CommunityTips, Trends & Living June 15, 2023

Favorite Summer Festivals

The sun is here and the whole PNW is celebrating!  Whether it’s a fair close to home or an excuse to pack up the fam for a destination festival, I hope you get out and make the most of these fun events…

 

JUNE

JULY

AUGUST

SEPTEMBER

 

 


 

JUNE

 

Fremont Fair

One of Seattle’s biggest events, this bohemian-inspired festival features 300+ craft vendors, food, beer garden, dog parade, music, and the Solstice Parade (including the unofficial but famous naked bide ride).

Saturday, June 17 & Sunday, June 18, 2023

West of Fremont Ave N, on N 35th St. and N 34th St.

Parade: Begins at the intersection of N. 36th St. and Leary Way, and winds through downtown Fremont, ending at Gasworks Park.

fremontfair.com

Photo courtesy of fremontfair.com

 

Seattle PrideFest

Held in two locations (Capitol Hill & Seattle Center) this year with beer gardens, food, performances, and dancing in the Seattle Center fountain.

Saturday, June 24th – Capitol Hill
310 Broadway E | Seattle

Sunday, June 25th – Seattle Center
305 Harrison St | Seattle

seattlepridefest.org

Photo courtesy of seattlepridefest.org

 


JULY

 

SeaFair Summer Fourth

Seattle’s biggest fireworks show plus live music, family activities & beer gardens. Watch the show from free open seating or reserve a front row seat.

Tuesday, July 4th, 2023
Gates Open at 3pm, Fireworks at 10:15pm

Gas Works Park

Lake Union Park

seafair.org/summerfourth

Photo courtesy of seafair.org/summerfourth

 

Redmond Derby Days

Redmond’s bike-themed summer event including bicycle races, kids bike parade, carnival rides, drone light show, craft fair, arts festival, food, cornhole tourney, and live music.

Friday, July 14th & Saturday, July 15th, 2023

15670 NE 85th St, Redmond

redmond.gov/derbydays

Photo courtesy of redmond.gov

 

Ballard Seafood Fest

Live music, salmon BBQ, kids entertainment, vendors, and excellent craft beer. Don’t miss the Festi-Bowl skateboard events at Ballard Commons Park on Saturday, the 15th.

Friday, July 14th – Sunday, July 16th, 2023

2208 NW Market St | Seattle (on Market St from Leary to 24th Ave NW, and on Ballard Ave from Market St to 22nd Ave NW)

seafoodfest.org

Photo courtesy of Andrew Jacob Media and seafoodfest.org

 

Kirkland Uncorked

Sip local wine, beer or cocktails and listen to live music in beautiful Marina Park on the water. There’s also a street fair with crafts, art, food, dog modeling contest (!), and more. Buy tickets here (proceeds benefit the Homeward Pet Adoption Center).

Friday, July 14th – Sunday, July 16th, 2023

25 Lakeshore Plaza | Kirkland

kirklanduncorked.com

Photo courtesy of kirklanduncorked.com

 

West Seattle Summer Fest

Live bands, arts & crafts booths, outdoor cafes, beer garden, and fun Kids Zone with inflatables.

Friday, July 14th – Sunday, July 16th, 2023

The Junction, 4210 SW Oregon St | Seattle

westseattlesummerfest.com

Photo courtesy of westseattlesummerfest.com

 

Mercer Island Summer Celebration

Parade and lively street fair at Mercerdale Park followed by a waterfront fireworks show at Luther Burbank Park.

Saturday, July 15th, 2023
Fireworks at 10pm

Mercerdale Park Fair: 3009 77th Ave SE | Mercer Island

Luther Burbank Park (Fireworks): 2040 84th Ave SE | Mercer Island

mercerisland.gov/summercelebration

 

Renton River Days

Summer bazaar, parade, rubber duck derby, live music, food trucks, beer/wine gardens, activity zone, drone show, volleyball & basketball tourneys, and 5k/10k Fun Walks on the Cedar River Trail.

Friday, July 21st – Sunday, July 23rd, 2023

1055 S Grady Way | Renton

rentonriverdays.org

Photo courtesy of patch.com

 

Bite of Seattle

200 vendors, 50+ music performances (including Sir Mix-a-Lot!), 3 beer gardens, wine garden, & more.

Friday, July 21st – Sunday, July 23rd, 2023

Seattle Center, 305 Harrison St  | Seattle

biteofseattle.com

Photo courtesy of biteofseattle.com

 

Sequim Lavender Weekend

Celebrate all things lavender with tours of local farms, live music, and 150 street fair booths highlighting NW crafts & food.

