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June Happenings: Plan a “State-cation”
As the weather turns warmer and counties across the state move through the phases of reopening, our mind turns to getting out of the house and getting away for a bit. Coronavirus remains a concern and extra precautions (particularly masks and social distancing) need to be taken this year, but that doesn’t put a damper on vacation plans. “Nonessential travel” is permissible in Phase 3 of Governor Inslee’s reopening plan, which many parts of the state will reach by the end of June. If you’re itching to get out – for a day, a weekend, or even longer – avoid airports with these staycation ideas across the state!
If you’re traveling out of town, remember to pack masks, practice social distancing, and plan ahead. Double-check what’s open (including trailheads and parks, activities, restaurants and rest stops along your way), and if there are any travel notices or mandatory ordinances in place at your destination.
Kick Back & Relax in
Local Style
With its lush, sprawling landscapes (including the gorgeous grounds of Chateau St. Michelle), ample wineries and tasting rooms, Woodinville often feels worlds away and is an ideal destination if you’d like a change of scenery without spending a lot of time behind the wheel. With Willow’s Lodge’s new Road to Relaxation package, you’ll feel whisked away to a serene retreat. With some operational changes and temporary closures (the sauna, pool, and Barking Frog dining room, for example) in place, Willows Lodge offers personal in-spa services, complimentary bicycles for exploring the countryside or Burke-Gilman trail, plus its renowned food and beverage to enjoy on private patios or in spacious outdoor seating areas.
Glamorous Glamping
The Vintages Trailer Resort in the heart of the Willamette Valley gives glamping a retro-inspired upgrade with 35 full-restored and new custom-fabricated (stationary) trailers. Complete with outdoor grills, complementary mini fire pits, lounging spots, cruiser bicycles – and even an outdoor soaking tub! – these trailers make it easy to enjoy a getaway while keeping plenty of space between guests. They offer enhanced cleaning measures and unique packages for stay-and-play fun.
Wine & Dine in Walla Walla
The Walla Walla wine country is ready for visitors with resorts and hotels reopening. A true vacation destination, there’s no shortage of activities. Known for its wineries, Walla Walla is also home to breweries to cideries and distilleries. There’s also golfing, hiking, museums, shopping, and day spas. Visit Walla Walla’s website for travel updates and to plan your trip.
Head to the Coast
While some of our state’s island getaways may slowly reopen to tourism and trips, the Washington coast offers similar feelings of seclusion and peace with plentiful activities —wine tours and local breweries to biking and hiking trails, beaches and more.
Beach towns along the coast, from Ocean Shores to Westpoint to Long Beach, are open to visitors. Along the way lie plenty of other opportunities for activities. From bike paths to wildlife refuges, restaurants and fishing spots. There’s no shortage of things to do and see here.
The Olympic National Park is in a phased reopening of its own. While some locations, trails, campgrounds and visitor centers remain closed as of mid-June, there are plenty of areas open for day recreation including the Hoh Rainforest, the Kaloloch area (plus the lodge and mercantile), and the Lake Crescent area. Visit the park’s website for updates and alerts.
This post originally appeared on GettheWReport.com
Seattle’s Housing Market Remains Resilient Despite COVID-19
The Seattle area housing market in May continued to show resiliency amid the novel coronavirus outbreak, with increases compared to the previous month in new listings and pending sales.
A report from Northwest Multiple Listing Service — which covers 23 counties in the region — showed King County had 3,585 new listings during May, compared with 2,707 new listings that came on the market during April. The total number of active listings in King County also went up slightly month over month, from 3,255 in April to 3,467 in May.
“The market has proved to be very resilient,” Northwest Multiple Listing Service Director Mike Larson said in a news release.
But the number of active listings in May of this year was still about 40% lower than the total active listings in May of last year, according to the report.
The report also found pending sales in King County went up month over month, from 2,246 to 3,358. But the number of pending sales was about 20% lower than it was at the same time last year.
The median home price for closed sales in King County dropped month over month, from $650,000 to $627,000.
