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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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.
Market Insights | July 2020
July 2020 Market Insights
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Market Insights | June 2020
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June 2020 Market Insights
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
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!
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!
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
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.
- Does size matter to me?
- Think about how much your identity is wrapped in your house.
- Is it important for you to have a guest room or a second bathroom?
- Will I miss some important things about a more spacious home?
- Will moving into a smaller home feel like a step backward?
- How will other life events affect my living in a smaller home?
- 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
- How much will it cost to replace the furniture?
- When you move into a smaller home this means you might have to downsize your furniture to make room.
- How much will it cost to get rid of the stuff I don’t need or won’t fit?
- It’s important to have a plan for how you’re going to sell or give away the things you don’t need.
- 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?
- 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
Market Insights | January 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!
January 2020 Market Insights
