If you’ve been scrolling through national news feeds lately, you might be feeling a little uneasy about the housing market. Sensational headlines about “crashing prices” or “frozen markets” are designed to get clicks, but they often miss the mark when it comes to what is actually happening in our local neighborhoods.
Real estate is hyper-local. What happens in Phoenix or Austin doesn’t necessarily reflect what is happening in Langley, Coupeville, or Oak Harbor.
If you are a Whidbey Island homeowner wondering what your home is really worth in today’s market, here is the local reality based on our latest market trends.
While some headlines suggest buyers are disappearing, our local data tells a different story. According to our office’s latest trend graphics for November 2025, Pending Sales are up a massive 28% compared to this time last year.
This is a critical indicator. It means that despite interest rate fluctuations, buyers are actively writing offers and getting under contract. We also saw a 7.6% increase in closed sales year-over-year. The demand for island life remains robust.
You might see that the number of homes for sale is up by roughly 27% compared to last year. While a spike in inventory can sound alarming, in our case, it represents a return to a more balanced, “neutral” market.
For years, we suffered from a chronic lack of inventory that made it frustrating for buyers. Now, buyers have more choices, which is why we are seeing that jump in pending sales. The market isn’t stalling; it’s functioning.
The story of 2025 hasn’t been one-sided. For much of the year—especially in South Whidbey—buyers enjoyed significant leverage. We saw frequent price reductions and successful negotiations in the buyer’s favor, particularly for homes that needed work or were priced aggressively.
However, the market is shifting again. In the fourth quarter, as the number of new listings has seasonally dipped, leverage has begun to swing back slightly toward sellers. High-quality inventory is scarce.
The Takeaway? It is a bifurcated market. Move-in ready homes and properties with views are still selling quickly and for top dollar. Meanwhile, properties that require updates may still see longer market times. Correct pricing is more critical now than ever.
Don’t let national fear-mongering derail your plans. The data shows that the Whidbey Island market is active, balanced, and resilient.
If you are thinking of selling, you don’t need to panic—you just need a strategy. Connect with us to help you navigate this shifting market with confidence.
Curious about your specific home’s value? Ignore the algorithms and get a real analysis. Request a custom home valuation from a local expert today.
Written by Si Fisher
If you have plans to sell your home in 2026, you might think you have plenty of time. But as any Whidbey Island local knows, “island time” doesn’t apply when you’re prepping a property for the spring market! The most successful sellers don’t wait until the “For Sale” sign goes up to start getting ready; they begin months in advance.
Whether you are in Clinton, Langley, Freeland, Greenbank, Coupeville, or Oak Harbor, getting a head start now can make your transaction smoother and potentially more profitable. Here is your checklist for getting your Whidbey home market-ready for 2026.
Real estate on Whidbey Island is unique—from understanding ferry traffic impacts to navigating septic inspections and critical area designations. Before you lift a paintbrush, it pays to consult with a professional who knows these local nuances.
A Windermere Whidbey agent can provide a Comparative Market Analysis (CMA) to help you understand your home’s current value. They will also guide you on which improvements will offer the best return on investment (ROI) in our specific market.
We all have that list of small repairs we’ve been putting off. In a competitive market, buyers notice the details. Leaky faucets, scuffed baseboards, or a loose deck railing can signal to buyers that the home hasn’t been maintained.
On Whidbey, securing contractors can sometimes take longer than on the mainland due to high demand. Starting your repairs now ensures you aren’t scrambling to find a handyman a week before listing.
When buyers walk into your home, they need to envision their life there, not yours. This is especially true for our vacation home market, where buyers are often looking for a serene retreat.
Start packing away personal items, family photos, and excess furniture. This not only makes your rooms look larger but also gives you a head start on your own move.
Pro-Tip: If you have a view of the water or mountains, ensure your furniture arrangement highlights it! View properties are a premium here; don’t block the money shot with a bulky sofa.
Selling a home involves more than just collecting a check. From excise taxes to potential staging costs, it’s vital to have a clear financial picture before you list. Knowing your net proceeds helps you budget effectively for your next move, whether you’re staying on the island or heading off-island.
2026 will be here before we know it. By starting your preparations now, you can enter the spring market with confidence.
Ready to get started? We are here to help you every step of the way. Connect with a Windermere Whidbey agent today to build your custom selling plan.
