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Housing Market • August 14, 2018

Market Snapshot – July 2018

by Heather Ross

Articles • Buying • Housing Market • Selling • April 30, 2018

Western Washington Real Estate Market Update 2018 Q1

by Heather Ross
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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 me.

 

ECONOMIC OVERVIEW

The Washington State economy added 96,900 new jobs over the past 12 months, representing an annual growth rate of 2.9%—still solidly above the national rate of 1.5%. Most of the employment gains were in the private sector, which rose by 3.4%. The public sector saw a more modest increase of 1.6%.

The strongest growth was in the Education & Health Services and Retail sectors, which added 17,300 and 16,700 jobs, respectively. The Construction sector added 10,900 new positions over the past 12 months.

Even with solid increases in jobs, the state unemployment rate held steady at 4.7%—a figure that has not moved since September of last year.

I expect the Washington State economy to continue adding jobs in 2018, but not at the same rate as last year given that we are nearing full employment. That said, we will still outperform the nation as a whole when it comes to job creation.

 

HOME SALES ACTIVITY

  • There were 14,961 home sales during the first quarter of 2018. This is a drop of 5.4% over the same period in 2017.
  • Clallam County saw sales rise the fastest relative to the first quarter of 2017, with an increase of 16.5%. In most of the other markets, the lack of available homes for sale slowed the number of closings during this period.
  • Listing inventory in the quarter was down by 17.6% when compared to the first quarter of 2017, but pending home sales rose by 2.6% over the same period, suggesting that closings in the second quarter should be fairly robust.
  • The takeaway from this data is that the lack of supply continues to put a damper on sales. I also believe that the rise in interest rates in the finalquarter of 2017 likely pulled sales forward, leading to a drop in sales in the first quarter of 2018.

 

 

 

HOME PRICES

  • With ongoing limited inventory, it’s not surprising that the growth in home prices continues to trend well above the long-term average. Year-over-year, average prices rose 14.4% to $468,312.
  • Economic vitality in the region is leading to robust housing demand that far exceeds supply. Given the relative lack of new construction homes— something that is unlikely to change any time soon—there will continue to be pressure on the resale market. As a result, home prices will continue to rise at above-average rates in the coming year.
  • When compared to the same period a year ago, price growth was strongest in Grays Harbor County at 27.5%. Ten additional counties experienced double-digit price growth.
  • Mortgage rates continued to rise during first quarter, and are expected to increase modestly in the coming months. By the end of the year, interest rates will likely land around 4.9%, which should take some of the steam out of price growth. This is actually a good thing and should help address the challenges we face with housing affordability—especially in markets near the major job centers.

 

 

DAYS ON MARKET

  • The average number of days it took to sell a home dropped by seven days when compared to the same quarter of 2017.
  • King County continues to be the tightest market in Western Washington, with homes taking an average of 24 days to sell. Every county in the region saw the length of time it took to sell a home either drop or remain essentially static relative to the same period a year ago.
  • In looking at the entire region, it took an average of 61 days to sell a home in the first quarter of this year. This is down from 68 days in the firstquarter of 2017 but up by eleven days when compared to the fourth quarter of 2017.
  • Anyone expecting to see a rapid rise in the number of homes for sale in 2018 will likely be disappointed. New construction permit activity—a leading indicator—remains well below historic levels and this will continue to put increasing pressure on the resale home market.

 

 

CONCLUSIONS

This speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors. For the first quarter of 2018, I have left the needle at the same point as fourth quarter of last year. Price growth remains strong even as sales activity slowed. All things being equal, 2018 is setting itself up to be another very good year for sellers but, unfortunately, not for buyers who will still see stiff competition for the limited number of available homes for sale.

 

Mr. Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics, and has more than 30 years of professional experience both in the U.S. and U.K.

Originally posted April 25 2018, 11:00 AM PDT by Matthew Gardner, Chief Economist, Windermere Real Estate

Articles • Lifestyle • San Juan Islands • March 22, 2018

Seattle Magazine Feature

by Heather Ross

3 Reasons to Check Out Orcas Island’s Burgeoning Wine Scene

Private label Pét-Nat and irreverent wine temples lay just 100 miles north of Seattle.

