Market Insights: February 2023

February 2023 in Stanwood and Camano Island showed upticks in new listings and pending sales compared to January. Based on the activity, it appears that a degree of balance is returning to the market.

New Listings: There were 66 new listings added to inventory last month, 38 in Stanwood and 28 on Camano Island. This is only 1% fewer than 12 months ago.

Pending Sales: Volume of pending sales increased 14%, from the year-ago total of 51 to 59.

Homes Sold: Year over year closed sales declined 22% from 47 to 37 transactions.

Sale Price: Average sale prices in Stanwood and Camano Island slipped 10% and 17% respectively from last February.

SELLERS – There will most likely be a shortage of inventory this spring, but the Buyers are out there! Multiple offers are being seen on the right properties despite the interest rates. Price is important. If you are thinking of listing your home, meet with your local agent to discuss market value and additional value they can bring.

BUYERS – Get pre-approved for a mortgage now. This will give you a better idea of your budget and price range to focus on. Be patient! The current market is still a bit competitive, so it may take some time to find the right home at the right price. Hire a local agent who knows this area and market well.

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.