April 11, 2023
Market Insights: March 2023
by Jill Vail
March 2023 in Stanwood and Camano Island combined inventory has almost doubled from the same time last year, from 38 residential listings last March to 75 at the end of last month. We are still in a Sellers’ Market, with low inventory in both of our zip codes. But, at the same time, buyers have more options available to them than we have seen in previous months. Experts indicate that the current low inventory will not increase significantly in the short term due to two factors. Mortgage rates are a big disincentive to potential sellers who refinanced at low pandemic interest rates. Also, as prices start to adjust back towards a more normalized market, Sellers are still caught up in the increased equity that they could’ve seen at the peak of the market. Accurate pricing is more important than ever.
New Listings: There were 62 new listings added to our inventory last month, 28 in Stanwood and 34 on Camano Island. This is 34% fewer added to inventory than twelve months ago.
Pending Sales: Stanwood and Camano Island both retreated in pending sales over last year, with 49 Sellers accepting offers on their homes, compared to 74 last March (down 34%).
Properties Sold: Year-over-year closed sales declined 43% from 81 last year to 46 transactions sold in zip codes 98282 and 98292 in March. 29 sales on Camano and 17 sales in Stanwood.
Sale Price: Despite month-over-month declines, average sales prices for properties sold in Stanwood and Camano Island areas rose 8% from last year at the same time, from $539,002 to $578,350.
SELLERS – 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 up to almost 2 months on average. So, it is time to be a little more patient than in past months. However, if sellers are realistic in their expectations, home condition and pricing, we are still seeing multiple offers and shorter market times. Be sure to get a local agent with the expertise to maximize your listing.
BUYERS – Inventory is still low. So be prepared when that perfect home comes on the market. If it’s priced right, there may be multiple offers and you will be glad that you are ready to put your best foot forward. Indications are that we will see decreased interest rates over the next year. But keep in mind that as those rates decrease, the competition to purchase will go up. Buy that house now and refinance it later.
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.
We are all in, for you.