Friday, July 21st – Sunday, July 23rd, 2023

Carrie Blake Park, 500 N Blake Ave | Sequim

lavenderfestival.com

Photo courtesy of seattleandsound.com

 

Timber! Outdoor Music Festival

In addition to a wide range of local musicians, discover adventures like bat/bird finding expeditions, hiking, biking, tree climbing, nature painting/photography, yoga, 5K run, coffee walk, obstacle course, stargazing, fika (a Swedish morning tradition), shibori shirt dyeing, and lots of kids activities. Enjoy great food & local brews, too.

Thursday, July 27 – Saturday, July 29, 2023

Get tickets here

Tolt-MacDonald Park, 31020 NE 40th St | Carnation

timbermusicfest.com

Video courtesy of Timber! Outdoor Music Festival

 

Bellevue Arts Fair

Shop from over 300 artists showcasing their handmade arts & crafts. Kids Fair, food trucks, stage performances, and free Bellevue Art Museum exhibitions, too!

Friday, July 28th – Sunday, July 30th, 2023

Bellevue Square, 510 Bellevue Way NE | Bellevue

bellevuearts.org/artsfair

Photo courtesy of bellevuearts.org/artsfair

 


AUGUST

 

Seafair Weekend

Seattle’s iconic festival featuring a spectacular airshow, hydroplane races, classic car show, live music, local food/beverages, and log boom party for boaters.

Friday, August 4th – Sunday, August 6th, 2023

Get tickets here

Genesee Park, 4316 S Genesee St | Seattle

seafair.org

Photo courtesy of seafair.org

 

Watershed

If you’re a country music fan, then this destination festival at the Gorge is for you. Three days of live bands plus carnival rides, food, drinks, and camping.

Friday, August 4th – Sunday, August 6th, 2023

Get tickets here

The Gorge Ampitheatre, 754 Silica Rd NW | Quincy

watershedfest.com

Photo courtesy of watershedfest.com

 

Festival at Mount Si

This street fair in scenic North Bend offers music, a parade, 5K fun run, cherry pie eating contest, and even a live chili cookoff (not to mention food and craft vendors!). Make it a day and visit the outlet mall or go hiking while you’re at it.

Saturday, August 12th & Sunday, August 13th, 2023

Si View Park, 400 SE Orchard Dr | North Bend

festivalatmtsi.org

Photo courtesy of festivalatmtsi.org

 

Chief Seattle Days

A celebration of the Suquamish people honoring Chief Seattle since 1911, this festival is now open to the public and includes canoe races, a salmon bake, 5k fun run, market, games, traditional songs & dances, and a gravesite honoring for Chief Seattle.

Friday, August 18th – Sunday, August 20th, 2023

7235 NE Pkwy | Suquamish

Gravesite Honoring of Chief Seattle: 7076 NE South St | Suquamish

chiefseattledays.org

Photo courtesy of chiefseattledays.org

 

CHOMP Local Food Festival

A King County celebration of all that is local, sustainable, fresh…and delicious. Spend the day at beautiful Willowmoor Farm in Marymoor Park and support area farms. Live music, local food vendors, all-ages activities, and zucchini races, too!

Saturday, August 19th, 2023 from 10am to 6pm

Marymoor Park, 6046 West Lake Sammamish Pkwy NE | Redmond

chomplocal.org

Photo courtesy of chomplocal.org

 

Evergreen State Fair

Held each year during the 11 days leading up to Labor Day (for the past 114 years!), this fair offers a little of everything—a fun carnival with rides/games, food, shopping, contests, live events, and more.

August 24th – September 4th, 2023

(Closed Wednesday, August 30th)

Get tickets here

14405 179th Ave SE | Monroe

evergreenfair.org

Photo courtesy of Evergreen State Fair

 

THING: Music, Arts & Other Things

The ultimate destination festival, this 3-day event takes place amongst scenic sound views at Port Townsend’s historic Fort Worden (it’s even got a lighthouse!). In addition to an epic music lineup, you’ll also find art installations, workshops, and activities for all ages.

Friday, August 25th – Sunday, August 27th, 2023

Get tickets here

200 Battery Way | Port Townsend

thingnw.org

Photo courtesy of THING

 


SEPTEMBER

 

Washington State (Puyallup) Fair

A September tradition, peeps all around the Sound flock to “Do the Puyallup.” You’ll find your favorite carnival rides, a concert series, rodeo, petting farm, and a plethora of exhibits & vendors.

September 1st – 24th, 2023

Get tickets here

110 9th Ave SW | Puyallup

thefair.com

Photo courtesy of thefair.com

 

Bumbershoot

Seattle’s biggest music festival and a 50-year tradition. This year you’ll find a great music lineup along with everything art, dance, performances, roller skating, and…a cat circus.

