State's Residential Real Estate Market Predicted to Remain Strong in 2000

“A dynamic regional economy has helped push sales of residential real estate in Washington to a record high, and the market will continue to be strong in 2000, according to Windermere Real Estate Services Company’s Outlook on Residential Real Estate. While the number of sales held steady compared to 1998, increasing home prices pushed the dollar volume to a record level, according to Windermere. The outlook includes information collected through the end of 1999 from local office owners in Washington, Oregon and Idaho.Despite rising interest rates, the real estate company stated its belief that the residential real estate market will continue to be strong in the Northwest.In 1999 we saw an increase in dollar volume, due to escalating prices, while in most markets the number of sales remained steady compared to 1998, said Geoff Wood, president of Windermere. We saw appreciation in some markets in the double digits.The economy today, with its strong growth and low inflation, resembles the economy of the 1950s, said John Tuccillo, a housing market expert and former chief economist for the National Association of REALTORS. Tuccillo was keynote speaker at the presentation of the second annual outlook in Seattle last week. All the factors that are causing the great prosperity that we’re enjoying now are likely to remain in place and point toward a continued strong economy.The outlook covered 22 market segments in the three states with information included from the company’s 5,000 agents.”