For those of us who watch the Northwest economy and how it affects Washington real estate, Mr. Matthew Gardner and Windermere Real Estate has released “The Gardner Report” for Q3.
Mr. Gardner is a land use economist and principal with Gardner Economics and is considered by many to be one of the foremost real estate analysts in the Pacific Northwest. In addition to managing his consulting practice, Mr. Gardner is a member of the Pacific Real Estate Institute; chairs the Board of Trustees for the Washington State Center for Real Estate Research; the Urban Land Institutes Technical Assistance Panel; and represents the Master Builders Association as an in-house economist. He has appeared on CNN, NBC and NPR news services to discuss real estate issues and is regularly cited in the Wall Street Journal and all local media.
The Q3 Gardner Report concludes:
- “We continue to see modest employment growth in Washington State, but improvements are certainly not equal across the counties. Continued contraction in the government sector and construction are acting as anchors by restraining any significant improvement. In as much as I still contend that Washington State does, and will continue to, fare better than the nation as a whole, uncertainty appears to have permeated all businesses. The Federal Government now appears to be understanding the importance that real estate has in our economic growth. There are numerous proposals being proposed in Congress and the Senate relative to stabilizing our housing market. Although they are not a panacea, I am glad to see that they are starting to understand how important it is.”
“The housing market continues to demonstrate modest signs of stability, but financing and appraisals are still acting as impediments. Inventory levels saw a modest increase this summer, but are starting to exhibit their traditional seasonal decline—and are still considerably down from historic averages. Pending sales remain well above figures seen a year ago and closed transactions are also trending higher.”
To download the entire report, go to http://www.thesouthsounder.com/newsletters/Gardner_Report_Q3.pdf