Orcas Island Aerial View – San Juan Islands Washington USA

Orcas Island has always drawn visitors with its monumental views, lush parks, and utterly relaxing island vibe. Now, with new wine bars, tasting menus, and sommelier services, the ever-growing food and beverage scene has increasingly become the island’s siren song. Once a place to get away from the hustle of urban life, many of Orcas Island’s best spots are now integrating city luxuries into their DNA—in a decidedly island way.

For any wine lover, or just excited adventurer, here are three good reasons to make the trip north ASAP:

Champagne Champagne
8292 Orcas Rd, Ste A, Orcas Island, WA, 98280

One of the most anticipated openings on Orcas Island over the last year was Champagne Champagne, an “irreverent natural wine temple by the sea.” One look out of the restaurant’s back windows and you’ll quickly understand the use of the word “temple.” Chiseled into the rock side of southern Orcas, Champagne Champagne provides a panoramic view of the Salish Sea, Shaw Island, and passing San Juan ferries.

This little restaurant is the brainchild of Orcas Island native Amelia Carver and her fiancé Brian Crum. The pair returned to Orcas with the desire to showcase the incredible bounty of the San Juan Islands and create an engaging, safe place for people learn about natural wine. Champagne Champagne is a celebration of things the couple loves to eat and drink. That means Gewurztraminer from Oregon’s Analemma Winery, oysters on the half shell, Cru Beaujolais from Juliénas, fried smelts, 12-ounce cans of Montucky Cold Snacks, and endless crudos, ceviches, and tatares.

Champagne Champagne also boasts an adjoining wine shop called the Bodega, which sits somewhere squarely between a typical city corner store and your dream wine cellar. The street-facing shop is small, but mighty, packed with beautiful, value-driven organic and natural wine and beer from small producers and farmers. A one-minute walk from the ferry terminal, the Bodega is a welcomed place to spend time while waiting for the boat home.

Doe Bay Wine Company
109 N Beach Rd, Ste D1, Eastsound, WA, 98245

Orcas native and sommelier Cole Sisson returned to his homeland to open Doe Bay Wine Company after traveling the world slinging wine. Along the way, he met his wife, Stephanie Sisson, an industry professional with a passion for wine training and education. Together, they run the East Sound wine shop. Doe Bay Wine Co.’s selection is world-class, with plenty of traditional bottles, high-quality budget options, local wineries, and even the couple’s own foray into wine—the Orcas Project (the Oregon-grown Grenache Pét-Nat is a must).

A killer selection of wine is a given for any bottle shop that wants to succeed, and Doe Bay does not disappoint. However, what truly sets the shop apart is the couple’s passion for education, which seeps into every offering they have. Throughout the summer, they host a nightly wine tasting for 12 guests from 7:15-8:00PM. The themes change, with options ranging from “Top Grapes of Southern Italy” to “Boutique Producers of the Northwest.” These classes are a chance to explore new regions, ask questions, and bring home interesting bottles. Beyond regular tastings, at any given time of the year, Cole and Stephanie offer trip planning and tours of Washington wine country, wine cellar procurement, delivery throughout the island (including to your tent at Moran State Park), wine dinners, and regular tastings with local producers.

Hogstone’s Wood Oven & Aelder
460 Main St, Eastsound, WA 98245

What started as one obsession-worthy, crowd-inducing pizza place has now become two of the best restaurants on the Island. Both run by Food & Wine’s 2017 Best New Chef Jay Blackinton (who we featured in Seattle magazine in the June 2015 issue), Hogstone’s Wood Oven operates (mostly) from the backyard patio, while Aelder offers multiple course tasting menus from the small interior and open kitchen. While the food differs from one establishment to the next, what both restaurants share the same passion for interesting, highly allocated wine. Constantly evolving, mirroring the food that has made Blackinton famous, the wine list is always entertaining, enlightening, and food-friendly.

Here in the Pacific Northwest, it’s easy to find wine lists that only feature local wineries—and with Blackinton’s focus on hyper local cuisine, one might expect to only find wine made within the state’s borders. However, Hogstone and Aelder both boast some of the best international selections you can find in all of Washington—mixed with some American beauties, of course. Over the past year, wines have included Stanko Radikon’s decade-old orange wine from Friuli, Jean-François Ganevat’s Jura selections, apple wines from Fable Farm Fermentory in Barnard, Vermont, Brooks Winery Oregon Pinot Noir, and the Loire’s incredibly culty Clos Rougeard. Reservations at Aelder are now live, and it opens for the season April 13.