“I don’t think anyone should be surprised that home prices in King County took a ‘breather’ in May,” said Matthew Gardner, Windermere Real Estate Chief Economist. “Clearly COVID-19 was the cause for this drop, but I’m confident this is a temporary situation that will be reversed as King County starts to reopen, and fresher inventory comes to market.”
Gardner said he expects prices to go up again in the months ahead.
While the local housing market is still hot, it looks a bit different than in previous years. The number of new listings dropped in the first few months of the shutdown, but homes going under contract (pending sales) are on the road to recovery.
The pandemic caused some sellers to put their sale on pause, compounding the fact that the Seattle housing market was already experiencing low inventory and strong buyer demand.
The drastically low inventory is posing some challenges, making it feel like there just aren’t enough homes. Properties under $1 million are selling quickly, with new listings going pending after just a few days on the market. Bidding wars and multiple offer situations are again becoming commonplace. A balance in the market is unlikely until more sellers decide to list their homes and new construction accelerates to meet demand.
Since the start of the pandemic, real estate agents have been taking advantage of technology, doing virtual tours and using social media to interact with clients. Even as the pandemic put much of life on hold, people have continued needing to sell and buy homes.
While experts have said that uncertainty remains about the long-term impacts the coronavirus pandemic may have on the housing market and the region as a whole, real estate agents are staying positive. The market is strong with improving outlooks week over week.
A version of this article was first published on seattlepi.com by Becky Savransky, and on GettheWReport.com
Local Market Update – May 2020
We hope you are weathering the new normal as best as you can. With everyone spending more time than ever at home, real estate has taken on a whole new importance. For those who are interested, here is a brief update on how COVID-19 continues to affect our local market:
- Business was better than expected under the Stay Home order. COVID-19 did reduce real estate sales in April as compared to a year ago, however the number of sales rose steadily each week of the month. Sales growth continued in early May and we expect sales to increase slowly week by week.
- The number of new listings dropped, suggesting that would-be sellers are waiting until the shelter-in-place order is over to put their home on the market. With local technology companies continuing to hire, buyers will continue to face competition for limited inventory in the coming months.
- Home prices remain stable, with the median price of homes sold in April up slightly from a year ago. Sellers appear to be pricing homes realistically and buyers are not finding deep discounts.
The monthly statistics below are based on closed sales. Since closing generally takes 30 days, the statistics for April are mostly reflective of sales in March. Next month’s data will offer a more telling trend of the effect of the virus on the local housing market.
If you are interested in more information, every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.
As our current situation evolves, know that the safety of everyone remains our top priority.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com
Support Local: Ways to Boost Our Community during COVID-19
Now more than ever, our local community needs our love and support. Whether you’re able to donate time, money or other resources, we’ve rounded up a few comprehensive local guides to help you get involved and give back.
Donate to Coronavirus Causes
This list compiled by The Seattle Times is extensive — covering everything from animals to research and social services, direct support for artists, businesses and restaurant workers, and volunteering opportunities. The Times also includes helpful information for researching charities and how to look up nonprofit spending.
Volunteer Across King County
This comprehensive crowd-sourced list is organized by what’s needed. From writing notes to neighbors living in senior centers to delivering food, mentoring kids or donating blood, this list connects you with organizations across the county and gives you the info you need to get involved.
Help Feed the Front Lines
The brokers at Windermere Real Estate Co. have started a drive to get lunch twice a week for the medical professionals at UW Neighborhood Clinics. The drive is a partnership with chef Renee Erickson, a James Beard Foundation award winner, and her restaurant The Whale Wins. This effort serves both as a thank you to our medical front-liners and as a boost to a beloved local business. The goal is to raise $19,000 to provide over 1200 lunches. If you’d like to participate or donate, you can do so on the Windermere Foundation’s website and make sure to type Feed the Front Lines in the “Office Name” box at the top of the form.
This post originally appeared on GettheWReport.com
Western Washington Real Estate Market Update
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.
A MESSAGE FROM MATTHEW GARDNER
Needless to say, any discussion about the U.S. economy, state economy, or housing markets in the first quarter of this year is almost meaningless given events surrounding the COVID-19 virus.
