The Gardner Report logo

Q1 2023  |  Western Washington

Home Listings, Prices and Mortgage Rates are on the Rise

The pace of employment growth in Western Washington continues to slow. The region added only 90,340 new jobs over the past 12 months. That said, the annual pace of employment growth was a respectable 3.6%. Three counties have not recovered completely from their pandemic job losses: Whatcom, Skagit, and Snohomish. However they are short by just under 10,000 jobs, which should be recovered by this fall. Regionally, the unemployment rate in February was 4.1%, which was marginally above the 3.8% level of a year ago. The employment outlook has improved modestly, with the likelihood of a recession in 2023 down to about 50%. That said, I expect the pace of job growth to continue to slow as businesses remain concerned about a contraction in consumer spending, as well as facing tighter credit conditions following recent bank failures.


Inside the report, you'll find forecasts based on the latest real estate data, including...
Home sales icon

Regional home sales

Analysis of closed transactions by area.
Home price icon

Average home price

Price trends in your area and elsewhere.
Home price icon

Days on market

A meaningful barometer of housing market intensity.
Matthew Gardner
Meet Matthew Gardner
As Chief Economist for Windermere Real Estate, Matthew is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Inside his regional report, you'll find forecasts with indicators to determine whether it is a buyer's or seller's market.