Saturday, September 2nd – Sunday, September 3rd, 2023

Get tickets here

Seattle Center, 305 Harrison St | Seattle

bumbershoot.com

Photo courtesy of seattlecenter.com

 

Mercer Island Art UnCorked

Discover Washington wine, beer & cider while you browse local artists at this outdoor event in Mercer Island’s Greta Hackett Outdoor Sculpture Gallery. Tasting garden, artist booths, live music, food trucks, and more.

Friday, September 8th, 2023 | 5-8 pm

Get tickets here

78th Ave SE & Sunset Hwy | Mercer Island

mercerislandartuncorked.com

 Photo courtesy of mi-reporter.com

 

Fremont Oktoberfest

Celebrate 100+ beers and ciders along with games, Texas Chainsaw Pumpkin Carving, and Dogtoberfest. Strictly 21+…unless you’re a dog.

Friday, September 22nd – Sunday, September 24th, 2023

Get tickets here

3503 Phinney Ave N | Seattle

fremontoktoberfest.com

Photo courtesy of fremontoktoberfest.com

 

 


 

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Real Estate February 1, 2023

Q4 2022 Western Washington Economic & Real Estate Update

The following analysis of select counties of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. I 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 me.

 

Regional Economic Overview

Although the job market in Western Washington continues to grow, the pace has started to slow. The region added over 91,000 new jobs during the past year, but the 12-month growth rate is now below 100,000, a level we have not seen since the start of the post-COVID job recovery. That said, all but three counties have recovered completely from their pandemic job losses and total regional employment is up more than 52,000 jobs. The regional unemployment rate in November was 3.8%, which was marginally above the 3.7% level of a year ago. Many business owners across the country are pondering whether we are likely to enter a recession this year. As a result, it’s very possible that they will start to slow their expansion in anticipation of an economic contraction.

Western Washington Home Sales

In the final quarter of 2022, 12,711 homes sold, representing a drop of 42% from the same period in 2021. Sales were 34.7% lower than in the third quarter of 2022.

Listing activity rose in every market year over year but fell more than 26% compared to the third quarter, which is expected given the time of year.

Home sales fell across the board relative to the fourth quarter of 2021 and the third quarter of 2022.

Pending sales (demand) outpaced listings (supply) by a factor of 1:2. This was down from 1:6 in the third quarter. That ratio has been trending lower for the past year, which suggests that buyers are being more cautious and may be waiting for mortgage rates to drop.

A bar graph showing the annual change in home sales for various counties in Western Washington from Q4 2021 to Q4 2022. All counties have a negative percentage year-over-year change. Here are the totals: Jefferson at -19.9%, Skagit at -27.7%, Mason -30.7%, Lewis -30.9%, Clallam -34.3%, Whatcom -36.3%, Kitsap -38.5%, Snohomish -40.3%, Island -42%, Grays Harbor -42.3%, King -43.1%, Thurston -45.8%, San Juan -46.8%, Pierce -46.9%.

Western Washington Home Prices

Sale prices fell an average of 2% compared to the same period the year prior and were 6.1% lower than in the third quarter of 2022. The average sale price was $702,653.

The median listing price in the fourth quarter of 2022 was 5% lower than in the third quarter. Only Skagit County experienced higher asking prices. Clearly, sellers are starting to be more realistic about the shift in the market.

Even though the region saw aggregate prices fall, prices rose in six counties year over year.

Much will be said about the drop in prices, but I am not overly concerned. Like most of the country, the Western Washington market went through a period of artificially low borrowing costs, which caused home values to soar. But now prices are trending back to more normalized levels, which I believe is a good thing.

A map showing the real estate home prices percentage changes for various counties in Western Washington. Different colors correspond to different tiers of percentage change. Grays Harbor and Whatcom Counties have a percentage change in the -6.5% to -3.6%+ range, Clallam, Jefferson, King, and Skagit counties are in the -3.5% to -0.6% change range, Snohomish and Pierce are in the -0.5% to 2.4% change range, Mason, Thurston, Island, and Lewis counties are in the 2.5% to 5.4% change range, and San Juan County is in the 5.5%+ change range.

A bar graph showing the annual change in home sale prices for various counties in Western Washington from Q4 2021 to Q4 2022. San Juan County tops the list at 6.9%, followed by Lewis at 4.8%, Thurston at 3.8%, Island at 3.7%, Mason at 3.5%, Snohomish at 0.8%, Pierce at -0.2%, Clallam at -1%, Skagit at -2.1%, Jefferson at -2.5%, King at -3.1%, Whatcom at -4.1%, Kitsap at -5.3%, and finally Grays Harbor at -6.5%.

