whidbey island housing

Whidbey Island Housing - Photo provided by Windermere Real Estate The real estate market on Whidbey Island may be cooling off, but there is still a market for high-end homes. This home in Coupeville sold for $1 million on August 1st.

Overall, the median price of homes sold in Island County fell slightly in July, the first steady increase in several years.

Whidbey Island Housing

Additionally, the number of active listings for homes and condos in Island County more than doubled in July compared to the same month in 2021, according to the Northwest Multiple Listing Service. In July 2022 there were 280 active listings compared to 132 in July last year.

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It's a trend real estate agents are seeing across the country. The July Multiple Listing Service report shows 2.01 months of systemwide inventory. Inventory in the 26 districts served by the service has not exceeded two months since January 2019 when there was a 2.3 month supply.

In Island County, the median cost in July 2022 was about $535,000, compared to $570,000 in July 2021, the Northwest Multiple Listing Service reports. That's a 6.15% decrease.

The county's median home price was dragged down in July by markets in Central Whidbey and Camano Island. Prices continued to rise, albeit slightly, on North and South Whidbey Island.

Kristen Stavros, branch manager for Windermere Real Estate's Oak Harbor and Coupeville offices, points out that Central Whidbey is a small market. Just 10 homes were sold in July, compared to 69 in Oak Harbor and 128 across the county.

Secluded Family Retreat Designed For Entertaining On Whidbey Island

Sales on Camano Island also contributed to the overall decline as 32 homes sold in July at an average price of $615,000, down $10,000 from July last year.

Stavros pointed out that these statistics only compare data from one month to the next and that he typically does not include datasets spanning less than three months.

"Vendors typically sell their homes in less than a week," Stavros said. "And now, practically overnight, we're talking to them about not worrying too much if it's sitting there for 30 days."

Louis Muniz, agent for Windermere in South Whidbey, said house sales in South and Central Whidbey took an average of 17 days, like the first week of August.

Top Things To Do On Washington's Whidbey Island

"Although the number of homes coming onto the market has increased, demand for homes is still high and the market remains competitive," Muniz wrote in an email.

Stavros said the homes aren't selling above the asking price and people are only competing with one or two other buyers, although it's still considered a seller's market.

For the first time in months, buyers can add home inspections and improvements as part of the purchase agreement.

Stavros said sellers should think carefully about their current listing prices. There are more options and room for negotiation for buyers.

Whidbey Island Farm Retreat / Mwworks

According to a press release from the Northwest Multiple Listing Service, Island County was the only two counties to report year-over-year declines in average prices. The other is Ferry County.

According to a press release, active listings for Washington state as a whole have nearly doubled from a year ago, rising from 7,948 listings for single-family homes and condos to 15,381. However, the number of closed sales has decreased. dropped from 10,919 to just under 7,645.

Photo provided by Windermere Real Estate 1587 NW 6th Ave in Oak Harbor sold on August 5 for $539,900. Choose from a variety of floor plans that encourage flexible living spaces tailored to your family's needs. Our neighborhoods range from historic homes to new construction. Perfect fit for you!

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Whidbey Island Farm Retreat By Mwworks

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