The spring home buying season started early this year. Open houses had increased attendance and bidding wars returned in March. Home prices in most of the region are about even with March of 2018. The Eastside median closed sales price decreased 1% from March 2018 ($831,000) to March 2019 ($825,000).
Months supply of inventory decreased from 1.8 in February 2019 to 1.2 in March 2019, its lowest in nine months. The number of Eastside sales increased 2% for the first quarter 2019 compared to 2018. The speed of the market (percentage of homes sold in two weeks or less, number of multiple offers) is slower than a year ago (arguably a good thing), although it is speeding up.
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.