The food coming from Blackinton’s kitchen is reason enough to make the trek to Orcas, but there is so much more to love than just what happens in that wood oven. Go for the pizza; stay for the wine.

Originally posted by BY: DYLAN JOFFE  of Seattle Magazine | Posted 
Articles • Buying • Housing Market • Selling • Uncategorized • February 7, 2018

Western Washington Real Estate Market Update Q4 2017

by Heather Ross
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ECONOMIC OVERVIEW

The Washington State economy added 104,600 new jobs over the past 12 months. This impressive growth rate of 3.1% is well above the national rate of 1.4%. Interestingly, the slowdown we saw through most of the second half of the year reversed in the fall, and we actually saw more robust employment growth.

Growth continues to be broad-based, with expansion in all major job sectors other than aerospace due to a slowdown at Boeing.

With job creation, the state unemployment rate stands at 4.5%, essentially indicating that the state is close to full employment. Additionally, all counties contained within this report show unemployment rates below where they were a year ago.

I expect continued economic expansion in Washington State in 2018; however, we are likely to see a modest slowdown, which is to be expected at this stage in the business cycle.

 

HOME SALES ACTIVITY

  • There were 22,325 home sales during the final quarter of 2017. This is an increase of 3.7% over the same period in 2016.
  • Jefferson County saw sales rise the fastest relative to fourth quarter of 2016, with an impressive increase of 22.8%. Six other counties saw double-digit gains in sales. A lack of listings impacted King and Skagit Counties, where sales fell.
  • Housing inventory was down by 16.2% when compared to the fourth quarter of 2016, and down by 17.3% from last quarter. This isn’t terribly surprising since we typically see a slowdown as we enter the winter months. Pending home sales rose by 4.1% over the third quarter of 2017, suggesting that closings in the first quarter of 2018 should be robust.
  • The takeaway from this data is that listings remain at very low levels and, unfortunately, I don’t expect to see substantial increases in 2018. The region is likely to remain somewhat starved for inventory for the foreseeable future.

 

 

HOME PRICES

  • Because of low inventory in the fall of 2017, price growth was well above long-term averages across Western Washington. Year-over-year, average prices rose 12% to $466,726.
  • Economic vitality in the region is leading to a demand for housing that far exceeds supply. Given the relative lack of newly constructed homes—something that is unlikely to change any time soon—there will continue to be pressure on the resale market. This means home prices will rise at above-average rates in 2018.
  • Compared to the same period a year ago, price growth was most pronounced in Lewis County, where home prices were 18.8% higher than a year ago. Eleven additional counties experienced double-digit price growth as well.
  • Mortgage rates in the fourth quarter rose very modestly, but remained below the four percent barrier. Although I anticipate rates will rise in 2018, the pace will be modest. My current forecast predicts an average 30-year rate of 4.4% in 2018—still remarkably low when compared to historic averages.

 

 

DAYS ON MARKET

  • The average number of days it took to sell a home in the fourth quarter dropped by eight days, compared to the same quarter of 2016.
  • King County continues to be the tightest market in Western Washington, with homes taking an average of 21 days to sell. Every county in the region saw the length of time it took to sell a home either drop or remain static relative to the same period a year ago.
  •  Last quarter, it took an average of 50 days to sell a home. This is down from 58 days in the fourth quarter of 2016, but up by 7 days from the third quarter of 2017.
  • As mentioned earlier in this report, I expect inventory levels to rise modestly, which should lead to an increase in the average time it takes to sell a house. That said, with homes selling in less than two months on average, the market is nowhere near balanced.

 

 

CONCLUSIONS

This speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors. For the fourth quarter of 2017, I have left the needle at the same point as third quarter. Price growth remains robust even as sales activity slowed. 2018 is setting itself up to be another very good year for housing.

 

 

 

 

Matthew Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics, and has more than 30 years of professional experience both in the U.S. and U.K.

 

Posted January 29 2018, 11:00 AM PST by Matthew Gardner, Chief Economist, Windermere Real Estate

Uncategorized • January 31, 2018

Shoreline Master Plan

by Heather Ross
Orcas Island Real Estate Market

Approved on October 30, 2017.

