July 2023: Economists are predicting that mortgage interest rates will adjust down over the next couple of quarters. Predictions are that we will see rates fall below 6% in the 2nd quarter of 2024. When this happens, the housing market will be poised to grow again. The hope is that many of these buyers will have homes to sell, which would result in additional inventory.
In the Stanwood and Camano Island area markets, our active inventory is down from the past couple of months, with only 101 homes available in our combined market (47 in Stanwood and 54 on Camano Island) as of the end of July. That is down over 47% from a year ago when we had 149 active listings in our markets. At the same time, our pending listings continue to increase every month in 2023. The month of July saw 84 sellers find their buyer in our markets (39 in Stanwood and 45 on Camano Island), up almost 10% from the same time last year, when we had 77 pendings combined.
The average sales price continues to increase month over month since the beginning of 2023. Between our two zip codes, the average sales price is $701,364, up about 20% from where we started at the beginning of the year. That figure is down approximately 9% from July of last year.
New Listings: There were 75 new listings added to our combined market inventories last month, 40 in Stanwood and 35 on Camano Island, down almost 25% from last month.
Pending Sales: While new listings dropped month over month, the number of homes that went under contract in July increased by more than 25% compared to last month. We have 84 pending listings in our two zip codes, compared to only 67 in June. Year-over-year pending sales for July are slightly up from 77 last July 2022. This is the highest pending volume that our markets have seen in over a year.
Properties Sold: We had 62 sales closed in our market last month, compared to 77 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 continue to increase incrementally month over month in 2023. The average sales price is $671,166 in Stanwood and $738,033 on Camano Island.
This is still a sellers’ market, with limited inventory. Homes that come to market in their best condition and are priced competitively are selling quickly. Be sure to work with a local agent that knows our market and how to put you in the best position to sell your home for the best price.
With lower mortgage interest rates forecasted next year, the thought is that more buyers will be searching to buy a home. This will result in increased competition to purchase, and the indication is that prices will continue to rise. If that perfect home comes on the market now, this is the time to buy. You can refinance when rates come down.
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.