October 2022 in Stanwood and Camano Island saw buyers being able to take more time to purchase a home with less competition and time pressures than we saw just months ago. We are seeing a return to creative financing methods as tools to combat higher interest rates and bring homes to more affordable mortgage payments for buyers. Sellers are focusing on price and condition to put their home on the top of potential buyers lists in a cooling market.
New Listings: Camano Island had 32 new listings hit the market in October, a 20% decrease over the same time last year. Stanwood experienced a 38% decline in new inventory with 29 new listings compared to 47 last October. However, on October 30th our total inventory count was up over 2 ½ times where we were this same time last year, with 140 active listings in our two zip codes.
Pending Sales: Stanwood and Camano Island both retreated in pending sales over last year, with 36 Sellers accepting offers on their homes, compared to 84 last October (down 57%).
Homes Sold: There were 55 homes sold in zip codes 98282 and 98292 in October. 38 sales on Camano and 17 sales in Stanwood. This is a 41% decrease over last year. Despite the fewer sales, the average sale price still rose over the past 12 months giving homeowners a good boost in their equity investment.
SELLERS – Despite cooling demand, it is still a sellers’ market, with demand exceeding supply. It is still a good time to list your home with less competition than we historically see in the spring coming onto the market. Market times are still below three weeks on average. However, sellers need to be realistic in their expectations and be prepared to deal with the traditional contingencies as inspections and financing come back as normal. Be sure to get a local agent with the expertise to maximize your listing.
BUYERS – This is a great time to look for a home with decreased competition and less frantic purchasing experiences. You can take the time to find the home that fits your needs and purchase with confidence. Despite higher interest rates, we are seeing creative financing options like rate buy downs with buyers planning to refinance when rates come down. Be sure to work with a local agent and be ready when your perfect home is listed.
At Windermere, our responsiveness to the local market, dedication to the community, and commitment to our trade is why we help our clients buy and sell more real estate in Stanwood and Camano Island than any other company.
Stanwood Market Insights
Camano Island Market Insights
Windermere Real Estate Designated Broker | REALTOR®
Owner, Windermere Stanwood & Camano Island