Written by Si Fisher
Your Mid-Year Market Report: July 2025
Welcome to your comprehensive guide to the Whidbey Island real estate market for mid-2025. Serving South Whidbey (Langley, Clinton, Freeland), Central Whidbey (Coupeville, Greenbank), and North Whidbey (Oak Harbor), we bring you the latest insights into homes for sale, market trends, and expert analysis. After a dynamic start to the year, the Whidbey Island housing market is showing clear signs of a transition. A surge in available homes is creating new situations for both buyers and sellers. Here's what you need to know to navigate this evolving landscape.
299
+38.4%
Currently 299 homes for sale as of July 20, 2025. This represents a 38.4% increase compared to the same period in July 2024 (216 homes) and a 16.3% increase from the previous month-to-date (257 homes). The number of homes for sale has nearly doubled since January 2025 (142 homes).
55
+66.7%
The average Cumulative Days on Market (CDOM) is 55 days as of July 20, 2025. This is a significant 66.7% increase compared to July 2024 (33 days) and a 48.6% increase from the previous month-to-date (37 days), indicating homes are taking longer to sell.
3.7
+27.9%
Months of Inventory (based on closed sales) stands at 3.7 months as of July 20, 2025. This is a 27.9% increase compared to July 2024 YTD (2.9 months) and a 22.4% increase from the previous month-to-date (3.3 months), showing a continued shift towards a more balanced market.
Whidbey Island seller expectations remain high, with average asking prices climbing throughout the year. However, actual sold prices have recently dipped, showing that Whidbey Island buyers are becoming more price-sensitive. This growing gap is a key indicator of a cooling market, emphasizing the importance of realistic pricing for Whidbey Island homes.
Whether you're searching for a cozy beachfront cottage, a sprawling rural estate, or a vibrant community home, Whidbey Island offers diverse real estate options. Browse our extensive listings and find the perfect property to fit your lifestyle.
Discover stunning Whidbey Island waterfront homes and properties with breathtaking Puget Sound views. View Waterfront Listings
Explore family-friendly neighborhoods and properties in Oak Harbor, the largest city on Whidbey Island. Find Homes in Oak Harbor
From the artistic community of Langley to the serene landscapes of Freeland and Clinton, find your perfect South Whidbey home. Search South Whidbey Homes
The number of homes for sale has been climbing steadily all year, nearly doubling since January. This is the most significant factor changing the market, giving Whidbey Island buyers more options and reducing the intense competition seen in previous years. This trend creates a more favorable environment for finding your ideal Whidbey Island property.
Beyond the market numbers, Whidbey Island offers an unparalleled lifestyle. From the stunning natural beauty of its beaches and forests to its vibrant local communities, art scenes, and farm-to-table dining, Whidbey Island provides a unique blend of tranquility and activity. Whether you're drawn to the charming towns of Langley and Coupeville, the military presence in Oak Harbor, or the peaceful rural settings of Freeland and Greenbank, there's a perfect spot for everyone. Learn more about Life on Whidbey Island.
Navigating the Whidbey Island real estate market requires local expertise. Our team of dedicated local experts at Windermere Whidbey is here to provide personalized guidance, detailed market insights, and strategic support for your buying or selling journey. Let's discuss your goals and how we can achieve them in this evolving market.
This report provides a Local Look at the June 2025 Northwest MLS data, with a keen eye on how it impacts the Whidbey Island real estate market. There have been interesting shifts, and this analysis aims to offer a straightforward perspective, blending broader market insights with our hyper-local reality. The primary focus for tracking market supply and demand includes closed and pending sales, reflecting demand, and new and active listings, indicating supply.
Following a dip in closed sales in May, which was attributed to fallout from stock market fluctuations and economic turmoil in April, the housing market has shown a rebound. June’s residential closed sales across the Northwest MLS were almost precisely at their year-ago level. Pending sales for single-family homes experienced a 3% year-over-year increase. On the supply side, new listings increased by approximately 12% this June, and the total of active listings at month-end was 37% higher than June 2024’s inventory. While this represents a significant increase in inventory, the pace of year-over-year growth has slightly decelerated from the 39% observed last month.
The median sale price for closed single-family home sales climbed 3% from last year, reaching $695,000. This reverses the 1% decline seen in May and establishes a new high-water mark for the year, exceeding the $680,000 price level in April. This indicates that buyers across Washington re-engaged with the market in June, driving both increased sales and higher prices. However, the current high level of inventory suggests that buyers will likely gain more negotiating power later this summer.
