I am fortunate to work for Windermere Real Estate and one of the benefits I derive is access to a local economist, Matthew Gardner, who monitors various economic details and trends for insights and perspectives on our real estate market. Here’s his latest analysis of the Western Washington market place. It seems we have recovered many of the job losses since Covid struck our region, but not sure the new jobs are for the same people and certainly not for the same jobs that were lost since March. Still, the employment picture is improving and the real estate market continues to thrive–being one of the strongest economic engines in our area and across much of the country. Most expectations are for home sales and values to continue strong into 2021 with low levels of homes for sale, low interest rates and high buyer demand. A trend for 2020 has been for buyers to either look for second homes or to move out to less urban and business-centric areas. Market times in many of these suburban to rural areas are dropping while home prices are rising sharply. We’ll se if this trend continues as we hopefully gain more control over the Corona virus impacts to our country and region.
Take a look at the report: