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.

Marla Heagle
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Windermere Real Estate Designated Broker | REALTOR®

Owner, Windermere Stanwood & Camano Island

marla@windermere.com

360-387-HOME

windermerestanwoodcamano.com

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Posted on October 15, 2020 at 9:34 am
Windermere Stanwood Camano | Posted in Buying, Market Insights, Selling, We Are Stanwood Camano |

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.

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Posted on September 16, 2020 at 11:37 am
Windermere Stanwood Camano | Posted in Buying, Market Insights, Selling, We Are Stanwood Camano |

Market Insights | July 2020

 

July 2020 Market Insights

Subscribe to Market Insights here!

 

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With buyers continuing to leave the city for a suburban/rural lifestyle, we are seeing record low inventory in Stanwood and Camano Island. Currently, in Stanwood, we have 129 pending sales and 47 active listings, creating an all-time high pending ratio of 274%. Camano isn’t far off with 72 pending sales and 46 active listings, creating a 157% pending ratio.
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We also measure months of inventory for both Stanwood and Camano. We have 27 days of inventory available, meaning if we stopped listing homes today, it would take 27 days to run out of inventory based on our current volume of closed sales. This has created what is called “activity intensity”, with the majority of homes selling within the first 30 days of hitting the market. If you are a buyer or seller, be ready to act quickly.
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As home buyers and sellers have adjusted to the restrictions put in place by the COVID-19 pandemic, Our team is here to help you. 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.
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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!

Posted on August 19, 2020 at 2:17 pm
Windermere Stanwood Camano | Posted in Buying, Market Insights, Selling, We Are Stanwood Camano |

Market Insights | June 2020

 

Subscribe to Market Insights here!

 

June 2020 Market Insights

 

If I could sum up the month of June in two words they would be Multiple Offers! While this isn’t the case in every listing, we are seeing a much higher percentage than recent history. This could be attributed to the low inventory and very high buyer demand.
Stanwood and Camano Island are so close in proximity, yet their market reports tell two different stories. Both Stanwood and Camano Island have very limited inventories, with less than 2 months each, Camano Island has 39% less in inventory than last year, yet the average sales price rose substantially by 14%. Average sales prices are going up for two reasons, we have sold more high-end homes this year than last, as well the demand for homes has increased. Stanwood has 26% less in inventory than last year, with the average sale price rising 12%.
As home buyers and sellers have adjusted to the restrictions put in place by the COVID-19 pandemic, I want to assure you that our team is here to help you. Just last month, we sold 53 homes! Now with Island County in phase 3, we’re excited to offer Open Houses in Camano Island. Snohomish County is currently in phase 2, and our Stanwood office is open by appointment only. 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.
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!

View Camano Island Report

View Stanwood Report

 


Posted on July 16, 2020 at 9:08 am
Windermere Stanwood Camano | Posted in Buying, Market Insights, Selling, We Are Stanwood Camano |

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

 

Despite the economic downturn stemming from COVID-19, key indicators suggest that the Stanwood market is turning in a positive direction. The volume of new listings rose 10 percent, pending sales jumped 71 percent, and the average sale prices increased 10 percent. Camano Island saw a 16 percent increase in the average sale price, but the year-over-year number of new listings fell 47 percent and pending sales dropped 25 percent. 

 

Both Stanwood and Camano Island have very limited inventories – less than 2 months each – and I expect there will be an increased demand in our area as people move away from the cities in the future. The accessibility, sense of community, and outdoor recreation will make Stanwood Camano a top choice for home buyers moving forward!

 

As home buyers and sellers adjust to the restrictions put in place by the COVID-19 pandemic, I want to assure you that our team is here to help you. Just last month, we sold 28 homes! Now with both Island and Snohomish counties in phase 2, we’re excited to welcome you back to our offices! 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.

 

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!

View Camano Island Report

View Stanwood Report

 


Posted on June 18, 2020 at 3:19 pm
Windermere Stanwood Camano | Posted in Buying, Market Insights, Selling, We Are Stanwood Camano |

Market Insights | April 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!

 

 


April 2020 Market Insights

 

As we continue to adapt to our new normal, I wanted to take this opportunity to share some of the trends we’re seeing in Stanwood and Camano Island real estate.

 

Let’s start with April’s stats! The local market took a hit but wasn’t knocked out – the number of new listings, pending sales, and closed sales decreased but prices increased an average of 17 percent. We also had higher rates of engagement on our virtual home tours, which shows that buyers, sellers, and Realtors® are adopting new tools to keep moving forward through COVID-19.

