January stats, provided by the NWMLS, show Skagit county continuing the trend of increasing prices and lower inventory. Market pundits are claiming sales will slow because of the tight supply, but we are not seeing any signs of that yet. Buyers are clamoring for newly listed properties, with multiple offers and many homes selling within the first 30 days on market.
For Sale Inventory: Down 14% from last year
Units SOLD: Up 5%
Units PENDING: Down 4%
Average SOLD Price: Up 7%
Months of Inventory: 2.5, down from 2.8
Days on Market: 101 vs 91
Summary: (NWMLS) Depleted inventory is contributing to overwhelming traffic at open houses, shifts and strategies for both buyers and sellers and escalating prices. Inventory shortage took a toll on last month’s sales and is down area-wide by 31%. Pending sales dropped 5.3% making it the first negative change since April 2014. However, prices jumped 7.6% for single family homes. This is a great time to sell, but homeowners are hesitant to put their home on the market for fear there will be no place to move.