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The Q3 2020 | Western Washington Gardner Report
The following analysis of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact me.
REGIONAL ECONOMIC OVERVIEW
Employment numbers in Western Washington continue to improve following the massive decline caused by COVID-19. For perspective, the area shed more than 373,000 jobs between February and April. However, the recovery has been fairly robust: almost 210,000 of those jobs have returned. Unemployment levels remain elevated; the current rate is 8.2%. That said, it is down from 16.6% in April. The rate, of course, varies across Western Washington counties, with a current low of 7.2% in King County and a high of 11.2% in Grays Harbor County. The economy is healing, but the pace of improvement has slowed somewhat, which is to be expected. That said, I anticipate that jobs
will continue to return as long as we do not see another spike in new infections[…]
Market Insights | September 2020
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SEPTEMBER 2020 remained a strong Seller’s market with record low inventory in the Stanwood and Camano Island markets.
- Camano Island inventory is down 46% from this time last year, Stanwood is down 40%
- Homes Sold YTD on Camano Island is down 13%, but up 8% in Stanwood
- Average Sales Price is up in both markets. 16% on Camano Island and 9% in Stanwood year over year
We are continuing to see urban flight – families, professionals, and retirees leaving the more populated areas and heading this way. The median sale price in King County is $698,230, but it is $510,000 on Camano Island and $480,000 in Stanwood. This affordability factor bodes well for first time home buyers and those wanting to upsize or downsize.
There have been 31 sales YTD in the “luxury” market based on selling prices of $1 million and above. A year ago, there were 20 sales in this category.
At Windermere we are all in, for you. Our attention to the local market, dedication to the community, and commitment to our clients is why we sell more real estate in Stanwood and Camano Island than any other company.
Windermere Real Estate Designated Broker | REALTOR®
Owner, Windermere Stanwood & Camano Island
360-387-HOME
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Public Boat Launches on Camano Island
With over fifty miles of Washington’s pristine Pacific Coast beachfront at our doorstep, there’s no better place than Camano Island to find peace and relaxation on the water. Whether your passion is boating, crabbing, saltwater fishing, sailboarding, or watching the breathtaking sunrise over the Cascades, here are all the public boat launches available on “The Easy Island.”
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Maple Grove Park
684 Maple Grove Road
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The Maple Grove Park boat launch offers beach access and views of Whidbey Island, Skagit Bay, and the Cascades, with parking for a small handful of cars and trailers. Providing a single lane concrete slab, this launch is usable at a lower tide. This access has very close neighbors, please respect private property.
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From Terry’s Corner, following North Camano Drive 4 miles, and take a lazy right turn on Maple Grove Road. The County park and launch is ½ mile further down the road.
* This is a boat launch fee site, purchase your daily or annual boat launch passes for Maple Grove Park HERE
Cavalero Beach
1013 Simonsen Pl.
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The Cavalero Beach boat launch is located in a lovely park on the eastern side of Camano, with picnic facilities and views of the mountains. It’s close to neighbors, so be mindful of noise when launching or enjoying the park. Please respect private property.
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From Terry’s Corner, follow East Camano Drive for 5.5 miles. Turn East on Cavalero Road, and follow the signs to the county park.
*This is a boat launch fee site, purchase your daily or annual boat launch passes for Cavalero Beach HERE
Utsalady Point
Boat Ramp: 2998 Utsalady Pt. Rd
Vista: 398 Shore Dr.
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This small but tranquil park looks across the water to the mountains, offering beautiful views. From Utsalady Vista, continue a short way to the end of the beach road to reach the boat launch ramp. The park includes a garden and picnicking area. Note: parking is quite limited, please respect private property.
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From Terry’s Corner, follow North Camano Drive for 3 miles. Turn north on Utsalady Point Road to a large brown Historical sign. Parking on the left of the sign.
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*This is a boat launch fee site, purchase your daily or annual boat launch passes for Utsalady Point HERE
Camano Island State Park
2269 Lowell Point Rd
Hours: 6:30 AM – Dusk (Summer), 8 AM – dusk (Winter)
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This 134-acre park provides camping, exploring, and gorgeous views of Washington’s natural treasures like Puget Sound and the Cascades. From morning to night there are numerous ways to enjoy some R & R, such as hiking, bird watching, and beach wandering before returning to your car or one of five rustic rental cabins.
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Take your boat out from the Camano Island boat launch for a day of crabbing, diving, or saltwater fishing in Saratoga Passage. The state park’s launch, unlike other launches on the island, has a double dock.
*This park is equipped with automated pay stations for visitors to purchase a one-day or annual Discover Pass and boat launch permit.
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Daily and Annual Passes
Launching a boat at Camano Island state park requires either an annual launch permit or a daily launch permit plus a Discover Pass (annual or one-day). The boat launch fee at this park is $7/day for both residents and non-residents.
