON MARKET
- The average time it took to sell a home in Eastern Washington in the final quarter of 2019 was 48 days.
- During the fourth quarter, it took 15 fewer days to sell a home in Eastern Washington than it did a year ago.
- Across the region the market was split: it took longer to sell homes in Whitman and Walla Walla counties but days on market dropped in the rest of the region.
- It took two days longer to sell a home in the fourth quarter than it did in the third quarter of 2019.
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.
Home sales are up and so are prices, which certainly favors sellers. Mortgage rates remain remarkably competitive and this is allowing buyers to afford more house for their money. Inventory levels are still well below what I would like to see and, therefore, the Eastern Washington housing market remains very tight. As such, I am moving the needle just a little more in favor of home sellers.
ABOUT MATTHEW GARDNER
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.
Windermere and YouthCare-Helping Homeless Youth
Posted in Community and Windermere Foundation by Marilou Ubungen
Pictured from left to right: Cassie Walker Johnson, YouthCare Board Member & Windermere Broker; Jill Jacobi Wood, Co-President, Windermere Real Estate; Christine Wood, Executive Director, Windermere Foundation; Geoff Wood, CEO & Co-President, Windermere Real Estate.
For the past 30 years, Windermere Real Estate has supported more than 500 non-profit agencies dedicated to helping low-income and homeless families through donations from the Windermere Foundation. We have worked with many worthy organizations that provide shelter, food, youth/children’s programs, emergency assistance, education/counseling, school assistance, scholarships, and other services to those in need in our communities. One organization that we have been honored to partner with these past three years is YouthCare, a non-profit in Seattle, Washington that provides critical services to homeless youth. YouthCare works to end youth homelessness and to ensure that young people are valued for who they are and empowered to achieve their potential.
Three years ago, we embarked on a campaign to #tacklehomelessness with the Seattle Seahawks and YouthCare. Together, our goal was to bring resources to help homeless youth move forward, and to inspire our neighbors and friends to take action. Windermere committed to donating $100 for every Seahawks home game defensive tackle to YouthCare. During the three seasons of the campaign, a total of $98,700 was raised to help fund housing and residential care for homeless youth.
In addition to the #tacklehomelessness campaign, Windermere offices throughout the greater Seattle area came together each fall to hold a “We’ve Got You Covered” winter drive for YouthCare. Over three years, a combined total of over 14,600 hats, gloves, scarves, socks, and an assortment of other accessories and cash donations were collected through the drives.
“We fielded a mountain (literally!) of donated items from the Windermere Community,” said Jody Waits, Development & Communications Officer for YouthCare. “Windermere understands the power of home, and that a safe and welcoming place to call your own causes joy. We are so honored to have cheered for the Hawks and had this incredible partnership to tackle homelessness, together! While our friendship is evolving, we know that, united, we’ll always be working to help homeless youth be safe today and build a thriving future for tomorrow. Thank you!”
Although our campaign with YouthCare has come to an end, Windermere is still actively involved with the non-profit. Cassie Walker Johnson, managing broker at the Windermere Wedgwood office, is a member of YouthCare’s Board of Directors.
Windermere is proud to partner with non-profits like YouthCare, and we are thankful for all the generous donations made to the Windermere Foundation, which enable us to continue to support them.
If you would like to learn more about the Windermere Foundation, please visit windermerefoundation.com.
Gardner Report
Eastern Washington Real Estate Market Update
Posted in Eastern Washington Real Estate Market Update by Matthew Gardner, Chief Economist, Windermere Real Estate
The following analysis of the Eastern 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
The Washington State economy continues to add jobs at an above-average rate, though the pace of growth is starting to slow as the business cycle matures. Over the past 12 months, the state added 96,600 new jobs, representing an annual growth rate of 2.9%—well above the national rate of 1.7%. Private sector employment gains continue to be quite strong, increasing at an annual rate of 3.6%. Public sector employment was down 0.3%. The strongest growth sectors were Real Estate Brokerage and Leasing (+11.4%), Employment Services (+10.3%), and Residential Construction (+10.2%). During fourth quarter, the state’s unemployment rate was 4.3%, down from 4.7% a year ago.
Eastern Washington added 4,984 jobs over the past 12 months, representing an annual growth rate of 1.1%. Although the region added jobs at a fairly healthy clip, the unemployment rate matched that seen a year ago at 5%.
