Q1 2022 Central Washington Real Estate Market Update

The following analysis of select counties of the Central 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 Real Estate agent.

 

Regional Economic Overview

Central Washington employment rose 6% year over year. However, with the significant revisions to 2021 employment levels the state made, total employment is down 3,778 jobs from the pre-pandemic peak. The jobs shortfalls are primarily in Kittitas and Yakima counties, with far smaller shortfalls in Okanogan and Chelan counties. Douglas County is the only market where employment levels are higher than the pre-pandemic peak. Unadjusted unemployment levels in Central Washington were 7.6%. When adjusted for seasonality, they were 5.9%. The county with the lowest unemployment rate was Chelan at 4.8%; the highest was Yakima, where 6.5% of the labor force was still without work. I expect that the region will be back to pre-pandemic employment levels by this summer.

Central Washington Home Sales

Sales in Central Washington rose 6.8% compared to a year ago, with a total of 1,022 homes sold. Sales fell 36.1% compared to the final quarter of 2021, but it is likely that seasonal factors impacted the number.

The drop in sales compared to fourth quarter of 2021 suggests that closings in second quarter of this year will remain tepid.

Compared to a year ago, sales rose in Okanogan, Yakima, and Kittitas counties, but fell in Chelan and Douglas counties. Sales fell across the board compared to the final quarter of last year.

Even though inventory levels rose 4% year over year, there were 33.5% fewer listings in the first quarter than in the prior quarter. This is creating frustrating conditions for buyers who have seen financing costs increase significantly in recent months. I hope more homes will come to market as spring gets underway, but the market is far from balanced.

Central Washington Home Prices

The average home price in Central Washington rose 17% year over year to $485,435 but was 0.8% lower than in the final quarter of 2021.

Lower quarter-over-quarter sale prices may be a function of rising mortgage rates, but it’s too soon to tell given that there’s usually a lag between rising financing costs and their impact on prices. Data from the second quarter of this year will give us a better indication.

Every county except Yakima saw double-digit increases in sale prices compared to the first quarter of 2021. Prices were lower in Chelan and Yakima counties than in the previous quarter, but the other three counties saw higher sale prices.

Median list prices have slowed their ascent in many of the markets contained in this report, which could also indicate some softening in the region. That said, the extent to which this is impacting secondhome markets—which are more susceptible to rising mortgage rates—remains uncertain.

A map showing the year-over-year real estate market percentage changes in various counties in Central Washington for Q1 2022.

A bar graph showing the annual change in home sale prices for various counties in Central Washington from Q1 2021 to Q1 2022.

Mortgage Rates

Average rates for a 30-year conforming mortgage were 3.11% at the end of 2021, but since then have jumped over 1.5%—the largest increase since 1987. The surge in rates is because the market is anticipating a seven- to eight-point increase from the Federal Reserve later this year.

Because the mortgage market has priced this into the rates they are offering today, my forecast suggests that we are getting close to a ceiling in rates, and it is my belief that they will rise modestly in the second quarter before stabilizing for the balance of the year.

A bar graph showing the average rates for a 30-year conforming mortgage, plus Matthew Gardner's mortgage rate forecasts for Q2 2022 through Q1 2023.

Central Washington Days on Market

The average time it took to sell a home in Central Washington in the first quarter of 2022 was 55 days.

During the first quarter, it took three fewer days to sell a home in Central Washington than it did a year ago.

All counties other than Chelan and Kittitas saw the length of time it took to sell a home drop compared to a year ago, with noticeable improvement in Okanogan County. Compared to the final quarter of 2021, days on market rose in all counties.

It took 17 more days to sell a home in the first quarter than it did in the fourth quarter of last year.

A bar graph showing the average days on market for homes in various counties in Central Washington during Q1 2022.

Conclusions

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

The market remains in a state of imbalance. On one hand, the number of homes for sale increased as we moved into the year, but there were fewer pending sales. This is a little counterintuitive given that rising mortgage rates should have been a stimulant for home buyers. Even so, I believe home sellers remain in the driver’s seat, but the year has not started in the way some may have hoped for. Second quarter data should give us some more clarity as to the direction the market will take in 2022, but it is likely that higher mortgage costs combined with lower affordability may act as a headwind.

A speedometer graph indicating a seller's market in Central Washington during Q1 2022.

