How is the Market?

    How is the Market?

    Jan 04, 2019

    The question I hear most often as a Real Estate agent is, "How is the Market?" The answer is: There is still strong demand for homes, with sales continuing near historic levels!

    The chart here shows the number of single family homes sold on North Whidbey Island for each of the last 10 years. As you can see, the number of home sales in 2018 was close to the near-record levels set in 2017, and more than twice the level at the bottom of our housing market just 6 years earlier!

    Prices are up as well. This next chart shows the median single family home price has continued to rise, peaking at $325,000 for 2018. This is more than $100,000 above the median price at the bottom of the market in 2012, and reflects the high demand.

    With demand down slightly from 2017, the median sales price for 2018 has held fairly flat at around the $325,000 point. The chart below shows the median single family sale price for each month of 2018 - prices go up slightly during the summer months when demand is highest, but overall have remained fairly flat at around $325,000.

    Overall, it is still a great time to sell your house! If you are buying, there is some price stability that we haven't seen in the past 5 years or so, with the possibility that prices may decrease slightly if demand decreases further.

    If you are thinking of buying or selling a house this year, give me a call!