Economics and statistical information on the current Seattle and Puget Sound regional real estate market.
CHANGES COMING JANUARY 1st As of January 1st, 2020, important changes will be made to how the State of Washington charges excise tax as it applies to the sale of a home. Windermere Chief Economist, Matthew Gardner explains:Washington State Excise Tax changes
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BY: MATHEW GARDNER, CHIEF ECONOMIST, WINDERMERE REAL ESTATE As we head toward the end of the year, it’s time to recap how the U.S. economy and housing markets performed this year and offer my predictions for 2020. U.S. Economy In general, the economy performed pretty much as I expected this year: job growth slowed but the unemployment rate still hovers around levels not seen since the late 1960s. Following the significant drop in corporate tax rates in January 2018, economic growth experience a big jump. However, we haven’t been able to continue those gains and I doubt we’ll return to 2%+ growth next year. Due to this slowing, I expect GDP to come in at only +1.4% next year. Non-residential fixed investment has started to wane as companies try to anticipate where economic policy will move next year. Furthermore, […]
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Will a recession affect Seattle’s housing market? “How’s the market?” It’s the number one question we get in any given conversation when people discover we’re in Real Estate. Here is an old question we haven’t been asked in nearly decade, “How do you think the recession will affect Seattle home prices?” The answer is a bit more detailed, so of course we have to blog about it. While 42% of economists surveyed by the Wall Street Journal estimate that the next recession will begin in 2020, and another 28% believe it will begin in 2021, what’s top of mind for us right now is how this will affect the Seattle real estate market. It’s important to know that of the last five recessions that occurred since 1980, only two out of five saw home price decrease. Of course, in […]
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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 us. ECONOMIC OVERVIEW Washington State employment has softened slightly to an annual growth rate of 2%, which is still a respectable number compared to other West Coast states and the country as a whole. In all, I expect that Washington will continue to add jobs at a reasonable rate though it is clear that businesses are starting to feel the effects of the trade war with China and this is impacting hiring practices. The state unemployment rate was 4.6%, marginally higher than the 4.4% level of a year ago. My […]
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By: Mathew Gardner, Windermere Economist 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 us. ECONOMIC OVERVIEW The Washington State economy continues to add jobs at an above-average rate, though the pace of growth is starting to slow as the business cycle matures. Over the past 12 months, the state added 96,600 new jobs, representing an annual growth rate of 2.9% — well above the national rate of 1.7%. Private sector employment gains continue to be quite strong, increasing at an annual rate of 3.6%. Public sector employment was down 0.3%. The strongest growth sectors were Real Estate Brokerage […]
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Author: Mathew Gardner, Windermere Economist What a year it has been for both the U.S. economy and the national housing market. After several years of above-average economic and home price growth, 2018 marked the start of a slowdown in the residential real estate market. As the year comes to a close, it’s time for me to dust off my crystal ball to see what we can expect in 2019. The U.S. Economy Despite the turbulence that the ongoing trade wars with China are causing, I still expect the U.S. economy to have one more year of relatively solid growth before we likely enter a recession in 2020. Yes, it’s the dreaded “R” word, but before you panic, there are some things to bear in mind. Firstly, any cyclical downturn will not be driven by housing. Although it is almost impossible to […]
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