As such, I am moving the needle a little more towards buyers but, for the time being, sellers still have the upper hand.

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

The post Q1 2022 Central Washington Real Estate Market Update appeared first on Windermere Real Estate.

Q4 2021 Central Washington Real Estate Market Update

The following analysis of the Central 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 Real Estate agent.

 

Regional Economic Overview

Central Washington employment rose 7.7% compared to a year ago, and employment levels remain well above the pre-pandemic peak. Across the five counties that make up this report, total employment is now around 4,000 more than before the pandemic. A significant number of jobs were lost in November, which gives me pause. Data for the region is not adjusted for seasonality, which may have played a part in the contraction, but we will have to wait until the spring to see if this was an anomaly or whether a pattern has emerged. Even with the slowdown, the unemployment rate was 4.4%, which is still a decent number. The lowest jobless rate was in Kittitas County at 3.6%. The highest rate was in Yakima County, where 4.9% of the labor force was unemployed.

central washington Home Sales

❱ Sales in Central Washington rose 3.9% versus a year ago, with 1,599 homes trading hands. Sales fell 2.1% compared to the third quarter of 2021, but seasonal factors likely impacted the number.

❱ Pending sales fell 19.7% compared to the third quarter, suggesting that closings in the first quarter of the year may not show much improvement.

❱ Compared to a year ago, sales rose in Douglas and Yakima counties but fell in all other markets covered by this report. Compared to the third quarter of last year, sales fell in every county other than Okanogan, which registered an impressive 22% increase.

❱ I was pleased to see inventory levels rise 16.9% year over year, but they were down 20.9% compared to the third quarter of 2021. This likely contributed to the drop in pending sales.

central washington Home Prices

A map showing the real estate market percentage changes in various counties in Central Washington during the fourth quarter of 2021.

❱ The average home price in Central Washington rose 11.1% year over year to $489,443 and was .4% higher than in the third quarter of the year.

❱ While home prices in the area continue to rise, we are starting to see the pace of growth slow. This is likely because mortgage rates rose .3% during the quarter. I anticipate that rates will continue to climb as we move through 2022. This will act as a headwind to the rampant pace of price growth that we have seen for the past few years.

❱ Every county except Kittitas saw double-digit increases in sale prices. Chelan and Kittitas counties showed higher sale prices than in the third quarter.

❱ All counties other than Yakima are now technically unaffordable for a household making median income, and no market is affordable for a first-time buyer. This is also likely to have a slowing effect on price growth in 2022.

A bar graph showing the annual change in home sale prices for various counties in Central Washington during the fourth quarter of 2021.

Days on Market

❱ The average time it took to sell a home in Central Washington in the final quarter of 2021 was 38 days.

❱ During the quarter, it took 11 fewer days to sell a home in Central Washington than it did a year ago.

❱ All counties other than Yakima saw the length of time it took to sell a home drop compared to a year ago, with noticeable improvements in Chelan and Okanogan counties. Compared to the third quarter, market time rose in all areas, but seasonal changes were likely the cause.

❱ It took seven more days to sell a home in the fourth quarter than it did in the third.

A bar graph showing the average days on market for homes in various counties in Central Washington during the fourth quarter of 2021.

Conclusions

A speedometer graph indicating a seller's market in Central Washington during the fourth quarter of 2021.

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

Due to seasonal changes, it is always hard to get a clear picture of the market from the winter sales numbers. However, it does appear as if the market may be coming off the frenetic pace of price growth that we’ve seen over the past two years. Inventory levels were higher, which, in concert with rising mortgage rates, may have slowed price appreciation—albeit modestly—in the quarter.

As mentioned previously, I anticipate that mortgage rates will continue to move higher through 2022. Combined with low levels of affordability in the area, this is likely to further slow home price growth.

As such, I am moving the needle a little more toward buyers. However, owners looking to sell a well-positioned and appropriately priced home are unlikely to have much of a problem finding a buyer.

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

The post Q4 2021 Central Washington Real Estate Market Update appeared first on Windermere Real Estate.

Q3 2021 Central Washington Real Estate Market Update

The following analysis of the Central 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 Real Estate agent.

