The latest update from Trendgraphix, shows the fewest homes available for sale since Dec 2005.
There were 257 homes available for sale at the end of 2012, a 26% drop from a year ago. During 2012, in Snohomish and King Counties, this situation has led to multiple offers and rising prices, indicative of a seller’s market. While Whidbey Island has not yet experienced this shift in the market, it appears that 2013 will most likely follow a similar path to King and Snohomish Counties. Record low interest rates, very affordable prices, and improving consumer confidence are leading factors that will bode well for the Whidbey Island housing market.
Since the downturn in the real estate market, the median sales price on Whidbey Island has dropped 29% from $281,000 during the third quarter of 2006, to $200,000 during the 1st quarter of 2012. However, as of the fourth quarter of 2012, the median price was $237,000, and is now down only 16% from the 2006 peak.
Given the market dynamics, 2013 appears to be a good year for sellers who need or want to sell their property.
You’ll find more listing and sales data in our Market Trends section.
If you or anyone you know may be interested in selling their home this year, please contact us for a free market analysis.