Whidbey Island Real Estate Market Shows Increasing Stability

For the first four months of 2010, the number of homes placed under contract (pending sales) was 51.7% more than the same period in 2009. The number of sold homes was 36% higher than the previous year, with the median sales price down 6% from $268,000 in 2009 to $252,000.  The median sales price has fallen 10% from April 2008 – April 2010.

 

Homes sold for an average of 89 – 92% of original listing price, and were on the market for an average of 185-200 days before being placed in a purchase contract.

The number of homes available for sale, at the end of April, was 9.8% higher than the previous year, but given the current rate of pending sales, the present supply represents around 8.2 months of inventory. Historically, an inventory of around 6 months indicates a balanced market.

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