November 2023 Market Insights
November 2023: The past weeks have seen gradual declines in interest rates. 30-year fixed mortgage rates have dropped over a point and a half over the past two months to just over 6.6% currently. Economists are predicting an additional drop in rates to 6% in the latter part of 2024. This has raised cautious optimism that this decrease will have a positive impact on the market in general, leading to increased buyer demand spurred by the increase of buying power of consumers searching for homes.
At the same time, we are seeing incremental average price increases. This is credited to the decline in seasonal inventory. The combined average sales price of our two markets has risen just over 3% over the past six months to $708,061.
New Listings: November saw a combined 53 new listings come to our markets, 26 in Stanwood and 27 on Camano Island. This is a 60% increase from the same time last year when we only had 33 new listings added to our inventory.
Pending Sales: There were 37 homes that went under contract in the month of November. This is the lowest since the beginning of the year. Generally, this can be attributed to seasonal slowing in the market. It is up 32% from the same time last year.
Properties Sold: We had 42 homes close and sell in the month of November, over 13% higher than last year when only 37 homes sold.
Sale Price: Average sales prices of properties sold in Stanwood and Camano Island have gone down since the same time last year by 5% and 6% respectively. But we are seeing incremental price increases month over month resulting in the average sales price of $676,866 in Stanwood and $753,937 on Camano Island.
Seize the current low seasonal inventories by listing your home now. Inventories are the lowest they have been in over six months in our markets. It is an opportune time to put your home on the market. However, success hinges on two key factors: pricing it right and presenting it in top condition. Be sure to consult your local agent to get more information on how to successfully sell your home in this market
Mortgage rates have dropped by one and a half points in the past two months. Now is the perfect time to connect with your lender and assess your buying power. If, as predicted, rates continue to decrease significantly in the new year, you might risk losing some buying power if prices increase due to heightened demand. Act now to make the most of the current favorable market conditions.
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.
Owner, Designated Broker
Windermere Stanwood & Camano Island