HOME SALES ACTIVITY
- Home sales throughout Eastern Washington slowed in the final quarter of the year, with total sales down 8.7% over the same quarter in 2017 to 3,211 units.
- Sales rose fastest in the small Lincoln County area, which increased by a significant 42.1%. For perspective, that translates to only eight additional sales. Walla Walla County was again a laggard, with a drop of 21.8%. But it, too, is a small market that can be prone to significant swings.
- Year-over-year, home sales rose in just two counties, with the balance of the market seeing some fairly significant drops.
- Interestingly, the number of homes for sale dropped by 15.2% from the fourth quarter of 2017. Many Pacific Northwest markets saw significant increases in inventory levels last fall, but that was not the case in Eastern Washington. That said, I anticipate we will see more homes for sale as we move into the spring selling season.
HOME PRICES
- Year-over-year, the average home price in Eastern Washington rose 9.5% to $264,231. However, price growth slowed somewhat between third and fourth quarter, reporting a 2.6% drop in the average sales price.
- Low inventory in the region continues to be a significant hurdle to many home buyers. I had hoped more homes would come onto the market in the fall, but that was not the case. The spring market should provide more choice for buyers.
- All the counties in this report saw prices rise compared to the fourth quarter of 2017. Whitman County took over the number one spot, with an annual price increase of 28.9%.
- The takeaway here is that home-price growth has cooled a little but remains well above the long-term average.
DAYS ON MARKET
- The average time it took to sell a home in Eastern Washington in the fourth quarter of 2018 was 63 days.
- The average amount of time it took to sell a home in Eastern Washington dropped nine days compared to the fourth quarter of 2017.
- Every county other that Lincoln (+2days) saw the time it took to sell a home drop compared to the same quarter in 2017.
- Notably, it took 17 more days to sell a home in the fourth quarter than it did in the third quarter of last year, but I attribute that to seasonality.
CONCLUSIONS
The speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.
The number of homes for sale dropped off in recent months and housing markets throughout Eastern Washington remain very tight. The overall trend continues to favor home sellers, so I am moving the needle slightly more in their favor.
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 Governor’s 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.
Windermere Foundation
Windermere Foundation Surpasses $38 Million In Total Donations Raised
Posted in Windermere Foundation by Marilou Ubungen
2018 concluded with another great year of fundraising and giving for the Windermere Foundation, thanks to the continued support of Windermere franchise owners, agents, staff, and the community. Nearly $2.5 million was raised in 2018, bringing our grand total to over $38 million raised since the Foundation’s inception in 1989! During the past year, nearly $1.9 million was donated to non-profit organizations throughout the Western U.S. that provide much-needed services to low-income and homeless families. In 2018, the Windermere Foundation fulfilled 689 grant requests and served 507 non-profit organizations.
A portion of the money raised every year is due in part to our agents who each make a donation to the Windermere Foundation from every commission they earn. Additional donations from Windermere agents, the community, and fundraisers made up 68% of the money collected in 2018. Each Windermere office has their own Foundation funds, which enable them to support local non-profits in their communities.
One organization that received Windermere Foundation donations from several Windermere Real Estate offices in the Seattle area is Treehouse. Treehouse’s mission is to give foster kids a childhood and a future. Their goal that they have set to achieve by 2022, is to see youth in foster care graduate from high school at the same rate as their peers across Washington State. And to provide them with support and a plan to launch successfully into adulthood. Donations from the Windermere Foundation have helped Treehouse clients like Ashley, get the support she needed to turn her life around.
“I didn’t have a childhood that all kids should have–like making friends my age or playing sports. I changed the path that I was on because I wanted to give people a reason to believe in me. You have to want to change and speak your truth, but you can’t do it without people believing in you. You can get through the darkest situations, you just gotta look for a little crack of light. Treehouse is that crack of light for me,” ~Ashley
2018 also marked the third year of our #tacklehomelessness campaign with the Seattle Seahawks, in which Windermere committed to donating $100 for every Seahawks home game defensive tackle to YouthCare, a non-profit organization that provides critical services to homeless youth. While the Seahawks didn’t make it past the first round of the playoffs, they did help us raise $31,900. When added to previous seasons, the total donation for the past three years is $98,700! We are grateful for the opportunity to provide additional support to homeless youth thanks to the Seahawks, YouthCare, and the #tacklehomelessnesscampaign.
Thanks to our agents, offices, and everyone who supports the Windermere Foundation, we have been able to make a difference in the lives of many families in our local communities over the past 30 years. If you’d like to help support programs in your community, please click the Donate button.