Let's narrow our focus to our beloved Whidbey Island. While the broader Western Washington market provides context, a more precise understanding comes from examining our local communities. When it comes to Whidbey Island homes for sale, we track distinct trends, particularly in areas like Coupeville, Oak Harbor, Langley, Freeland, Clinton, and Greenbank.
Residential closed sales in the four-county greater Seattle area saw a slight dip of just half a percent year-over-year. This was largely due to a 3% gain in King County offsetting minor declines in other counties. King County's recovery is particularly notable after its significant 14% year-over-year decline in May, suggesting that some buyers re-entered the market after an earlier pause.
On Whidbey Island, the latest data provides further insight into sales activity:
This demonstrates a clear divergence in sales volume across the island, with the northern part experiencing robust growth while the southern/central areas show a slight contraction. Understanding these hyper-local nuances is crucial, highlighting the benefit of partnering with a Whidbey Island Specialist.
While Snohomish County experienced a 2% decrease in median sale price, King County led with a 7% gain, surpassing the million-dollar mark once again. Kitsap and Pierce counties also saw price increases of 4% and 5%, respectively.
For Whidbey Island, median sales prices continue to show strength:
These figures underscore the continued vitality of the Whidbey Island real estate market, reflecting consistent buyer demand.
Looking ahead, pending sales across the greater Seattle region returned to modest year-over-year increases, totaling 3%. This was led by an 11% rise in Pierce County and a 4% rise in King County, though partially offset by declines of 4% in Kitsap and 5% in Snohomish County.
For Whidbey Island, weekly reports indicate:
This mixed activity in pending sales suggests that while demand is present, buyers are becoming more discerning, a trend that active listings will further emphasize.
On the supply side, the four-county greater Seattle area had nearly 9,000 active listings at the end of June, representing a 40% increase from the same time last year. While substantial, this gain is a smaller percentage than the 45% year-on-year growth observed in May, indicating a deceleration in the inventory buildup.
Here on Whidbey Island, inventory levels reveal an interesting narrative:
This increasing inventory is favorable for buyers, offering more choices and potentially greater negotiating power as the summer progresses. For sellers, it underscores the importance of a well-presented and effectively priced property from the outset. Explore available homes through our Our Active Listings page.
The June report confirmed that greater-Seattle-region buyers re-engaged with the market in June, marking a return to a "new normal" in sales activity after a pause in April. As the seasonal cooldown in demand is anticipated, coinciding with the peak of summer, the market dynamic is likely to favor buyers who continue their home search in the second half of the year. Furthermore, increased inventory is expected to introduce some competitive pressure on sellers who have yet to receive offers.
For those considering a move to our beautiful island, exploring our Explore Whidbey Island guides can provide invaluable insights into communities like Coupeville, Oak Harbor, Langley, Freeland, and Greenbank.
Statistics only tell part of the story. The true value lies in understanding how these numbers apply to your specific real estate goals on Whidbey Island. Whether buying a piece of island paradise or selling a current home, partnering with a local expert is essential. Windermere brokers on Whidbey Island possess an intimate knowledge of its diverse neighborhoods, unique features, and evolving market dynamics. The focus extends beyond mere transactions to fostering connections and building community—a reflection of the "Human Algorithm" philosophy in action.
Don’t just navigate the Whidbey Island real estate market; master it. We are here to provide the insights, strategies, and local connections that make all the difference. Ready to make a move? Connect with us today.
Hi, I'm your friendly Whidbey Island real estate specialist. In the world of real estate, having a savvy local expert by your side is like having a lighthouse in a storm—especially now. While economists paint broad strokes about the Western Washington housing market, what's truly happening on our beautiful island? Let's dive into the latest data and translate what it means for you.
The recent chatter across the real estate world, sparked by Windermere's Chief Economist Jeff Tucker's latest analysis, has been about a market in flux. A pullback in April's pending sales, influenced by stock market jitters and political announcements, led to fewer closed sales in May across the Northwest MLS. But as the stock market found its footing, the housing market is also showing signs of a comeback.
But the big question is: How does the wider regional story translate to the unique Whidbey Island real estate market? Let's look at the key metrics for our local communities.