The final amendments to the original 2016 Shoreline Master Plan have now been approved by the State Department of Ecology. Getting here has been years in the making, but it is finally done.

Historically, much of our waterfront has been zoned Rural, Rural Residential, Rural Farm Forest, Nature and Conservancy, among the most prominent designations. It appears, from the revised County zoning maps, that the percentage of shoreline now under the restrictive Conservancy zoning has been dramatically increased.

To explain, surrounding every island is a 200’ shoreline zone that overlays every waterfront parcel of land. When I use the word “overlays”, I mean that the 200’ shoreline area may now be zoned differently than the upland portion of the same property. In the past, two zoning designations on a single parcel was uncommon.

The Conservancy zoning is intended to protect our shoreline ecology. It does this by limiting the uses permitted on lands of this zoning. Most uses other than single family dwellings are discouraged, including any commercial use, even vacation rental of shoreline homes.

I would encourage every shoreline property owner to look at the new shoreline zoning maps posted on the County’s website. Do this by going to the Community Development Department at SanJuanco.com, pull up the “maps” section and click on the map of your island. Then view your shoreline designation, to verify if your property is one affected by zoning change.

A good outcome of the Master Plan seems to be that single family residential construction within the shoreline zone may be more broadly allowed than has been the case for the last 5 plus years. There seems to be more freedom to develop shoreline residential property. Of course there are definite limits to this freedom, as is always the case. The proof will be in how the new rules are interpreted by our County officials.

San Juan County’s shoreline now meets State standards of protection against degrading and harming the shoreline environment. Only time will tell the full story. I plan updates on this issue as I learn more as to how it is being applied.

 

John Dunning, Designated Broker/Owner  

 

Articles • Buying • Housing Market • San Juan Islands • Selling • July 27, 2017

The Gardner Report – Q2 2017

by Heather Ross

content_17288_WWAGardnerReportQ2_Masthead

 

ECONOMIC OVERVIEW

The Washington State economy has been expanding at a rapid pace but we are seeing a slowdown as the state grows closer to full employment. Given the solid growth, I would expect to see income growth move markedly higher, though this has yet to materialize. I anticipate that we will see faster income growth in the second half of the year. I still believe that the state will add around 70,000 jobs in 2017.

Washington State, as well as the markets that make up Western Washington, continue to see unemployment fall. The latest state-wide report now shows a rate of 4.5%—the lowest rate since data started to be collected in 1976.

I believe that growth in the state will continue to outperform the U.S. as a whole and, with such robust expansion, I would not be surprised to see more people relocate here as they see Washington as a market that offers substantial opportunity.

 

HOME SALES ACTIVITY

  • There were 23,349 home sales during the second quarter of 2017. This is an increase of 1.1% from the same period in 2016.
  • Clallam County maintains its position as number one for sales growth over the past 12 months. Double-digit gains in sales were seen in just three other counties, which is a sharp drop from prior reports. I attribute this to inventory constraints rather than any tangible drop in demand. The only modest decline in sales last quarter was seen in Grays Harbor County.
  • The number of homes for sale, unfortunately, showed no improvement, with an average of just 9,279 listings in the quarter, a decline of 20.4% from the second quarter of 2016. Pending sales rose by 3.6% relative to the same quarter a year ago.
  • The key takeaway from this data is that it is unlikely we will see a significant increase in the number of homes for sale for the rest of 2017.

 

 

 

HOME PRICES

 

  • Along with the expanding economy, home prices continue to rise at very robust rates. Year-over-year, average prices rose 14.9%. The region’s average sales price is now $470,187.
  • Price growth in Western Washington continues to impress as competition for the limited number of homes for sale remains very strong. With little easing in supply, we anticipate that prices will continue to rise at above long-term averages.
  • When compared to the same period a year ago, price growth was most pronounced in San Juan County where sale prices were 29.2% higher than second quarter of 2016. Eight additional counties experienced double-digit price growth.
  • The specter of rising interest rates failed to materialize last quarter, but this actually functioned to get more would-be buyers off the fence and into the market. This led to even more demand which translated into rising home prices.

