June 2023: the Stanwood and Camano Island area markets have seen our highest volume of closed sales last month (61 homes) in over nine months when we saw 81 homes sold in August 2022. The result, our current active listings are down 17% for the same time period as last year, with 127 homes available in our markets (72 on Camano Island and 55 in Stanwood). Despite the one-year decline, this is the highest inventory that we have seen this year. We are over 20% higher than the 105 active listings we saw at the end of May.
In comparison, the number of homes for sale in the Stanwood and Camano Island area combined in June is down over 30% from the same month in 2019 (pre-pandemic). According to Matthew Gardner, Windermere’s Chief Economist, “I believe much of the reason for this is that almost 33% of in-state homeowners have mortgage rates at or below 3%, and 87% of owners have rates below 5%. There is little incentive to list your home for sale if you do not have to:
New Listings: We saw 98 new listings added to our inventory last month, 53 on Camano Island and 45 in Stanwood. Down a little less than 25% compared to the 130 added at the same time last year. In 2023, this is the highest number of new listings added in a month.
Pending Sales: Year-over-year Pending sales for June are slightly up, from 61 last June 2022 to 67 last month. This is the highest pending volume that our markets have seen since July of 2022 when we had 83 properties under contract.
Properties Sold: We had 61 sales close in our market last month, compared to 94 last year at the same time. During 2023 we have seen that number consistently increasing month over month.
Sale Price: Average sales prices of properties sold in Stanwood and Camano Island have increased month over month in 2023. In Stanwood, the average sales price is $659,222 and the average sales price on Camano is $725,412.
We are still seeing a lot of buyer activity, with active open houses and showings. If a home is priced appropriately and presented in the best condition, we are still experiencing multiple offers and short market times.
With over 125 homes available in our combined zip codes, now is a great time to look for your perfect home. Be ready because market times are shortening for new listings that are priced right. Be sure to align yourself with a good lender and a local agent. If your home comes on the market, be ready to make a strong and competitive offer
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.