August 2024:  Mortgage rates have begun to moderate, dropping to 6.35% for 30-year terms at the end of August, down from this year’s high of 7.52% at the end of April. The market is shifting toward a more balanced market, with increased supply coming onto the market.

The number of homes actively for sale remains elevated compared to last year, growing by 23% for the tenth consecutive month, now at its highest level since May 2020. This gives buyers more options and could help stabilize prices.

New Listings:  There were 73 new listings added to our markets in the month of August (30 in Stanwood and 43 on Camano Island). This is nearly the same amount as last year at this time when we had 71 new listings in our markets.

Active Listings:  Our active listings are down 13% from last month, with a combined 144 homes available for sale at the end of the month. However, year over year, we are up 23% for August.

Pending Listings:   Homes that found their buyers and went Pending in August 2024 are remaining consistent at 57 for the month.

Sale Price: The average sales price continues to increase incrementally month over month. We are up 13% from last year, and prices are predicted to continue to increase as lower interest rates drive more demand.