 

Looking ahead, some of the lasting effects of COVID-19 might include:

 

  • More businesses that choose to operate remotely, which could mean more people living in suburban areas like Stanwood and Camano Island rather than large cities
  • Streamlined real estate processes with the help of digital tools for contracts, notaries, and even home tours
  • A shift in what buyers are looking for, like more spacious homes or more outdoor living spaces

 

As always, we are here to help you navigate these changes and trends! 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, contact us! We look forward to continuing to serve you!

View Camano Island Report

View Stanwood Report

 


Posted on May 19, 2020 at 3:06 pm
Windermere Stanwood Camano | Posted in Buying, Market Insights, Selling, We Are Stanwood Camano |

Market Insights | March 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!

 


March 2020 Market Insights

 

The COVID-19 pandemic continues to shape our lives and our economy, but we will continue to work tirelessly to help our clients move their lives forward during these uncertain times. Our homes are more important than ever before – providing tangible value while the stock market fluctuates, and acting now as our shelters, schools, offices, gyms, and more as we all take steps to curb the spread of COVID-19.

 

A quick look at the numbers shows that market conditions still seemed to favor sellers in March, which is common this time of year with limited supply and high demand. Pending sales decreased as expected but average sales prices are up over last year in both Stanwood and Camano Island. We’re also adapting our business practices to keep our clients and our team members safe at this time. According to the Governor’s order, real estate brokers are able to take new listings and send contracts electronically, and arrange for appraisals and inspections to be conducted as needed. Realtors® are also allowed to show listings with strictly limited group sizes, and we’ll continue to implement best practices to keep all parties safe.

 

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, please contact us! We look forward to continuing to serve you!

View Market Insights

 


Posted on April 14, 2020 at 11:50 am
Windermere Stanwood Camano | Posted in Buying, Market Insights, Selling, We Are Stanwood Camano |

Vacation Home or Income-Producing Investment

 

This post originally appeared on Windermere.com

 

Whether you’re a skier who loves the mountain slopes of Colorado, a lover of the beaches of Southern California, or a potential retiree seeking to escape the snow-laden Northeast for the wide-open, sunny lands of Arizona, there are homes available to meet a wide range of budgets. The biggest decision a potential second homeowner must make is whether they are going to solely own their vacation home or turn it into a vacation rental. Here are the advantages and disadvantages to both options:

 

Investing in vacation rentals

  • Pros:
    • A good vacation rental property generally provides a healthy rental revenue which could potentially cover mortgage payments while also generating healthy additional profit.
    • Using an online short-term rental service like Airbnb makes it convenient to manage your rental property. Their website interface makes pricing, marketing, and communication with potential guests quite straightforward and easy. Airbnb will also oversee the billing process for you.
    • You may qualify for federal tax breaks and deductions related to your investment property. Everything from professional fees or commissions – including property management services- to cleaning and maintenance are potential tax write-offs.
  • Cons:
    • Vacation rentals can be costly to manage, both in terms of time and money. These properties may require seasonal upkeep and special maintenance considerations. You may even incur costs to maintain or monitor the property even when it’s not actively being utilized.
    • Vacation rental properties are particularly sensitive to seasonal fluctuations and economic downturns, which could leave you financially exposed if you suffer a lack of booking revenue.
    • Many states and cities are cracking down on short-term rental services. In California, for example, the fight has been primarily local, reaching a fever pitch in the San Francisco Bay Area. Increasingly state and local municipalities are seeking to reign in short-term vacation rentals, which could put a damper on potential revenue from these properties.
    • You may experience higher renovation and repair costs on a short-term rental. Most travelers expect the latest appliances and furnishings, so you will have to update every few years. Unfortunately, short-term renters are less likely to report any necessary repairs and guests are far less likely to treat the property with respect since there’s no sense of ownership or obligation.

 

Owning a vacation home

  • Pros:
    • Long-term profits: While assets fluctuate in value in the short term, vacation properties are more likely to retain their value and appreciate because they are located in popular areas with a geographically limited supply.
    • Familiarity: Returning to the same place time and after time can be comforting as you become familiar and comfortable with the location. It allows you the freedom to be yourself and the opportunity to expand long-term friendships with residents.
    • Convenience: The ability to conveniently store items that are used exclusively at the second home simplifies travel and packing.
    • Retirement head starts: Though we may love where we work and live, every place has its drawbacks. A common goal of retirement is to have a place to retreat for the times of the year we dislike the most at our main residence. Locating and buying a second home prior to retirement enables you to experience the benefits of a refuge before actual retirement, a time to correct and amend your plans if the reality is different than the dream.
  • Cons:
    • Initial purchase costs: Most people have higher expectations for a property that they intend to own, rather than to rent. These expectations can translate into high prices.
    • Home maintenance: As the homeowner, you are responsible for all home maintenance work.
    • Travel time: A second home will be located hours from your primary residence, requiring either long auto trips or airline flights.
    • Inflexibility: If you are paying a significant amount of money each month for a second home, you may feel that you need to constantly visit the property to justify your investment.

