May 2023 in Stanwood and Camano Island, the current combined inventory is higher than it was at the same time last year, with a total of 105 active residential listings at the end of May 2023 as compared to 88 last May (a 19% year over year increase). Even with this, our markets still have tight inventory remaining firmly in a Sellers’ market with about 1.9 months’ supply of inventory. At the same time, we have seen decreases in new listings added to our markets, with 87 added in May 2023. That is 38% less than added last year at this time.
Buyers are still being selective in their purchases, with changes in lifestyle needs motivating the majority of moves. Our market prices peaked in April/May of 2022. And we saw a steady decline in average prices in the latter part of last year. In 2023, we are seeing a slow but steady recovery growth in sales prices, pending and closed sales.
New Listings: We saw 87 new listings added to our inventory last month, 45 on Camano Island and 42 in Stanwood. This is significantly less than the 120 added at the same time last year.
Pending Sales: Year-over-year Pending sales for May have dropped by 37%, from 89 last May 2022 to 65 last month. But, month to month, we are up over a 20% increase from last month when we saw only 54 listings go pending.
Properties Sold: We had 49 sales closed in our market last month, compared to 74 last year at the same time. We have seen that number consistently increasing month over month during 2023.
Sale Price: Average sales prices of properties sold in Stanwood and Camano Island have increased in the month of May. They are $637,492 in Stanwood and $724, 336 on Camano Island, up over 14% since the beginning of the year.
As inventory increases month to month, so does the competition for your home sale. Take advantage of pent-up buyer demand and a sellers’ market by getting your home on the market now. Remember that all we can control when selling a home is price and condition. It is still important to price your home appropriately and get it market ready so it will shine against its competition.
Based on our month to month increases, buyers waiting for prices to come down will be disappointed based on current trends. The time to buy is now before prices rise further. We have a higher inventory available for buyers to choose from than we have had in over two years. With over 100 homes available in our two combined zip codes, you are more likely to find the perfect home for you.
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.