 

Regional Economic Overview

Central Washington has recovered all the jobs lost to COVID-19 and continues to expand its employment base. Across the five counties that make up this report, total employment rose to 233,699 in August. The number of jobs is now more than 15,000 positions higher than the pre-pandemic peak of just over 218,000. With more jobs returning, the unemployment rate has dropped to 5.6%—a level last seen in the summer of 2018. The lowest unemployment rate was in Chelan County at 4.2%. The highest rate was in Yakima County, where 5.6% of the labor force was unemployed.

central washington Home Sales

❱ Year-over-year, home sales in Central Washington fell 5.2%, but this is almost irrelevant given that a year ago the country was experiencing a massive housing rebound following the outbreak of COVID-19. More useful is that sales rose 10.9% compared to the second quarter of 2021, with a total of 1,634 homes sold.

❱ Pending sales were .8% lower than in the second quarter, suggesting that closings in the final quarter of the year may not show much improvement.

❱ Compared to a year ago, sales rose in Yakima County but fell in all other markets covered by this report. Relative to the second quarter of this year, sales rose in every county other than Okanogan, with Yakima County again showing a substantial increase (+22.3%).

❱ Inventory levels were up 3.4% compared to a year ago and were 32.7% higher than in the second quarter of this year. Additional choice in the market is a good thing for buyers, which is likely why sales rose significantly in the quarter.

central washington Home Prices

A map showing the real estate market percentage changes in various counties in Central Washington during the third quarter of 2021.

❱ Even with rising inventory levels, demand remained strong, which allowed the average home price in Central Washington to continue trending higher. Prices were up 16.7% year over year to $487,326. Home prices in the third quarter were also 3.3% higher than in the prior quarter.

❱ Mortgage rates in third quarter remained below 3%, which also contributed to prices rising at above-average rates. Although I expect mortgage rates to start rising this winter, they are unlikely to increase to a level that will have a material impact on prices.

❱ All counties covered by this report again saw significant price increases compared to this time last year, with double-digit gains across the board. I would note that home sale prices were lower in Kittitas County compared to the second quarter, but it is no cause for concern as small markets can exhibit extreme swings in price.

❱ Douglas and Kittitas counties remain technically unaffordable to households making the median income, but my bigger concern is that no county in the report is affordable for first-time buyers. New construction activity has not improved significantly, and with fewer homes being built, affordability issues continue.

A bar graph showing the annual change in home sale prices for various counties in Central Washington during the third quarter of 2021.

Days on Market

❱ The average time it took to sell a home in Central Washington in the third quarter of 2021 was 31 days.

❱ During the quarter, it took 26 fewer days to sell a home in Central Washington than it did a year ago.

❱ All counties saw the length of time it took to sell a home drop compared to a year ago, with noticeable improvement across the board. Compared to the second quarter of 2021, market time rose in Chelan and Douglas counties, but the increase was only three days in each market.

❱ It took five fewer days to sell a home in the third quarter than it did in the second quarter of this year.

A bar graph showing the average days on market for homes in various counties in Central Washington during the third quarter of 2021.

Conclusions

A speedometer graph indicating a seller's market in Central Washington during the third quarter of 2021.

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

The positive for buyers in Central Washington is that listing activity has picked back up and average list prices have started to trend a little lower in many market areas. This is now causing sellers to have to compete somewhat for buyers. That said, it remains a seller’s market given lower days on market and strong buyer demand. I expect home prices to continue rising, but the pace of growth has started to slow. As such, I am moving the needle a little more toward buyers, but the market will remain active, and owners looking to sell a well-positioned and appropriately priced home are unlikely to have much of a problem finding a buyer.

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

The post Q3 2021 Central Washington Real Estate Market Update appeared first on Windermere Real Estate.

Q2 2021 Central Washington Real Estate Market Update

The following analysis of the Central 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 Real Estate agent.

 

Regional Economic Overview

I am pleased to report that the Central Washington region has recovered all of the jobs that were lost due to the COVID-19 pandemic. Across the five counties that make up this report, total employment was 220,554, up more than 1,900 jobs from the pre-pandemic peak in March 2020. Given the recovery in the job market, it’s not surprising that the unemployment rate dropped to 6.1%, the lowest level since last October and well below the pandemic peak of 15.4%. The total labor force remains lower than a year ago but is starting to rise again, which may lead the contraction in the overall jobless rate to slow, but I do not anticipate it will rise again. I would add that the current jobless rate is actually lower now than it was before the pandemic appeared.

central washington Home Sales

❱ Home sales in Central Washington were 30.9% higher than a year ago. Given that the pandemic was starting to grip the region at that time, this statistic is not very informative. However, when comparing sales with the first quarter of this year, it was impressive to see an increase of 56.9%, with a total of 1,473 homes sold.