 


Posted on April 3, 2020 at 9:00 am
Windermere Stanwood Camano | Posted in Buying |

Market Insights | February 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!

 

 


February 2020 Market Insights

 

The spring is one of the busiest times in real estate; just last week we listed 7 new properties and had another 14 move to pending. In February, Stanwood and Camano Island were sellers’ markets with strong active-to-pending ratios, low average time on the market, and a higher average sale price than last year.

 

Typically, we look at past numbers to predict trends for upcoming months. However, we understand that this is a time of relative uncertainty as the situation with the COVID-19 pandemic continues to evolve. One resource we rely on to provide up-to-date market information and insight is Windermere’s Chief Economist, Matthew Gardener. Watch a short video below in which Matthew leverages his decades of expertise to predict how the housing market may briefly contract and soon recover from this global pandemic with lower interest rates and a limited supply of listings.

 

We will continue to monitor the situation and work tirelessly for our clients. In addition to frequent handwashing, thorough cleaning, and good hygienic habits in our offices, we will implement best practices to keep our clients healthy and safe as we continue to work with Buyers and Sellers.

 

Take a look at the full report for Stanwood and Camano Island and, if you have any questions, send me a note! We look forward to continuing to serve you!

 

Download Market Insights

 


Posted on March 14, 2020 at 8:38 am
Windermere Stanwood Camano | Posted in Buying, Market Insights, Selling, We Are Stanwood Camano |

Is it time to downsize?

Image Source: Shutterstock 

 

Choosing less space often has to do with a desire to live a life that’s simpler. Whether you’re retiring, want an eco-friendly, low-maintenance lifestyle or your children have moved away, downsizing might be the best option for you. Here are the advantages and disadvantages to consider before making the move and questions to begin asking yourself now.

 

Advantages

  • Increased cash flow.
    • Spend less on your mortgage payment and you are likely to have more money leftover for other needs or desires.
  • More time.
    • Cut down on time spent on household chores such as cleaning and vacuuming which will leave you with more hours in the day to do something more enjoyable.
  • Lower utility bills.
    • Costs less to heat and air condition a small home.
    • Less square footage decreases the amount of energy expended.
    • Reducing energy is better for the environment and it helps keep your home green.
  • Reduced consumption.
    • You would likely buy less since you won’t necessarily have the room for it.
  • Minimized stress.
    • Homeowners who have successfully downsized often feel happier because they are no longer overwhelmed by the demands of a larger home.
    • Less responsibility, less housework to do, increased cash flow and flexibility equals reduced stress.

 

Disadvantages

  • Fewer belongings.
    • Moving into a smaller space would mean you would need to give away or donate furniture, books, kitchen supplies, etc.
  • No room for guests.
    • Hosting holiday dinners might be out of the question for a smaller home.
  • Space restrictions.
    • Less space means you could feel cramped.
  • Lifestyle changes.
    • For long-term homeowners, downsizing means changing a lifestyle.

 

What to consider before downsizing

These questions are important to ask yourself because for some people, downsizing may not be the best option for them.

  1. Does size matter to me?
    1. Think about how much your identity is wrapped in your house.
    2. Is it important for you to have a guest room or a second bathroom?
  2. Will I miss some important things about a more spacious home?
    1. Will moving into a smaller home feel like a step backward?
  3. How will other life events affect my living in a smaller home?
    1. Consider possible scenarios you may not expect such as adult children moving back home or if you plan to add a child.

 

The Cost to You

  1. How much will it cost to replace the furniture?
    1. When you move into a smaller home this means you might have to downsize your furniture to make room.
  2. How much will it cost to get rid of the stuff I don’t need or won’t fit?
    1. It’s important to have a plan for how you’re going to sell or give away the things you don’t need.
    2. Consider things like family heirlooms. What are you going to do with all your antiques or treasures that your smaller home may not be able to accommodate?
  3. How much will I get when I sell my current home, and will it help cover the cost of buying my new home?

 

If you know downsizing is the right option for you, you’re probably asking yourself, “Should I sell first and then buy or buy first and then sell?”. When you’re ready to discuss your options, talk to an experienced Real Estate Agent. 

 

This post originally appeared on Windermere.com


Posted on February 21, 2020 at 2:36 pm
Windermere Stanwood Camano | Posted in Buying, Selling |