Although you will see below data regarding housing activity in the region, many markets came close to halting transactions in March and many remain in some level of paralysis. As such, drawing conclusions from the data is almost a futile effort. I would say, though, it is my belief that the national and state housing markets were in good shape before the virus hit and will be in good shape again, once we come out on the other side. In a similar fashion, I anticipate the national and regional economies will start to thaw, and that many of the jobs lost will return with relative speed. Of course, all of these statements are wholly dependent on the country seeing a peak in new infections in the relatively near future. I stand by my contention that the housing market will survive the current economic crisis and it is likely we will resume a more normalized pattern of home sales in the second half of the year.
HOME SALES
- There were 13,378 home sales during the first quarter of 2020, a drop of only 0.2% from the same period in 2019, but 27% lower than in the final quarter of 2019.
- The number of homes for sale was 32% lower than a year ago and was also 32% lower than in the fourth quarter of 2019.
- When compared to the first quarter of 2019 sales rose in eight counties and dropped in seven. The greatest growth was in Cowlitz and Lewis counties. The largest declines were in Island and Snohomish counties.
- Pending sales — a good gauge of future closings — rose 0.7% compared to the final quarter of 2019. We can be assured that closed sales in the second quarter of this year will be lower due to COVID-19.
HOME PRICES
- Home-price growth in Western Washington rose compared to a year ago, with average prices up 8.7%. The average sale price in Western Washington was $524,392, and prices were 0.4% higher than in the fourth quarter of 2019.
- Home prices were higher in every county except San Juan, which is prone to significant swings in average sale prices because of its size.
- When compared to the same period a year ago, price growth was strongest in Clallam County, where home prices were up 21.7%. Double-digit price increases were also seen in Kitsap, Skagit, Mason, Thurston, and Snohomish counties.
- Affordability issues remain and, even given the current uncertain environment, I believe it is highly unlikely we will see any form of downward price pressures once the region reopens.
DAYS ON MARKET
- The average number of days it took to sell a home in the first quarter of this year dropped seven days compared to the first quarter of 2019.
- Pierce County was the tightest market in Western Washington, with homes taking an average of only 29 days to sell. All but two counties — San Juan and Clallam — saw the length of time it took to sell a home drop compared to the same period a year ago.
- Across the entire region, it took an average of 54 days to sell a home in the first quarter of the year — up 8 days compared to the fourth quarter of 2019.
- Market time remains below the long-term average across the region. This is likely to change, albeit temporarily, in the second quarter due to COVID-19.
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.
Given the current economic environment, I have decided to freeze the needle in place until we see a restart in the economy. Once we have resumed “normal” economic activity, there will be a period of adjustment with regard to housing. Therefore, it is appropriate to wait until later in the year to offer my opinions about any quantitative impact the pandemic will have on the housing market.
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.
This post originally appeared on the Windermere.com Blog
Local Market Update – April 2020
Windermere is focused on keeping our clients and our community safe and connected. We’re all in this together. Since the early days of COVID-19, our philosophy has been “Go slow and do no harm.” While real estate has been deemed an “essential” business, we have adopted guidelines that prioritize everyone’s safety and wellness.
Like everything else in our world, real estate is not business as usual. While market statistics certainly aren’t our focus at this time, we’ve opted to include our usual monthly report for those who may be interested. A few key points:
- The monthly statistics are based on closed sales. Since closing generally takes 30 days, the statistics for March are mostly reflective of contracts signed in February, a time period largely untouched by COVID-19. The market is different today.
- We expect that inventory and sales will decline in April and May as a result of the governor’s Stay Home order.
- Despite the effects of COVID-19, the market in March was hot through mid-month. It remains to be seen if that indicates the strong market will return once the Stay Home order is lifted, or if economic changes will soften demand.
Every Monday Windermere Chief Economist Matthew Gardner provides an update regarding the impact of COVID-19 on the US economy and housing market. You can get Matthew’s latest update here.
Stay healthy and be safe. We’ll get through this together.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com
