April 2024: “Although home sales are at a 30-year low as buyers face higher borrowing costs and stubbornly low inventory, housing options on the market are beginning to increase.” according to Lawrence Yun, NAR’s chief economist.  That is clearly evident in our markets as inventories climb above 100 properties for the first time in months.  Camano Island’s available homes are up 75% from the same time last year.

As transactions increase year-over-year, this shows that buyers and sellers are beginning to adjust to the higher interest rates and market environments.  Consumers are recognizing that real estate is an appreciating asset that historically provides a good hedge against inflation.  The market is also beginning to pick up consistent with typical seasonal patterns.

New Listings: There were 69 new listings added to the Camano Island market in April 2024, up 69% from the same time last year.  Similarly, Stanwood added 37 new listings, up 28%.  This is the most added inventory that we have seen since last June 2023.

Pending Sales:  Our two markets have seen about a 23% increase in the number of homes that have found buyers for the month of April.  33 homes went pending on Camano Island, 31 in Stanwood.

Properties Sold:   Camano Island had 29 sold homes in April 2024, up 45% from last year.  Stanwood has a different story due to the new construction sales last year. This market saw 24 homes sold, as compared to 30 last year.

Sale Price: Camano Island’s average sales price for the past rolling 12 months has leveled out at about the same price as the same time last year, at $756,920.  It’s up only slightly from two years ago.  Stanwood’s rolling 12-month average price is up 5%.