Across the entire Northwest MLS, closed single-family home sales saw a 3% dip in May compared to last year, a direct echo of April's uncertainty. Pending sales, a more current indicator of buyer demand, flattened out year-over-year after a 4% drop in April, suggesting a rebound.
Here on Whidbey, however, we're marching to the beat of our own drum. While the region is seeing a slight cooling, the island's market is showing resilience. Thinking of buying or selling on the island? Understanding these nuances is key. Partnering with a Whidbey Island Specialist ensures you're not just getting general data, but actionable, hyper-local insights.
On the supply side, the story for Western Washington is one of significant growth. New listings jumped by 13% across the NWMLS, and active listings ended May a whopping 39% higher than in 2024. This is great news for buyers, who now have the most options they've seen in years.
This trend holds true for the Whidbey Island real estate market. This expanding inventory offers a golden opportunity for buyers to find their perfect island retreat without the intense competition of recent years. For sellers, it means that strategic pricing and presentation, guided by a local expert, are more important than ever.
Regionally, the median price for a single-family home slipped by 1% to $677,500, a pause in price appreciation caused by more inventory and cautious buyers. The greater Seattle area saw prices dip slightly, heavily influenced by a 1.2% drop in King County.
But here's where hiring a Whidbey Island Realtor truly pays off. Our local market tells a different, more positive story. Far from declining, our property values are holding strong, demonstrating a continued, robust demand for the island lifestyle.
While regional reports provide a good map, you need a local guide to navigate the terrain. The Whidbey Island real estate market is proving to be robust and distinct from the broader Western Washington trends. We have growing inventory, which is a significant win for buyers, coupled with strong property values, which is excellent news for sellers.
Economic uncertainty and mortgage rates around 7% are still factors, of course. But the data shows that the dream of island living is alive and well. Buyers have more choices, and sellers can be confident in the enduring value of their investment.
Whether you're looking to sell your property or find your forever home in Langley, Oak Harbor, Coupeville, or anywhere in between, the market holds promise. Let's connect and discuss how these trends create opportunity for you. With a dedicated Whidbey Island Realtor, you'll have the expert partnership you need to achieve your real estate goals with confidence.
Contributed by Si Fisher
Easter on Whidbey Island is like opening a giant, community-wide Easter egg: filled with surprises, wrapped in the beautiful scenery of the Pacific Northwest, and, let's be honest, probably a bit more chocolate than anyone needs. This year, the island is hopping with activities for everyone from the tiniest of tots to adults who are kids at heart. Here's your golden egg of information on where to find the fun!
Kick-off your Easter weekend with a bang at the Holmes Harbor Rod & Gun Club on March 30, at noon. Kids 11 and under are invited to hunt for Easter treasures, enjoy prizes, and munch on hot dogs. And for a little extra magic, the local 4H group will introduce some adorable animals. Don't forget your basket, and try to hop in by 11:30 AM to catch all the fun.
Date & Time: March 30, Noon - 1:00 PM
Location: 3334 Brooks Hill Road, Langley, WA 98260
Prefer a hunt with a side of fizz? Head to The Thirsty Crab Brewery on March 30, from 10:00 AM to 12:00 PM, for an egg-stravaganza that includes more than just hunting for eggs. This event is bursting with activities – think Easter Bunny photos, a bouncy castle, and crafts, making it a perfect family outing. Plus, with age-appropriate hunts for those 12 and under, every child gets a fair crack at finding those hidden treasures.
Date & Time: March 30, 10:00 AM - 12:00 PM
Location: Thirsty Crab Brewery, 9000 SR 525, Clinton
Hop your way to Meerkerk Gardens for an Easter Egg Hunt amidst flowers in peak bloom! On March 30, with hunts at 11 AM and again at 2 PM, children 10 & under can explore this botanical paradise for hidden eggs. Little explorers up to age 5 have their own special area near the Gazebo, while the 6-10-year-olds embark on their adventure in a separate spot. Don't miss the chance to meet the Meerkerk Bunny and experience the gardens during the most enchanting time of the year.
Date & Time: March 30, 11:00 AM - 2:30 PM
Location: 3531 Meerkerk Lane, Greenbank
Next on the list, Whidbey Farm & Market is pulling out all the stops for their 2nd annual Easter event, happening on the last two weekends in March. Families can enjoy an egg hunt, a candy cannon, a bouncy house, and a meet-and-greet with the Easter Bunny. And for the adults? An Easter Egg Hunt under the stars on March 29th, with over $500 worth of prizes, games, bonfires, and music to keep the festive spirit alive.