❱ Pending sales were up 54.5% from the first quarter, suggesting that closings in the third quarter will show further growth.

❱ Sales activity rose across the board, with significant increases in Kittitas County and sales in all other markets rising by double-digits.

❱ Inventory levels were down more than 17% compared to the first quarter and were 30% lower than a year ago. This is disappointing, as many other counties across the state are actually seeing the number of homes for sale start to rise. The local market remains very tight, and this will continue to favor home sellers.

central washington Home Prices

A map showing the real estate market percentage changes in various counties in Central Washington.

❱ With low levels of inventory and solid demand, the average home price in Central Washington continued to trend higher. Prices were up 26.8% year over year to $471,858 and were 14% higher than in the prior quarter.

❱ Mortgage rates rose modestly during the first quarter of this year before pulling back in second quarter. This likely nudged many buyers off the fence. Rising mortgage rates and low supply levels have driven prices up.

❱ All counties covered by this report experienced significant price increases, with double-digit gains across the board.

❱ Home-price growth in Central Washington remains well above the long-term average, but affordability is becoming an increasing concern. Douglas and Kittitas counties are now technically unaffordable. As we move through the balance of the year, I expect price growth to continue, but we should see a slowdown in the pace of appreciation.

A bar graph showing the annual change in home sale prices for various counties in Central Washington.

Days on Market

❱ The average time it took to sell a home in Central Washington in the second quarter of 2021 was 36 days.

❱ During the second quarter, it took 28 fewer days to sell a home in Central Washington than it did a year ago.

❱ All counties saw the length of time it took to sell a home drop compared to a year ago, with noticeable improvement everywhere other than Yakima County, though market time there dropped by only 8 days.

❱ It took 21 fewer days to sell a home in the second quarter than it did in the first quarter of this year.

A bar graph showing the average days on market for homes in various counties in Central Washington.

Conclusions

A speedometer graph indicating a seller's market in Central Washington.

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

Listing activity has not yet risen to a level that meets buyer demand, and this is impacting home prices, which certainly favors sellers. Assuming the number of homes for sale will not rise significantly in the coming months, prices will continue their upward trajectory. At some point though, affordability will start to act as more of a headwind than is currently being experienced. As such, I am moving the needle a little more in favor of sellers.

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

The post Q2 2021 Central Washington Real Estate Market Update appeared first on Windermere Real Estate.

Q1 2021 Central Washington Real Estate Market Update

The following analysis of the Central 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 Real Estate agent.

 

Regional Economic Overview

Through last fall, the Central Washington region was on its way to recovering the jobs that were lost due to COVID-19, but new infections have reversed that momentum. The hardest hit sectors were retail trade and transportation; all the markets contained in this report saw employment in these sectors drop. Due to the decline in employment, I wasn’t surprised to see the unemployment rate tick back up to 8.2% from the year-end level of 7.9%.

In aggregate, total employment was measured at 211,520, down from a pre-pandemic peak of 218,624. I hope that broader vaccine distribution will lead to a reopening of the local economy, which will give a much-needed boost to the area.

central washington Home Sales

❱ Sales in Central Washington were essentially static compared to the same period in 2020, with a total of 939 homes sold.

❱ Pending sales were 9.2% lower than in the fourth quarter of last year, suggesting that closings in the second quarter may also disappoint.

❱ Home sales rose in Kittitas County but were either static or fell in the rest of the region.

❱ Although the picture may appear somewhat bleak, I believe the primary issue has been a lack of inventory. However, the number of homes coming on the market has actually started to rise and I’m hopeful this will lead to improved sales as we move toward the summer.

central washington Home Prices

A map showing the real estate market percentage changes in various Central Washington counties.

❱ Year-over-year, the average home price in Central Washington continues to trend higher, with prices up 20.8% to $414,084.

❱ With signs that there are more sellers coming to market, combined with modestly rising mortgage rates, I expect to see the rapid pace of price growth start to slow, which will be good news for home buyers.

❱ All counties covered by this report saw prices rise significantly, with double-digit increases in all but one market.