 

 

DAYS ON MARKET

  • The average number of days it took to sell a home in the quarter dropped by 18 days when compared to the same quarter of 2016.
  • King County remains the tightest market; homes, on average, sold in a remarkable 15 days. Every county in this report saw the length of time it took to sell a home drop from the same period a year ago.
  • Last quarter, it took an average of 48 days to sell a home. This is down from the 66 days it took in the second quarter of 2016.
  • Given the marked lack of inventory, I would not be surprised to see the length of time it takes to sell a home drop further before the end of the year.

 

 

CONCLUSIONS

This speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors. For the second quarter of 2017, I moved the needle a little more in favor of sellers. To define the Western Washington market as “tight” is somewhat of an understatement.

Inventory is short and buyers are plentiful.

Something must give, but unless we see builders delivering substantially more units than they have been, it will remain staunchly a sellers’ market for the balance of the year.

Furthermore, increasing mortgage rates have failed to materialize and, with employment and income growth on the rise, the regional housing market will continue to be very robust.

 

Posted July 26 2017, 11:00 AM PDT by Matthew Gardner, Chief Economist, Windermere Real Estate. Matthew Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics, and has over 25 years of professional experience both in the U.S. and U.K. Find the original post here

 

 

Articles • Lifestyle • Maintenance • July 13, 2017

Putting your home into “Vacation Mode”

by Heather Ross

multi-tasking-momWe made it past July 5th and summer is in full swing here in the Pacific Northwest! For many of us, this is the time when we not only get out of the house, but get out of the town where we live to enjoy a summer vacation. While I am a big proponent of hitting the road and leaving my troubles behind me, there are a few things that need to be done in advance of any travels in order for me to be able to truly relax and let go. Before I can put myself in vacation mode, I must first put my house in vacation mode. So, here is my pre-departure checklist which allows that laissez-faire feeling to remain long after my return home.

 

Clean, clean, and yes, clean

I know, there is already tons to do before you leave; how are you also supposed to find time to clean the house? You’re stressed about getting packed on time, making sure all your travel arrangements are made, reservations are set – but trust me, there is nothing like coming back to a shiny, fresh home. Your future self will thank you for this gift.

  • Clean out the fridge/freezer – no one likes coming home to the smell of rotting food.
  • Take out the garbage & recycling – again, no smell is a good smell.
  • Leave cleaner in the toilets – do I have to repeat myself about smells?
  • Do all the laundry – clothes from the trip can go right in the basket when you get back. And since it will not be full, you can put off throwing a load in the wash for a while.
  • Put fresh sheets on the bed – after sleeping in strange places it’s nice to not have to worry about what’s under the covers.

 

Give yourself (and your insurance company) peace of mind

Whether you are taking off for a week or a month, it is worth eliminating all need for worry about the state of your home. If no one is going to be there, then no one is going to need to use anything that is plumbed or wired. And let’s face it, there is nothing worse than coming home to an unnatural home disaster.

  • Unplug the small things – you’re cleaning your house anyway right? So why don’t you put that curling iron back in the bathroom drawer and wind that cord around the toaster. It’s tidy and safety all in one go!
  • Lower your bills – turn the water heater to “vacation mode” and turn off your thermostat. No need to have these running while you are away; plus, that’s a few more dollars allotted to the travel funds.
  • No pools in the house – turn off water valves to major appliances like your washing machine, dish washer, etc. Better yet, if you can, turn the water off completely via the main shut off valve.
  • Check the weather – if extreme weather is forecast for the time you are away, make sure your house and yard are ready to endure it.

 

Don’t worry, be happy

We all know there are people in this world who feel the need to make giant messes and take things that don’t belong to them. And where better to partake in these activities then in a house that is currently unoccupied? Oh wait, maybe someone is home. Never mind, let’s try somewhere else.

  • Lights on, lights off? – I’m the kind of person that turns a light off every time I leave a room, but in this case, it may be worth leaving a couple on. Flood lights and interior lights on timers help your home maintain that lived in feel.
  • Business as usual – don’t make it obvious that no one is home. People do not normally leave all the curtains closed up tight (unless you a serious recluse… or a vampire).
  • Mail call – check in with your local post office before you leave and have them hold your deliveries until you return. Or have someone you trust pick it up for you. Don’t forget the paper.
  • Landscaping matters – if you are planning an extended trip, hire someone to come mow your lawn and water your plants. A neglected yard is a sure sign that no one is around.
  • What spare key? – if you are in the habit of leaving a key hidden around the outside of your home, please remove it and give it to a friend or neighbor in case of emergency.