Date & Time: March 30, 11:00 AM - 3:00 PM
Location: 1240 Arnold Road, Oak Harbor
Join the Oak Harbor Main Street Association for a cherished community event at Smith Park. On March 30, from 11:30 AM to 1:00 PM, families can enjoy a sensory-friendly hunt before the main event at 12:30 PM for kids up to age 10. It’s not just about the eggs; learn about the majestic Garry Oak trees and snag some free books in this educational and fun-filled outing.
Date & Time: March 30, 11:30 AM - 1:00 PM
Location: Smith Park, SE Midway Boulevard & SE 9th Avenue, Oak Harbor
Between the egg hunts and the Easter Bunny meet-and-greets, we're reminded of the joys of community and the warmth of coming home. In the spirit of new beginnings this Easter, why not consider finding your perfect nest on Whidbey Island? Working with a local broker who knows the island inside and out can crack open a world of opportunities, whether you're buying, selling, or just exploring your options. Remember, the best hunts end with finding exactly what you were looking for, and in real estate, it's no different.
Happy Easter!
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This video shows Windermere Chief Economist Matthew Gardner’s Top 10 Predictions for 2024. Each month, he analyzes the most up-to-date U.S. housing data to keep you well-informed about what’s going on in the real estate market. See more market insights on our blog here.
This was number one on my list last year and, so far, my forecast was spot on. The reason why I’m calling it out again is because the market performed better in 2023 than I expected. Continued price growth, combined with significantly higher mortgage rates, might suggest to some that the market will implode in 2024, but I find this implausible.
The U.S. economy has been remarkably resilient, which has led the Federal Reserve to indicate that they will keep mortgage rates higher for longer to tame inflation. But data shows inflation and the broader economy are starting to slow, which should allow mortgage rates to ease in 2024. That said, I think rates will only fall to around 6% by the end of the year.
Although I expect a modest increase in listing activity in 2024, many homeowners will be hesitant to sell and lose their current mortgage rate. The latest data shows 80% of mortgaged homeowners in the U.S. have rates at or below 5%. Although they may not be inclined to sell right now, when rates fall to within 1.5% of their current rate, some will be motivated to move.
While many forecasters said home prices would fall in 2023, that was not the case, as the lack of inventory propped up home values. Given that it’s unlikely that there will be a significant increase in the number of homes for sale, I don’t expect prices to drop in 2024. However, growth will be a very modest 1%, which is the lowest pace seen for many years, but growth all the same.
During the pandemic there were a number of more affordable markets across the country that experienced significant price increases, followed by price declines post-pandemic. I expected home prices in those areas to take longer to recover than the rest of the nation, but I’m surprised by how quickly they have started to grow, with most markets having either matched their historic highs or getting close to it – even in the face of very high borrowing costs. In 2024, I expect prices to match or exceed their 2022 highs in the vast majority of metro areas across the country.
Although new construction remains tepid, builders are benefiting from the lack of supply in the resale market and are taking a greater share of listings. While this might sound like a positive for builders, it’s coming at a cost through lower list prices and increased incentives such as mortgage rate buy downs. Although material costs have softened, it will remain very hard for builders to deliver enough housing to meet the demand.
With home prices continuing to rise and the pace of borrowing costs far exceeding income growth, affordability will likely erode further in 2024. For affordability to improve, it would require either a significant drop in home values, a significant drop in mortgage rates, a significant increase in household incomes, or some combination of the three. But I’m afraid this is very unlikely. First-time home buyers will be the hardest hit by this continued lack of affordable housing.
The government has started to take housing and affordability more seriously, with several states already having adopted new land use policies aimed at releasing developable land. In 2024, I hope cities and counties will continue to ease their restrictive land use policies. I also hope they’ll continue to streamline the permitting process and reduce the fees that are charged to builders, as these costs are passed directly onto the home buyer, which further impacts affordability.
Many expected that the end of forbearance would bring a veritable tsunami of homes to market, but that didn’t happen. At its peak, almost 1-in-10 homes in America were in the program, but that has fallen to below 1%. That said, foreclosure starts have picked up, but still remain well below pre-pandemic levels. Look for delinquency levels to continue rising in 2024, but they will only be returning to the long-term average and are not a cause for concern.