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At the Cavalero, Maple Grove, and Utsalady launches, you can purchase an annual or daily pass through the Island County permit system. The annual pass is $30 for residents and $90 for non-residents, good from July 1 through June 30; the daily pass is $5/day for residents and $15/day for non-residents.
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Interested in more of Camano Island? Come visit and check out all the activities it has to offer…you might love it here so much you decide to stay!
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To get a great start to your Camano Island adventure, download a map of beautiful Camano Island HERE
Market Insights | August 2020
August 2020 Market Insights
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Our local real estate market is unique and we know that we can’t depend on Seattle real estate news to have a thorough understanding of what’s going on and what to expect here in Stanwood and Camano Island. That’s why I prepare a hyperlocal report every month. Take a look at the latest monthly insights for Stanwood and Camano Island.
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Our August report shows pending sales surged 36% on Camano Island and 78% in Stanwood from a year ago. With only 14% more listings added in the combined Stanwood/Camano Market, the high volume of new pending sales is outpacing new listings, leaving inventory at a 20-year low.
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As of last week, Camano Island and Stanwood had 91 active listings. 39 on Camano and 52 in Stanwood. This number is down 51% from last year when active listings totaled 178 in mid-September. This is causing the months of inventory to continue to shrink.
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What does this mean to Buyers? To be successful in purchasing a home in today’s climate, you must be willing to do some things that seem counterintuitive. Things like paying more than the house is worth, waiving home inspections, and agreeing to pay the difference in cash between a lower appraised value and the sales price.
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What does this mean to Sellers? With historically low-interest rates, very few homes for sale, and less than a month of inventory in both the Stanwood/Camano markets, we think that anytime in the next two months will be a great time for you to list and sell your home
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Take a look at the full report for Stanwood and Camano Island and, if you have any questions about the report or about buying or selling your home, send me a note! We look forward to continuing to serve you!
.Our team is here to help you. With the restrictions put in place by the COVID-19 pandemic, we’ll continue to implement best practices to keep you and our team members safe by wearing masks, practicing social distancing, and taking added precautions when showing or visiting homes.
Top 5 Short-Term Rentals on Camano Island
It goes without saying that the COVID-19 pandemic has changed a lot about day-to-day living, working, learning, and travel. With strict travel advisories and airports largely being seen as a risk, many are looking for local escapes that offer a change of scenery and minimize travel risks.
Camano Island is an ideal escape for Seattle and Bellevue residents looking for peaceful relaxation, outdoor activities, and magnificent beaches. On your doorstep is the chance to visit one of several county and state parks, go whale watching, or rent a kayak and explore the water on your own terms. Camano is located just one hour north of Seattle with no ferry line!
Camano is also quickly becoming an option for working families with a myriad of remote working opportunities and easy travel options into the cities. The COVID-19 pandemic has also inspired an urban flight, and anyone thinking of buying a home on Camano may want to try a short-term stay in one of the amazingly diverse options found on AirBnB or VRBO.
Below are some of the top short-term rental properties to cater for your every need. Find one that fits your interest, or come back to try a few!
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Farm with enchanting views
This is located on 100 acres of private farm and forest land with sweeping views of Port Susan and Mt. Rainier. The newly renovated 3600 sq. foot house spaciously accommodates up to 10 people and is set in a quiet location just 5 minutes from Stanwood. For active leisure, there is a basketball hoop, a ping pong table, private forest walking trail, and best of all views of the adorable alpacas. After a rejuvenating night’s sleep, you can wake up to the chattering of the bald eagle and the hum of the alpaca.
In the heart of lovely Skagit Bay
This is a space you won’t want to leave. The Carriage House is perched on high bank waterfront delivering panoramic ocean views and gorgeous sunsets. Located on a quiet North Camano Island lane, the Carriage House comfortably sleeps 9 people between 3 bedrooms. Privacy and a recent renovation complete the experience. Get cozy on the couch, open a bottle of wine or cook a meal in the kitchen. Bliss.
Beach bungalow on Sundin Beach
Great for small families and friends getaways, this 2-bedroom, 1-bath beach bungalow is a charming introduction to the peaceful beauty of northern Washington. Stunning sunsets and easy access await you on sandy Sundin Beach. The surrounding community on Camano Island is friendly and quiet, and the pace of life is just right for vacation. The historic village of Stanwood is 5 miles away.
Oceanfront Craftsman With Private Pool
This craftsman home sleeps six people and features an extremely comfortable living and kitchen. Outside you can enjoy the heated swimming pool, an outdoor shower and spacious lawn. The beach lies within an easy walk of the house.
This charming 1914 farmhouse has been beautifully updated for you to enjoy. With two bedrooms and two bathrooms, this house comfortably accommodates five guests. Relax on the front porch or take a walk down one of Camano Island’s most historic streets and watch the sunset across Utsalady Bay.
No matter if it’s just for the weekend, or for a lifetime, a visit to Camano will change your perspective. Come explore and find your perfect get-away …or home!!