❱ The takeaway is that average home-price growth in Central Washington remains well above the long-term average, but there are signs prices may experience a modest slowdown as we move through the year.

A bar graph showing the annual change in home sale prices for various counties in Central Washington.

Days on Market

❱ The average time it took to sell a home in Central Washington in the final quarter of 2021 was 57 days.

❱ During the fourth quarter, it took 13 fewer days to sell a home in Central Washington than it did a year ago.

❱ Three counties saw the length of time it took to sell a home drop compared to a year ago, but Okanogan and Yakima saw market time rise 13 days and 1 day, respectively.

❱ It took nine more days to sell a home in the first quarter than it did in the fourth quarter of 2020.

A bar graph showing the average days on market for homes in various Central Washington counties.

Conclusions

A speedometer graph indicating a seller's market in Central Washington.

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

With signs of more listings coming online, the frenetic housing market may cool, but I do not see it contracting further. Though it remains a seller’s market, I have decided to leave the needle in the same position as it was at the end of 2020.

 

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

The post Q1 2021 Central Washington Real Estate Market Update appeared first on Windermere Real Estate.

Q4 2020 Central Washington Real Estate Market Update

The following analysis of the Central 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.

 

Regional Economic Overview

The Central Washington region lost more than 12,500 jobs due to COVID-19, but, as I reported in the third quarter Gardner Report, almost all of them had returned. Unfortunately, a resurgence in new COVID-19 cases has again led to job losses. Employment levels are more than 4,600 jobs lower than before the pandemic started. Something to note is that the state’s economist advised me that the sample used for the October numbers was inferior to prior months and is likely causing an overestimation of job losses. I expect to see better numbers, but only when re-benchmarking occurs in March. With this caveat in mind, the unemployment rate, which peaked at 14.9%, has dropped to 7.3%. Again, this may be higher than is actually the case. In general, jobs are returning but—regardless of data discrepancies—I still anticipate we will see a slowdown in the pace of job growth. This will likely not improve significantly until a vaccine for COVID-19 is freely available.

central washington Home Sales

❱ Home sales in Central Washington were up an impressive 22.5% compared to the same quarter in 2019, with a total of 1,517 transactions taking place.

❱ Pending home sales in the region were 39.2% lower than in the third quarter, but this can be attributed to seasonality and a significant lack of inventory.

❱ Sales activity rose in all counties contained in this report, with significant increases everywhere except Douglas County, though even that market saw sales rise. Compared to the third quarter of 2020, sales in Central Washington were a remarkable 37.7% higher.

❱ The average number of homes for sale in the quarter was 45.8% lower than a year ago, and 30.2% lower than in the third quarter of 2020. Inventory levels remain well below historic averages.

central washington Home Prices

A map showing the real estate market percentage changes in various Central Washington counties.

❱ Year-over-year, the average home price in Central Washington rose a substantial 26% to $443,870. Prices were also 6.4% higher than in the third quarter of 2020.

❱ Low inventory levels remain pervasive, which is clearly driving prices higher as demand far exceeds supply. I expect the number of homes for sale to rise in 2021, but the question remains whether there will be enough listings to meet demand.

❱ All but one county covered in this report saw home prices increase by double-digits. Kittitas County experienced very significant growth.

❱ The takeaway is that average home-price growth in Central Washington remains well above the long-term average and is unlikely to slow down until we see a significant increase in inventory levels.

A bar graph showing the annual change in home sale prices for various counties in Central Washington.

Days on Market

❱ The average time it took to sell a home in Central Washington in the final quarter of 2020 was 49 days.

❱ During the fourth quarter, it took 20 fewer days to sell a home in Central Washington than it did a year ago.

❱ All counties saw the length of time it took to sell a home drop compared to a year ago. Okanogan and Kittitas counties experienced significant drops.

❱ It took eight fewer days to sell a home in the fourth quarter of 2020 than it did in the third.

A bar graph showing the average days on market for homes in various Central Washington counties.

Conclusions

A speedometer graph indicating a seller's market in Central Washington.

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

Demand has clearly not been impacted by COVID-19, mortgage rates are still very favorable, and limited supply is causing the region’s housing market to remain incredibly active. Because of these conditions, I am moving the needle even further in favor of sellers.

 

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

The post Q4 2020 Central Washington Real Estate Market Update appeared first on Windermere Real Estate.