Recently our Chief Economist at Windermere Real Estate, Mathew Gardner, released his 3rd Quarter Report. I always love his reports as they are inclusive of not just the typical real estate stats of what sold and for how much and how fast, but he also monitors and reports other important factors that affect our local real estate market, such as job growth and population growth.
Take a look and make your own conclusions, but my key take away points are although we have seen strong increases in the number of sales and in price points in our region, the velocity is slowing a bit and is likely not a long term sustainable market condition. Also, while King County still has the fastest moving inventory in the region with an average of 26 days on the market, we are actually in the middle of the pack with annual change in home sale prices. Other parts of our region are seeing much higher percentages of price increases right now.
But, in general, unless we start to see a “rapid escalation in construction activity” Mathew Gardner, is predicting “the market will remain remarkably tight well into 2016, which to me is likely an indication of more of the same Seller’s market characteristics.
Please note that this report does not separate the single family and condo markets but condos are included in the data and this information is still a great indicator of overall market conditions.
View the report here: Western Washington 3rd Quarter 2015- The Gardner Report