Skagit County home sales plunge in 1Q, but not prices
The rise in mortgage rates over the past year significantly affected how many Skagit County homes were sold in the first quarter compared to a year ago, but not their sale prices.
Only 269 Skagit homes were sold in the first three months of this year, a 28.8% drop from last year’s first quarter, according to managing broker Shelah Inman of Brown McMillen Real Estate in Burlington. Inman prepared a report based on data from the Northwest Multiple Listing Service.
However, the median price of Skagit County homes that did sell was $513,340, a dip of only 3.8% from a year ago. The highest median price in the county continues to be found in Anacortes, where it rose 1.3% to $775,000.
“The market needs time to adapt to higher interest rates but we’re not anticipating prices to fall dramatically,” Inman said. “Inventory is still very low and Skagit County has very desirable places to live and raise families.”
“Another contributing factor to home prices not dropping much are the loan products that are available. Buyers can obtain buy-downs for their mortgage rates and often contributions for that come from the seller.”
The other notable takeaway from Inman’s report was the average time homes were on the market before being sold, which soared 126.9% countywide to 59 days. The highest average time on the market in Skagit County was 79 days in La Conner.
“We’re at the very early stages of higher interest rates,” Inman said. “Sellers will become more patient with selling their homes. Unless your house is in a core neighborhood or is priced competitively with the intent to sell quickly, it is becoming more and more realistic that your house will require two months or more to sell.”
The median sales price, average sales price, number of units sold and average days on the market (DOM) before a sale for Skagit County and individual communities for the first quarter of 2023, with percentage comparisons to the first quarter of 2022, follow.
Skagit County – Median price, $513,340, down 3.8%; average price, $595,675, up 1.0%; units sold, 269, down 28.8%; DOM, 59, up 126.9%.
Anacortes – Median price, $775,000, up 1.3%; average price, $885,247, up 10.4%; units sold, 51, down 13.6%; DOM, 50, up 72.4%.
Burlington – Median price, $525,000, up 0.2%; average price, $569,370, up 1.0%; units sold, 47, up 11.9%; DOM, 64, up 178.3%.
La Conner – Median price, $457,500, down 11.2%; average price, $521,536, down 14.0%; units sold, 14, down 12.5%; DOM, 79, up 163.3%.
Mount Vernon – Median price, $499,950, down 6.6%; average price, $565,109, down 4.3%; units sold, 82, down 33.3%; DOM, 53, up 179.0%.
Sedro-Woolley – Median price, $463,700, down 11.2%; average price, $485,447, down 12.4%; units sold, 56, down 40.4%; DOM, 65, up 150.0%.
MEDIA NOTE: If using this information, please attribute it to Shelah Inman of Brown McMillen Real Estate.