Market Insights | August 2020

 

August 2020 Market Insights

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Our local real estate market is unique and we know that we can’t depend on Seattle real estate news to have a thorough understanding of what’s going on and what to expect here in Stanwood and Camano Island. That’s why I prepare a hyperlocal report every month. Take a look at the latest monthly insights for Stanwood and Camano Island.

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Our August report shows pending sales surged 36% on Camano Island and 78% in Stanwood from a year ago. With only 14% more listings added in the combined Stanwood/Camano Market, the high volume of new pending sales is outpacing new listings, leaving inventory at a 20-year low.

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As of last week, Camano Island and Stanwood had 91 active listings. 39 on Camano and 52 in Stanwood. This number is down 51% from last year when active listings totaled 178 in mid-September. This is causing the months of inventory to continue to shrink.

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What does this mean to Buyers? To be successful in purchasing a home in today’s climate, you must be willing to do some things that seem counterintuitive. Things like paying more than the house is worth, waiving home inspections, and agreeing to pay the difference in cash between a lower appraised value and the sales price.

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What does this mean to Sellers? With historically low-interest rates, very few homes for sale, and less than a month of inventory in both the Stanwood/Camano markets, we think that anytime in the next two months will be a great time for you to list and sell your home

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Take a look at the full report for Stanwood and Camano Island and, if you have any questions about the report or about buying or selling your home, send me a note! We look forward to continuing to serve you!

 

.Our team is here to help you. With the restrictions put in place by the COVID-19 pandemic, we’ll continue to implement best practices to keep you and our team members safe by wearing masks, practicing social distancing, and taking added precautions when showing or visiting homes.

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Posted on September 16, 2020 at 11:37 am
Windermere Stanwood Camano | Category: Buying, Market Insights, Selling, We Are Stanwood Camano

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