The Q3 Western Washington Gardner report is out! What is this? Each quarter Matthew Gardner, Windermere’s Chief Economist, crunches the sales numbers for Western WA and creates a report analyzing what the numbers mean. Here’s the “Cliffs Notes” version:
- The average home price in this region increased 11.6% compared to a year ago, to $611,793
- Inventory is down 41.7% compared to a year ago
- Mason, Island, and San Juan Counties saw the biggest growth in sales. It may be that due to COVID-19, people are buying second homes or relocating to more rural areas
- Q3 pending sales are up 29% compared to a year ago, so 4th quarter sales should be fairly robust.
- High buyer demand coupled with low inventory has meant houses are selling faster. In Snohomish County, the average days on market (DOM) was 16 days. Think about it: That’s just over two weeks to get under contract.
- While low interest rates have made housing more affordable, low inventory and higher demand has been driving prices up. If this continues, it could lead to a housing affordability crisis.
To read the full report complete with graphs, additional statistics, and analysis, click here.
As always, if you want more information or have questions about your particular situation, I’m here as your resource to help empower you to make sound decisions. #yourhomesherpa