July 2024:  The continued incremental decline in interest rates and increase in available listings for sale have continued to fuel market activity. Economists are indicating a further decline in interest rates driven by the Federal Reserve in September and into 2025, which could further stimulate the market.

The market did experience a typical seasonal slowdown in early July, but activity is already rebounding as buyers are motivated to find homes. This combination of factors suggests a potentially strong market in the coming months, as lower interest rates make mortgages more affordable, and an increased supply of homes gives buyers more options to choose from.

New Listings:  The listings added in our two markets have decreased in numbers from their typical seasonal spring highs. July saw a total of 80 new listings. As is historically the case, this was the lowest number of additions since February.

Active Listings: The listings available for purchase have remained consistent with last month. There were 58 homes in Stanwood and 106 available in the Camano Island market. This is over 60% higher than our cumulative markets saw at the same time last year.

Pending Listings:   Despite lower rates from a year ago, homes that found their buyers and went Pending in July 2024 are down 47% from where they were at the same time in 2023.

Sale Price: The average sales price has increased significantly from last year, up just under 15% year over year for July. The average sales price is $843,996 on Camano Island and $768,245 for Stanwood.