Market Insights: December 2022

The 2022 real estate market in Stanwood and Camano Island “ended with a whimper rather than a bang”, stated Matthew Gardner, Chief Economist at Windermere Real Estate. “Overall, the housing market is going to continue falling off the ‘sugar high’ that was a function of the artificially low mortgage rates during the pandemic,” he added.

New Listings: Camano Island had only 6 new listings hit the market in December, a 65% decrease from last year. Stanwood experienced a 17% decline in new listings from last December with 20 new listings compared to 24 last year. However, on December 31, our inventory count was up 222% over this same time last year, with 90 active listings in our two zip codes.

Pending Sales: Stanwood and Camano Island both saw fewer pending sales compared to last year, with 28 Sellers accepting offers on their homes, compared to 54 last December (down 59%).

Homes Sold: There were 27 homes sold in zip codes 98282 and 98292 in December. 8 sales on Camano and 19 sales in Stanwood. This is a 74% year-over-year decrease. Despite the fewer sales, the average YTD sale price still rose by 22%.

SELLERS – We believe there will be an uptick of new listings heading into spring and that the majority of them will be going under contract within 30 days. The home price increases have hit the maximum – if you are ready to sell, remember that overpricing can be dangerous, especially with increased competition.

BUYERS – Many buyers became less active in the market over the past few months as interest rates increased. Those buyers are still in the market and are reassessing their criteria. Sellers are becoming more competitive, so be ready to buy when you find your dream home.

At Windermere, our responsiveness to the local market, dedication to the community, and commitment to our trade is why we help our clients buy and sell more real estate in Stanwood and Camano Island than any other company.

We are all in, for you.