All in all, common sense will go a long way in helping you prepare your home for vacancy. If there is something that could be a potential hazard, take care of it before you leave. The less you have to worry about, the more you get to enjoy your time away from the every day.

Articles • Lifestyle • San Juan Islands • June 30, 2017

Fourth of July weekend on Orcas Island – Wow what a show!

by Heather Ross

Orcas may not be a big island, but it sure celebrates like one. Although July 4th falls on a Tuesday this year, this island will be rocking all weekend long leading up to the big day. Whether you are into shopping, eating, or just enjoying the festivities, there is plenty to keep everyone busy. Here’s what to see and do on the rock over the next four days:

July 1

Eastsound Fire Station Pancake Breakfast @ 7am-11am

This is a great annual fundraiser to support the Eastsound Volunteer Firefighters and EMT’s. They will be serving up their special recipe pancakes, sausage, eggs, and beverages. Cost is $8 per adult and $5 per child with kids under 5 years eating for free.

Farmer’s Market @ 10am-3pm

Happening every Saturday, all summer long on the Village Green. This is a great place to grab produce and flowers from island farms, check out local artists, and grab some lunch.

Independence Day Celebration @ 10am

This celebration of island history, sponsored by the Orcas Island Historical Museum, takes place on the Village Green in conjunction with the Farmers Market. There will be a pie booth, hot dog stand, and beer garden. Then at 1:30 the local Harvey Family will put on a logging show.

Community Parade – “Celebrating Island Creatures” @ 12 noon

Islanders from local businesses and organizations will be dressing up as all manner of animals and parading through Eastsound Village. Parades on this island are a one-of-a-kind experience, so you will not want to miss this.

Lions Club 42nd Annual Salmon BBQ @ 1pm-7pm

The Lion’s Club is involved in many projects across the island, and this event raises funds so they can continue with their great community service. Served alongside the salmon is a baked potato, coleslaw, roll, beverages, and the option of adding on apple crisp. Cost is $18 per adult and $12 for children up to 12 years.

July 3

Deer Harbor Fireworks and Music @ 9pm

Gather down on the docks at the Deer Harbor Marina to hear some music and enjoy the light show. This is a very popular event, so be sure and get there extra early.

July 4

6th Annual Funhouse Commons 5K Run @ 9am

Work off some of those calories from the weekend with a race around the Eastsound area. All ages and abilities are welcome with the kids 1K race beginning at 10am. Registration is $35 per adult and $10 per child. All proceeds benefit the Funhouse Commons, who provides many programs for island kids.

4th of July “inter-Dependence Day” Celebration @ 3pm-10pm

Hosted at Orcasong Farm, this is an evening of music, education, food, and fun. From 3-6pm there is a workshop titled “Music as Medicine” and from 6-10pm there will be a potluck dinner and live music provided by The Living Arrows. Cost is $10-$40.

Eastsound Fireworks @ 9pm

Head on into town in the early evening to hear the Community Band play before the big show. Then find a spot on the beach to kick back and enjoy the fireworks.

Articles • Lifestyle • San Juan Islands • May 11, 2017

Island Support – GiveOrcas Month

by Heather Ross

Give Orcas image

It’s GiveOrcas month here on the island and everyone is feeling the love. Locals skip through the streets of Eastsound hugging, laughing, and catching up on the latest gossip. Okay, so maybe it’s not quite as cheesy as one of those quaint villages from your childhood storybooks; life is not all sunshine and rainbows after all. But while there isn’t a whole lot of skipping going on, the hugging, laughing, and gossiping are pretty on par. And this month in particular we are reminded of why we are so lucky to live here: we are a community that cares.

The GiveOrcas campaign is run by the Orcas Island Community Foundation (OICF), whose mission is “to foster philanthropy to enhance and preserve the quality of life on Orcas Island”. They are a public foundation that fosters community collaboration in order to create a strong financial base for supporting local services and organizations. OICF’s role has become increasingly important on this island which somehow supports a huge number of nonprofits – about 1 per 45 residents. This number may seem insane to some, or most of us, but it’s important to remember that Orcas has no real form of government since there is no incorporated town. As such, these nonprofits help to fill the roles that would traditionally fall under a government’s purview.

