Market Insights: November 2022

November 2022 in Stanwood and Camano Island was kicked off with an early seasonal holiday slowdown. This seasonal pause, combined with local weather, interest rates, economic news, and a volatile stock and crypto market made it easier for buyers and sellers to place large decisions on hold.

New Listings: Camano Island had only 18 new listings hit the market in November, a 45% decrease from last year. Stanwood experienced a 32% decline in new listings from last November with 30 new listings compared to 44 last year. However, on November 30, our inventory count was up 186% over this same time last year, with 111 active listings in our two zip codes.

Pending Sales: Stanwood and Camano Island both saw fewer pending sales compared to last year, with 32 Sellers accepting offers on their homes, compared to 78 last November (down 59%).

Homes Sold: There were 36 homes sold in zip codes 98282 and 98292 in November. 20 sales on Camano and 16 sales in Stanwood. This is a 53% year-over-year decrease. Despite the fewer sales, the average sale price still rose by 13%.

SELLERS – You will most likely need to compete with other sellers to gain buyer’s attention. Today’s offers may include terms such as an inspection, requests for repairs, seller paid closing costs, interest rate buy downs, etc. It is technically still a seller’s market, but the market is normalizing.

BUYERS – December is usually a slower time of year with fewer listings added to the market. The good news is that interest rates are lower than they were a month ago! Talk with your lender about financing options specifically tailored to today’s buyer.