February 2024:  Our Stanwood and Camano Island markets have remained slow over the past few months, which aligns with the typical seasonal patterns following the holiday season and winter weather. Interest rates continue to hover around 7%, which slows sellers’ willingness to give up their low mortgage rates and reduces buyers’ purchasing power.

We continue to maintain approximately 100% of List Price vs Sales Price ratios in both markets. At the same time, it is taking a little longer to sell your home now, with an average of about 55 days on the market for sold homes, which is consistent with the same time last year. Seasonally, we anticipate a significant decline by mid-spring when we see more buyers in the market.

New Listings: The number of new listings and inventory is slowly increasing from previous months, showing signs of incremental recovery. We saw 31 new listings in Stanwood and 23 on Camano Island, for a total of 54 listings added to our inventory, which is up by 64% from last month.

Pending Sales:  The number of homes that went under contract in February was the highest that we have seen since last summer. There were 40 homes pended in Stanwood, but only 15 on Camano Island. Cumulatively, this represents an increase of almost 45% from January.

Properties Sold:  In February, there were 27 homes sold in Stanwood and 14 on Camano Island, up slightly from the same time last year when there were only 37 homes sold in total.

Sale Price: The average sales prices of properties sold in Stanwood and Camano Island continue to increase incrementally month over month, yet they remain slightly lower than the same time as last year. For the rolling 12 months, the average sale price in Stanwood is $685,147 (3% lower than last year at the same time). On Camano Island, the average sale price is $751,590 over the past 12 months, down 4% from 2023.