Market Trends from Around the Sound: Q1-2023
If you’ve seen the headlines, you already know—inflation and rising interest rates cooled the market in the latter half of 2022. That slow pace carried into the first quarter of the year, and while the headlines might suggest the housing market has been in a slump, many areas have simply not seen the rocketing (and in many cases, unsustainable,) growth that marked the pandemic-era housing boom. As a result, the median sold price for single-family homes stayed relatively flat year-over-year. Many experts have suggested that Q1 saw the bottom of housing prices, however, if you’re working with a Realogics Sotheby’s International Realty global real estate advisor, their expertise in selling and buying will assure you the best results possible in today’s market.
Camano Island | Single-Family Homes
It’s no surprise that our region’s real estate market experienced a significant change between the first quarter of this year and the first quarter of last year. Like many other areas, Camano Island saw inventory sitting on the market for a longer period than we have the past two years, averaging 55 days. But with 1.7 months of inventory, it’s still a seller’s market, just a more balanced one than we saw in Q1-2022. Buyers will have the advantage of choosing from more inventory and prices that are slightly down year over year at a median sales price of $600,000.
South Whidbey Island | Single-Family Homes
South Whidbey Island saw a big jump in inventory in the first quarter of the year, as homes stayed on the market longer and didn’t sell at the rate that we saw during the hot market of Q1-2022. However, price growth in South Whidbey Island remained steady, with a 3.85% increase in the median sales price and an average price per square foot similar to this time last year. Sellers can still attain a great price on their listing, and buyers can take more time to make their important decision than they were able to during the high-pressure bidding wars of Q1-2022.
Anacortes | Single-Family Homes
The median sales price in Anacortes hasn’t changed much between Q1-2022 and Q1-2023, with just a 1.31% increase. However, the average price per square foot was up 11.39%, showing more growth than many other markets in the Puget Sound region. 52 homes sold, a slight year-over-year decrease from 59. Many people have put their real estate searches on hold recently, but the spring selling season is an encouraging place to start back up again, and sellers can expect to see more buyers looking for their ideal summer home on the water as we head closer to sunnier months.
To learn more about market trends around the sound and specifically up north, please connect with us.