Now, what is this GiveOrcas campaign? Well, with all of these nonprofits it’s to be expected that the Community Foundation receives a high number of requests for funding, and they simply do not have the capacity to cover the full needs of every organization. So yes, it is essentially a fundraiser. However, this particular fundraiser is as much about creating awareness as creating cash. For at the public’s fingertips is placed an insight into what each organization is hoping to get funding for; whether it be a specific project, program, or for staffing needs. These needs are then arranged, by OICF, into three categories: Critical Needs, Important Needs, and Opportunities. This allows for members of the community to decide where they want their donated funds to go, based on their own individual ideals. And, given that Orcas is a community that likes to support one another, most of these needs are met during this time.

The GiveOrcas campaign runs through May 19th this year with an Awards Celebration being held on Thursday, May 25th from 3-5pm at the Orcas Center.

__________________________________________________________________________________________
Find out more about the GiveOrcas campaign and the projects looking for funding at www.giveorcas.org

To learn more about the Orcas Island Community Foundation and see of list of Orcas Island nonprofits and services, visit oicf.us

Articles • Housing Market • May 2, 2017

The Gardner Report – Q1 2017

by Heather Ross
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ECONOMIC OVERVIEW

I’m happy to report that Washington State continues to add jobs at a steady rate. While the rate of growth is tapering, this is because many markets are getting close to “full employment”, during which time growth naturally slows. That said, I believe that the state will add around 70,000 jobs in 2017. Washington State, as well as the markets that make up Western Washington, continues to see unemployment fall and I anticipate that we will see this rate drop further as we move through the year. In all, the economy continues to perform at or above average levels and 2017 will be another growth year.

 

HOME SALES

  • There were 15,652 home sales during the first quarter of 2017. This is an increase of 9.5% from the same period in 2016, but 20.7% below the total number of sales in the final quarter of 2016.
  • With an increase of 45.5%, sales in Clallam County grew at the fastest rate over the past 12 months. There were double-digit gains seen in an additional 10 counties, suggesting that demand remains very robust. The only modest decline in sales was seen in Grays Harbor County.
  • The number of homes for sale showed no improvement at all, with an average of just 6,893 homes for sale in the quarter, a decline of 33% from the previous quarter and 25% from the first quarter of 2016. Pending sales rose by 2% relative to the same quarter a year ago.
  • The key takeaway from this data is that 2017 will offer little relief to would-be home buyers as the housing supply remains severely constrained.

 

 

HOME PRICES

  • With demand continuing to exceed supply, home prices continued to rise at above-average rates. Year-over-year, average prices rose by 9.5% but were 1.1% lower than in the final quarter of 2016. The region’s average sales price is now $409,351.
  • Price growth in Western Washington is unlikely to taper dramatically in 2017 and many counties will continue to see prices appreciate well above their long-term averages.
  • When compared to the same period a year ago, price growth was most pronounced in Kittitas County, which rose by 19.6%. Double-digit price growth was seen in an additional 10 counties. The only market where the average price fell was in the ever-volatile San Juan County.
  • It is clear that rising interest rates have not taken much of a sheen off the market.

 

DAYS ON MARKET

  • The average number of days it took to sell a home in the first quarter dropped by 16 days when compared to the first quarter of 2016.
  • King County remained the tightest market, with the average time to sell a home at just 31 days. Island County was the only area where it took longer to sell a home than seen a year ago; however, the increase was just one day.
  • In the first quarter of the year, it took an average of 70 days to sell a home. This is down from the 86 days it took in the first quarter of 2016, but up from the 64 days it took in the final quarter of last year.
  • Given woefully low levels of inventory in all Western Washington markets, I do not expect to see the length of time that it takes to sell a home rising in 2017. In fact, it is likely that it will continue to drop.

 

CONCLUSIONS

This speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors. For the first quarter of 2017, I moved the needle a little more in favor of sellers. The rapid increase in mortgage rates during the fourth quarter of 2016 has slowed and buyers are clearly out in force.

 

 

Posted May 1 2017, 11:00 AM PDT by Matthew Gardner, Chief Economist, Windermere Real Estate

Matthew Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics, and has over 25 years of professional experience both in the U.S. and U.K.

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