Mortgage Rates

Rates rose dramatically in 2022, but I believe that they have now peaked. Mortgage rates are primarily based on the prices and yields of bonds, and while bonds take cues from several places, they are always impacted by inflation and the economy at large. If inflation continues to fall, as I expect it will, rates will continue to drop.

My current forecast is that mortgage rates will trend lower as we move through the year. While this may be good news for home buyers, rates will still be higher than they have become accustomed to. Even as the cost of borrowing falls, home prices in expensive markets such as Western Washington will probably fall a bit more to compensate for rates that will likely hold above 6% until early summer.

A bar graph showing the mortgage rates from Q4 2020 to the present, as well as Matthew Gardner's forecasted mortgage rates through Q4 2023. After the 6.79% figure in Q4 2022, he forecasts mortgage rates dipping to 6.27% in Q1 2023, 6.09% in Q2 2023, 5.76% in Q3 2023, and 5.42% in Q4 2023.

Western Washington Days on Market

It took an average of 41 days for homes to sell in the fourth quarter of 2022. This was 17 more days than in the same quarter of 2021, and 16 days more than in the third quarter of 2022.

King County was again the tightest market in Western Washington, with homes taking an average of 31 days to find a buyer.

All counties contained in this report saw the average time on market rise from the same period a year ago.

Year over year, the greatest increase in market time was Snohomish County, where it took an average of 23 more days to find a buyer. Compared to the third quarter of 2022, San Juan County saw average market time rise the most (from 34 to 74 days).

A bar graph showing the average days on market for homes in various counties in Western Washington for Q4 2022. King County has the lowest DOM at 31, followed by Kitsap at 45, Island and Snohomish at 35, Whatcom, Thurston, and Skagit at 36, Pierce at 37, Clallam at 38, Jefferson at 40, Mason at 43, Grays Harbor at 46, Lewis at 49, and San Juan at 74.

Conclusions

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

The regional economy is still growing, but it is showing signs of slowing. Although this is not an immediate concern, if employees start to worry about job security, they may decide to wait before making the decision to buy or sell a home. As we move through the spring I believe the market will be fairly soft, but I would caution buyers who think conditions are completely shifting in their direction. Due to the large number of homeowners who have a mortgage at 3% or lower, I simply don’t believe the market will become oversupplied with inventory, which will keep home values from dropping too significantly.

A speedometer graph indicating a balanced market, barely leaning toward a seller's market in Western Washington in Q4 2022.

Ultimately, however, the market will benefit buyers more than sellers, at least for the time being. As such, I have moved the needle as close to the balance line as we have seen in a very long time.

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

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.

 


This article originally appeared on the Windermere blog January 26th, 2023. Written by: Matthew Gardner.

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© Copyright 2023, Windermere Real Estate/Mercer Island.

 

Real Estate April 7, 2020

Economic Insights from Matthew Gardner

How will the coronavirus impact the housing market?

 

As we all hunker down through these challenging times, it is comforting to remember that there will be light at the end of the tunnel.

A voice of calm and reason in this time of uncertainty has been our Windermere Chief Economist, Matthew Gardner. While he is expecting an economic slowdown accompanied by a temporary 15-20% reduction in the number of homes sold, he believes the housing market will bounce back once we find our new normal.

Click here to watch his latest videos, or scroll down for some key takeaways…

 

 


 

The US economy will contract sharply but should perk up by Q4.

We’re in for a rough few quarters as the economy enters a recession. Just how rough—and how long—is still under debate. What economists do agree on is that the 4th quarter is looking remarkably positive…assuming we get through the COVID-19 crisis and the economy can resume somewhat normal activity before the fall.

 

 


Housing prices will likely remain stable.

Seattle home prices should remain steady—or even rise slowly as we come out of the recession—for a few reasons:

  1. DIVERSE INDUSTRIES IN OUR AREA which allow us to better weather the economic storm.
  2. SOLID FINANCIAL FOOTING as one third of local home owners have 50% or greater equity in their homes.
  3. STRONG DEMAND with more buyers than homes available, as well as rock-bottom interest rates.

 

 


This will be different than 2008…

We’re experiencing a health crisis, not a housing crisis.

  1. WE’LL SEE A PAUSE, NOT A COLLAPSE. Unlike last time, the housing market was strong going into this crisis and should rebound quickly. Why? Because this recession will be due to specific external factors rather than any fundamental problem with the housing market.
  2. FORECLOSURES WILL BE FEWER with most lenders offering relief to homeowners in distress due to temporary employment issues. Unlike 2008’s mortgage crisis caused by lax lending standards and low down payments, today’s home owners are better qualified and have more equity in their homes.

 

 


 

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