Marla Heagle lives and works on Camano Island as the owner/broker of Windermere Real Estate Camano Island & Stanwood
All in, for Stanwood & Camano Island. All in, for you.
All in, for you.™
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Our homes are more important than ever before – providing tangible value while the stock market fluctuates, and acting as our shelters, schools, offices, gyms, and more as we all take steps to curb the spread of COVID-19.
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While we practice social distancing, we’ve also found creative ways to stay connected to our team! At Windermere, we’re proud to support our agents not only by equipping them with the tools to be successful but also by nurturing a positive team culture.
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All in, for you.™
Market Insights | July 2020
July 2020 Market Insights
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Market Insights | June 2020
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June 2020 Market Insights
Bidding wars becoming more common as demand outpaces supply in local real estate market
By Evan Caldwell | June 23, 2020
Home sales have remained surprisingly steady since the start of the coronavirus pandemic, but new listings have not.
Fewer homes than ever are for sale in the Stanwood-Camano area, further pinching a market that already had historically low inventory, according to new data from the Northwest Multiple Listing Service.
“Inventory is shockingly low,” said Marla Heagle, an owner of Windermere Stanwood Camano. “When people face uncertainty, like this pandemic, they tend to freeze their plans to put their home on the market.”
There were just 48 homes for sale on Camano Island in May — down 47% from a year ago. Meanwhile, Stanwood’s 98292 Zipcode had 74 homes for sale, a drop of 14% from a year ago. Five years ago, there were a combined 353 homes for sale in the area.
“We’re hoping to see more new construction,” said Renae Kettler, owner of two local RE/MAX offices. “New construction is what will help with inventory, and we know that more is on the way in Stanwood.”
Meanwhile, the high demand and low supply have pushed prices higher than ever. In Stanwood and Camano, May’s median home price reached about $515,000, up from about $430,000 a year prior in both locations. There were 87 homes sold in the area last month, down from 108 a year ago but up 28 from April 2020.
The steady demand — particularly in the $300,000 to $600,000 range — is leading to an increasing number of sellers seeing multiple offers the day a home hits the market.
“Homes here have been selling quickly for several years, but seeing multiple offers and some bidding wars is something new,” Kettler said.
Heagle said it still depends on the house.
“Not every home in that price range is getting multiple offers, but it’s getting more common,” she said.
Looking back at the combined housing inventory in the Stanwood and Camano Island Zip codes during the month of May for the past eight years.
The abundance of caution surrounding the COVID-19 pandemic also has affected the real estate market. Gov. Jay Inslee’s stay-at-home order allowed real estate to continue in a limited fashion. In-person meetings with customers were prohibited except to sign a document or view a property. Property viewings were limited to two people at once, with social distancing, and on-site open houses were not permitted.
Realtors said some sellers opted to not put their homes on the market because they did not feel comfortable opening their houses up to people, even on a limited basis, due to health concerns.
Agents quickly embraced new rules when showing homes, such as requiring masks, social distancing, and disinfecting between visits. The efforts, they said, have been increasingly making buyers and sellers more comfortable.
Under Inslee’s phased reopening plan, more real estate activities will be allowed during Phase 2 and even more under Phases 3 and 4.
Construction was affected by the pandemic, as well. Builders largely went silent during March and April before being allowed to restart existing construction projects with COVID-19 safety precautions. Additional construction was allowed during Phase 2, according to Inslee’s plan.
Across most of Washington, brokers added a total of 9,871 new listings to the MLS database during May, which compares to 14,689 for the same period a year ago. At month’s end, the selection included 10,357 active listings; that volume was 5,766 fewer than the total of 16,133 a year ago.
“The constraint on available inventory makes it feel like we’re running out of homes to sell,” J. Lennox Scott, chairman, and CEO of John L. Scott Real Estate said in a news release. Buyers are “eagerly waiting for each home to come on the market with an increased focus on homes in the more affordable and mid-price ranges.”
Kettler and Heagle said in addition to the area’s traditional house hunters — such as new young families and out-of-state retirees — they’re seeing more people from Seattle.
“We’re seeing a lot more 206 area codes call us,” Heagle said. “I think the fact that more people can now work from home, they’re choosing to get out of the city and come here.”
Contact reporter Evan Caldwell at ecaldwell@scnews.com and follow him on Twitter @Evan_SCN for updates throughout the week and on Instagram @evancaldwell.scn for more photos.
Market Insights | May 2020
Our local real estate market is unique and we know that we can’t depend on Seattle real estate news to have a thorough understanding of what’s going on and what to expect here. That’s why Marla Heagle, owner and REALTOR®, prepares a hyperlocal report every month. This in-depth look at the Stanwood and Camano Island market includes key statistics, like listings sold by price point or the number of days on the market, and empowers our agents and our clients with the most up-to-date and relevant information.
Subscribe to Market Insights here!
May 2020 Market Insights
