September 2023: Home values are still holding strong with Average Sales prices at over $700,000 for our two zip codes. Additional home price gains are more challenging in the short term due to continued mortgage rate increases that limit prospective buyers' purchasing power. The result is a continued decline in transaction volume in our current market. Some of this is also attributable to a typical market slowdown in the fall and winter months. But it is magnified by rate increases and inflation.
There is strong evidence and optimism that this will change in the first half of 2024. Pent-up demand, low inventories, and indications of interest rate adjustments will have sellers thinking positively about their options by next year.
New Listings: The number of new listings coming on the market is down month-over-month slightly with only 69 homes coming on for sale in our combined markets, compared to 71 last month. There were 35 in Stanwood and 34 on Camano Island.
Pending Sales: The number of homes going under contract in September continues to decline to the lowest level since January of this year. Our two zip codes saw 45 homes find their prospective buyers this past month. This is a factor of low inventories and high-interest rates.
Properties Sold: We had only 50 homes close in the month of September. That is down 20% from the same time last year.
Sale Price: Average sales prices of properties sold in Stanwood and Camano Island continue to hold above $700,000 cumulatively. They are $674,624 in Stanwood and $752,699 on Camano Island.
We are still seeing multiple offers and short selling times if a house is presented on the market appropriately. With low inventory, the competition is limited. The average sales price is holding strong. So, this is still a great time to sell your home.
There are still homes coming onto the market. If you find the house you want, don’t be afraid to look into creative financing options like rate buy-downs, seller paid closing costs, or new home builder incentives to get into your home today.
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.