Market Insights | July 2021

JULY 2021 showed signs of relief for Buyers in the Stanwood/Camano Island market, but this may be short lived. Inventory increased as 128 residential listings were added in zip codes 98282 and 98292 in July. This is 28% more listings than were added in July of 2020, but slightly less than last month.

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Prices continue to climb. 115 residential homes sold during the month of July with an average sale price of $683,434, at an average of 5% over listing price. Year to date average sale price in Stanwood has increased to $610,971 and $712,298 on Camano, both historic highs.

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Although our market is still extremely strong, July Pending sales dipped slightly from June to 106. The number of listings added surpassed the number of homes that went under contract in July. This is providing some relief for Buyers as there are not as many offers to compete with as there were earlier this year.

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However, the overall market has not deviated much. Month’s supply of inventory (time it would take to sell all homes in inventory) is just slightly over 2 weeks. With low inventory, high buyer demand and low interest rates, the signs are there that the Seller’s market will continue into 2022.

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SELLERS – Overpricing in this market is still a mistake. Don’t fall victim to the anecdotal information and hype. Remember, you can’t underprice a home in this market, but you can still overprice a property. The market will find you and drive up your price to the appropriate market value.

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BUYERS – You are most likely to find more homes on the market now than in the fall. August is historically the last month of the year with elevated levels of new listings before they slow down in the fall and winter.

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At Windermere, our responsiveness to the local market, dedication to the community, and commitment to our trade is why we help our clients sell more real estate in Stanwood and Camano Island than any other company.

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We are all in, for you.

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