Skagit home sales price jumps 11.3% for 2020 1Q
The median sales price of a Skagit County home rose 11.3% to $389,000 in the first quarter of 2020, but the economic impact of the coronavirus pandemic on the local housing market remains to be seen, according to Shelah Inman of Brown McMillen Real Estate.
“The month of March showed a slight improvement with 179 units sold in 2020 compared to 164 units in 2019,” Inman said. “The coronavirus hasn’t delayed scheduled closings but will affect home sales 1-3 months. However, we continue to see new listings coming on the market and pending quickly.”
Inman prepared a quarterly report based on data from the Northwest Washington Multiple Listing Service.
Gov. Jay Inslee’s stay-at-home order was announced March 23, forcing non-essential businesses to close within 48 hours and resulting in high job losses. It’s too early to know how the order, extended by Inslee through May 4, will affect home buyers and sellers, but Inman is optimistic.
“Title companies are closing sales and the county Auditor’s Office is recording sales,” Inman said. “Agents are becoming creative with increased video tours and virtual meetings, taking advantage of all the technology that we have available. Some buyers who have lost out on previous multiple offers may now find their home without a competing offer and rates remain historically low.”
The Anacortes market started 2020 strongly with its median sales price rising 10.5% to a county-leading $500,000. Sedro-Woolley experienced the highest percentage gain in the county with its median sales price increasing 16.5% in the first quarter to $310,500.
The number of Skagit County homes sold in the first quarter rose 1.2% to 339, led by Mount Vernon with 130 sales.
The median sales price, average sales price, number of units sold and average days on the market (DOM) before a sale for the county and individual communities for the first quarter of 2020, with percentage comparisons to the first quarter of 2019, follow.
Skagit County – Median price, $389,000, up 11.3%; average price, $438,239, up 9.6%; units sold, 339, up 1.2%; DOM, 68, down 2.9%.
Anacortes – Median price, $500,000, up 10.5%; average price, $573,608, up 3.1%; units sold, 75, up 23.0%; DOM, 63, down 30.0%.
Burlington – Median price, $362,500, down 0.4%; average price, $419,262, up 6.7%; units sold, 50, down 10.7%; DOM, 51, down 12.1%.
La Conner – Median price, $325,000, down 27.0%; average price, $423,320, up 2.4%; units sold, 28, up 86.7%; DOM, 113, up 94.8%.
Mount Vernon – Median price, $399,000, up 8.3%; average price, $423,897, up 10.7%; units sold, 130, up 4.8%; DOM, 61, unchanged.
Sedro-Woolley – Median price, $310,500, up 16.5%; average price, $324,886, up 6.5%; units sold, 36, down 35.7%; DOM, 48, down 31.4%.