In Skagit County and Anacortes in particular, to examine real estate sales, we have to look at where buyers are coming from…and that’s down south, from Snohomish and King counties. Both of these areas have strong job markets and what is turning into an extreme shortage of supply, both new construction and resale properties.
Recent data from the NWMLS shows inventory levels down 31% in the past year, and median prices shooting up between 10 and 20 percent. According to John L Scott stats, in King and Snohomish counties, 70% of all listings are selling in the first 30 days on market.
Nationwide, the same trend is being seen, though at a less hectic pace. “Even with slightly cooling demand, the unshakeable trend of inadequate supply in relation to the overall pool of prospective buyers inflicted upward pressure on home prices,” said Lawrence Yun, NAR chief economist in a recent report here.
Buyers are turning to the relatively affordable markets outside these areas. Skagit County’s largest employer is Boeing in Everett, and Anacortes is becoming a small software and technology alternative.
This is an extreme seller’s market. Sellers are responding by pushing home prices up even further, to see what the market will bear. Other sellers are hesitant about putting their home on the market for fear they won’t be able to find another home without chasing prices.
With the strong job market in Seattle, low interest rates and the added rush of buyers escaping congestion, sellers need guidance on the quickly fluctuating pricing for their home and buyers need to be well prepared and knowledgeable about the local market. John L Scott can help you prepare. Contact one of our specialists today.