May 2024: The recent increase in listings, the highest in over 1.5 years, is a positive sign for the real estate market, particularly during the spring selling season. This influx has pushed active inventory into the triple digits. Additionally, the market has seen the most sold listings since last August, further indicating that market activity is picking up and heating up.

Higher interest rates and increased equity in buyers' homes have led to a rise in the number of cash buyers. Despite this trend, about 66% of transactions still involve financing. This suggests that while cash purchases are becoming more common, a significant majority of buyers continue to rely on financing for their home purchases.

New Listings: In our combined markets, the number of listings added has increased by 12% since last month, rising from 98 to 110, which is up by 26% from the same time last year. There were 48 new listings in Stanwood and 62 on Camano Island.

Active Listings:  Last year at this time our cumulative inventory was 105 (38 in Stanwood, 67 on Camano). At the end of May 2024, we have 105 active listings on Camano Island and 49 in Stanwood, for a total of 154 listings in our two zip codes.

Properties Sold:   As a result of the increased inventory, the number of homes sold in the month of May is up 35% from last year. A total of 66 homes found buyers in our two markets last month.

Sale Price: The average sales price is roughly $780,000 in both Stanwood and Camano Island for the month of May, up 14% from the same time last year.