July 2024 Market Insights
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.
As the market experiences an influx of new listings and a resurgence of buyer interest, now is an opportune time to list your home. To make the most of this market, it's essential to hire a local Realtor® who has a deep understanding of current trends in your area. Proper pricing and ensuring your home is in market-ready condition are crucial steps to maximizing your home's value and attracting serious buyers. A knowledgeable agent can guide you through these processes, helping you achieve the best possible outcome in today's dynamic market.
Interest rates have experienced their steepest drop of 2024, leading to a noticeable uptick in foot traffic at our listings. This surge in buyer interest has also contributed to an increase in average sales prices. If you’re considering buying, now is an excellent time to act. Start by contacting your lender to assess your current buying power. Once you have that information, connect with a local Realtor® who can help you find your dream property while inventory levels are high. Taking these steps now can position you to take full advantage of the current market conditions.
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.
Jill Vail
REALTOR®
Owner, Designated Broker
Windermere Stanwood & Camano Island
jillvail@windermere.com
360-387-HOME
