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.
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.
The number of ‘new listings’ has slowed this month. Summer usually continues to be a slower time for real estate as buyers and sellers head out on vacation. However, there are still transactions being done and with Apple and JP Morgan expanding their footprints, Expedia starting their move in October and tech employees having their IPO riches unlock soon, we expect to end this year and start next year strong!
There have been some great new listings that have come on the past few weeks and while some have sold, some are surprisingly still available! There is a fantastic mid -century rambler in Laurelhurst that is mostly original but great bones just above $1,000,000 that I am borderline obsessed with! Some fantastic condo deals, and if you are looking for a second home or thinking of relocating out of the city and heading North, there is an AMAZING custom rambler with walls of glass and views forever on over 2 acres in the hills of Mount Vernon that is worth taking a look at. Actually, it is worth seeing even if you don’t want to live in Mount Vernon! Call me with any questions about summer inventory!