Market Insights | September 2022

Sales volume has dipped a little in our area, which is common for this time of year, but the average sales price is continuing to hold steady.

New Listings: Camano Island had 49 new listings hit the market in September, a 17% increase over last year. Stanwood experienced a 45% decline in inventory from last September with 27 new listings compared to 49 last September. However, on September 30, our inventory count was up 122% over this same time last year, with 149 active listings in our two zip codes.

Pending Sales: Stanwood and Camano Island both saw fewer pending sales compared to last year, with 52 Sellers accepting offers on their homes, compared to 96 last September (down 46%).

Homes Sold: There were 60 homes sold in zip codes 98282 and 98292 in September. 25 sales on Camano and 35 sales in Stanwood. This is a 51% year-over-year decrease. Despite the fewer sales, the average sale price still rose.

SELLERS – We are in a new market, and it is time to be more realistic with your pricing. Be ready for offers to include terms such as interest rate buy downs or other credits to Buyer. It is technically still a Seller’s Market, but it is more favorable to Buyer’s than it has been in many years.

BUYERS – Do not give up! Inventory levels are more than double this time last year. If you have been searching for a while, the current interest rates may be tripping you up a bit. Don’t count on rates returning to those pandemic lows. Get creative with financing and price. Homeownership is a good hedge against inflation.