May 12, 2023
Market Insights: April 2023
by Jill Vail
April 2023 in Stanwood and Camano Island, the current combined inventory was slightly higher than the same time last year, with a total of 80 active residential listings at the end of April 2023 as compared to 75 last April. Despite this comparatively small increase in total active listings, our market activity for April shows year-over-year drops in new listings, pending, and closed sales. We have also seen a drop in average sales prices from last year of roughly 13%. Experts say that our market is moving in a positive direction, especially in the more affordable homes. If a home is priced aggressively, some are motivating multiple offers. A typical balanced market is 4-6 months of inventory. Currently, we have 2.4 months on Camano Island and 1.2 in Stanwood, tipping the scale well into a sellers’ market, given our lack of inventory. Matthew Gardner, Windermere’s Chief Economist said that he expects that in the latter half of the year, several factors, including interest rates moving below 6%, will “move the needle closer towards a balanced market, but one that ever so slightly favors sellers.”
New Listings: We saw 64 new listings added to our inventory last month, 36 on Camano Island and 28 in Stanwood. This is significantly less than the 109 added at the same time last year.
Pending Sales: Year-over-year Pending sales for April have dropped by 20%, from 65 last April 2022 to 54 last month. That is almost a 12% increase from March when we saw only 49 listings go pending.
Properties Sold: We had a quieter 1st quarter due to interest rate volatility, resulting in less homes sold in April 2023 than the previous year. We had 48 sales closed in our market last month, compared to 83 last year at the same time.
Sale Price: Average sales prices of properties sold in Stanwood and Camano Island have decreased 12% and 15% respectively from the same time last year. However, in March and April, we are moving we saw the average sales price move in a positive direction up 5% to $606,247 in the Stanwood market and up 6% to $717,150 on Camano Island.
SELLERS – there are still a healthy number of buyers absorbing what is being listed. The key is to not compare what we are experiencing today to the unusual pandemic-fueled market of the last couple of years. That market was atypical, created by exceptional circumstances. Currently, we are moving progressing at a much slower pace now to correct for the aggressive market during the pandemic. We are moving in a positive direction, and it’s a great time to sell with low inventories.
BUYERS – as we come into the spring selling market, there is traditionally an increase in homes listed for sale. Be ready, in case that perfect home shows up for you. We are still seeing a competitive environment for buyers, so be sure to have yourself aligned with a local agent and skilled lender. If you find yourself in a multiple-offer situation, you want to be sure that you come out on top.
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.