Matthew Gardner Mid-Year Update

One of the reasons why we are fortunate to have Matthew Gardener as our Chief Economist at Windermere is his transparency. Every year, Matthew makes predictions for the coming year based on his monumental research and years of experience. Just this week, he reviewed his 2023 predictions and recorded the video below. Most of his predictions were spot on and only two were slightly off. That is pretty good considering crystal balls don’t exist.
In the video recap below, he covers the trajectory of home prices, interest rates, inventory levels, the shift of the work-from-home trend, zoning changes, and affordability. All of these factors play into people making informed decisions about their real estate. He is certainly an asset that I can rely upon to help me guide my clients.

Overall, it is important to note that prices are heading in a positive direction, interest rates may take a bit longer to settle and inventory remains tight. I am seeing buyer demand return to the market and prices have grown since the first of the year.  In fact, the median price in Whatcom County peaked in June 2022 at $559,000 and hit bottom in October 2022 at $556,000.  Since October 2022, the median price has grown by 5% to $586,000 according to May 2023 numbers.  In Skagit County, the median price peaked in April 2022 at $595,000, bottomed out in January 2023 $484,000, and in May 2023 returned to peak levels at $600,000.

He also mentions that real estate is local and that trends can vary by location. That is where I can help you. I am deeply invested in understanding the market in the communities and neighborhoods that surround us. If you are curious about how the trends relate to your real estate goals, please reach out. It is always my goal to help keep my clients informed and empower strong decisions.