Matthew Gardner, Windermere's Chief Economist, has just released his latest quarterly report for the real estate market in Western Washington. He breaks down the economic overview of the region as well as what happened in the housing market over the last three months.
Here are some highlights:
• "Washington State has seen very robust growth over the past 12 months with the addition of 102,600 new jobs, which is 224,000 more jobs than seen at the previous peak in 2008."
• Home sales are up 3.8 percent from the same quarter last year. Sales activity, however, "continues to slow as a function of inventory constraints."
• Home prices are up by an average of 10.1 percent year-over-year. This is up from the 9.3 percent average growth in prices reported in the fourth quarter of 2015.
• "The average number of days it took to sell a home dropped by sixteen days when compared to the first quarter of 2015."
You can read the full Gardner Report online on Windermere.com.