To learn more about the Windermere Foundation, visit http://www.windermere.com/foundation.
Windermere Shred Day 2018!
We have the date for the 2018 Annual Windermere Shred Day in hand! Set aside a couple hours on May 19, 2018 from 11-2 to get your shred on down at the Windermere office at 2900 W Broadway. This year we will have 1 truck available with a 5 box limit. Bring a canned or box food donation for the local food bank and we can continue paying it forward. 
Funny story about last years event is that we ran out of truck space in the first 2 hours! So it’s best to show up early so that we don’t have a full truck. It will be a drop and go service on the day of the event.
How to Price Your Home
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When you put your home up for sale, one of the best ways to determine the asking price is to look at comparable sales. There’s rarely a perfect apples-to-apples comparison, so a pricing decision often relies on comparisons to several recent sales in the area. Here are five criteria to look for in a sales comparison.
- Location: Homes in the same neighborhood typically follow the same market trends. Comparing your home to another in the same neighborhood is a good start, but comparing it to homes on the same street or block is even better.
- Date of sale: It varies by location, but housing markets can see a ton of fluctuation in a short time period. It‘s best to use the most recent sales data available.
- Home build: Look for homes with similar architectural styles, numbers of bathrooms and bedrooms, square footage, and other basics.
- Features and upgrades: Remodeled bathrooms and kitchens can raise a home’s price, and so can less flashy upgrades like a new roof or HVAC system. Be sure to look for similar bells and whistles.
- Sale types: Homes that are sold as short sales or foreclosures are often in distress or sold at a lower price than they’d receive from a more typical sale. These homes are not as useful for comparisons.
Moses Lake Brews & Tunes
Don’t forget to come down and support your downtown with the new (hopefully annual) event of Moses Lake Brews and Tunes Saturday February 24th all throughout the downtown stores. You will find a breweries and live music in 9 different storefronts.
Musicians attending will be: 
Thief of Hearts (Band)
Rylei Franks
Ty Huck
Jeffrey Ames
Memory Lane (Band)
Free Beer Nuts (Band)
Nick & Nathan Fisher
Brian Bridges
Michelle Payne
LJ Polmateer
and equally as important the Brewery’s that will be pouring will be:
Ten Pin Brewing Co.
Doghaus Brewery
Wenatchee Valley Brewing Company
Rocky Coulee Brewing Company
St. Brigid’s Brewery
Badger Mountain Brewing
Bale Breaker Brewing Co.
No-Li Brewhouse
Silver City Brewing
We are looking forward to attending and helping run the registration desk. Can’t wait to see you there, come say hi! And if you don’t want to drink just come for the music, that part will be free!
Tickets can be purchased on site or at the following locations:
Modern Architecture in Moses Lake
I don’t know about you but the one thing that I wish Moses Lake had more of is Modern Architecture. There is something about the clean lines that speaks to my OCD. Looking through these articles and seeing all these beautiful homes make me wish we had a builder in town who did more modern homes. Are you a fan of clean lines or would you rather stick with the craftsman style?
Why Community Involvement from your Agent Should Matter to You
Free Masks During Fire Season
Kandi Bersanti winning 2016 Community Involvement Award
This is a topic that is close to my heart. The more involved I get in the Moses Lake Community the more I see, especially this community, how much we need people to get involved. We want to have a community that everyone wants to belong to, we want to feel that what we do matters to this community. With Windermere’s emphasis on community and core values we are able and expected to be out in the community making it a better place to live for you. Every time you use a Windermere agent you are saying that community matters and that businesses that contribute are important to you. Here we are as a company making a living off of those that live in our community and those who choose us, there should be a level of expectation from you that the business will in turn contribute in a positive manner to the place that you live. Look at those you do business with in the community and pay attention to those that you see out doing good and understand and see where their companies heart truly lies. What are they doing to help make this place better?
This year we were able to contribute thanks to you to:
Grant County Homeless Task Force
Moses Lake Canine Program
Moses Lake Museum and Art
Community Family Services
Grant County 4-H & FFA Sale
Boys & Girls Club
Moses Lake Booster Club
Community Services of Moses Lake
Columbia Basin Allied Arts
Big Bend Intervention Fund Donation
Windermere Shred Day
This list is not inclusive of all the committees we are involved with and individual donations we all make as agents. We at Windermere THANK YOU for allowing us to do what we do.
2017 Donation Tree to Habitat for Humanity