2023 will likely be remembered as the year when home sales were the lowest since the housing bubble burst in 2008. I expect the number of homes for sale to improve modestly in 2024 which, combined with mortgage rates trending lower, should result in about 4.4 million home sales. Ultimately though, demand exceeding supply will mean that sellers will still have the upper hand.
As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.
In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.
The following analysis of select counties of the Western Washington real estate market is provided by Windermere Real Estate. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere Real Estate agent.
The pace of job growth continues to slow in Western Washington, as the region added only 21,907 new positions over the past 12 months. This represented a growth rate of 1.4%, which was the lowest pace of new jobs added since the pandemic ended.
The regional unemployment rate in August was 5.8%, which was marginally below the 6% rate we saw in the same quarter in 2022. A few smaller counties lost jobs over the past 12 months while King County’s employment levels rose a meager .4%, mainly due to job losses in the technology sector. I’ve said before that I’m not convinced that the U.S. is going to enter a recession; I still stand by that theory. Slowing job growth does not necessarily need to be a precursor to a recession, but I expect that we will see lackluster growth until next spring at the earliest.
❱ In the third quarter of 2023, 14,970 homes sold. This was down 22% from the third quarter of 2022 and 1% lower than in the second quarter of this year.
❱ Sales fell even as the average number of homes for sale increased 29.5% from the second quarter. This is clearly a sign that significantly higher mortgage rates are having an impact on the market.
❱ Sales fell in all counties except San Juan compared to the third quarter of 2022. They were up in 9 of the 14 counties covered in this report compared to the second quarter of 2023. San Juan, Mason, Grays Harbor, and Whatcom counties saw significant increases.
❱ Pending sales fell 6% compared to the second quarter of this year, suggesting that closings in the upcoming quarter may be lackluster unless mortgage rates fall, which I think is highly unlikely.
❱ Prices rose 2.8% compared to the third quarter of 2022 and were .6% higher than in the second quarter of this year. The average home sale price was $776,205.
❱ Compared to the second quarter of this year, sale prices were higher in all counties except Grays Harbor (-.5%), Kitsap (-1.5%), Clallam (-1.6%), Whatcom (-2.6%), and Skagit (-3%).
❱ Compared to the prior year, the pace of price growth slowed in the third quarter. This wasn’t too surprising given that the market was coming off record high prices in the summer of 2022. But what was surprising was that prices rose over the previous quarter despite the fact that mortgage rates were above 7% for almost the entire quarter.
❱ I don’t expect prices to move far from current levels in the coming months, and they likely won’t rise again until mortgage rates start to fall. When prices do rise, I anticipate that the pace of growth will be far more modest than we have become accustomed to.
Mortgage rates continued trending higher in the third quarter of 2023 and are now at levels we have not seen since the fall of 2000. Mortgage rates are tied to the interest rate (yield) on 10-year treasuries, and they move in the opposite direction of the economy. Unfortunately for mortgage rates, the economy remains relatively buoyant, and though inflation is down significantly from its high, it is still elevated. These major factors and many minor ones are pushing Treasury yields higher, which is pushing mortgage rates up. Given the current position of the Federal Reserve, which intends to keep rates “higher for longer,” it is unlikely that home buyers will get much reprieve when it comes to borrowing costs any time soon.
With such a persistently positive economy, I have had to revise my forecast yet again. I now believe rates will hold at current levels before starting to trend down in the spring of next year.
❱ It took an average of 32 days for homes to sell in the third quarter of 2023. This was 8 more days than in the same quarter of 2022, but 3 fewer days compared to the second quarter of this year.
❱ Snohomish and King counties were the tightest markets in Western Washington, with homes taking an average of only 19 days to find a buyer. Homes for sale in San Juan County took the longest time to find a buyer (57 days).
❱ All counties except Snohomish saw average days on market rise from the same period in 2022. Market time fell in 9 of the 14 counties compared to the prior quarter.
❱ The greatest fall in market time compared to the second quarter was in San Juan County, where market time fell 23 days.
This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.
Although it was good that listing activity rose in the third quarter, it still remains well below levels that can be considered normal. This is unlikely to change anytime soon given that over 86% of Washington homeowners with mortgages have an interest rate below 5% and more than a quarter have rates at or below 3%. There is little incentive for them to sell if they don’t have to.
More germane is the disconnect between what homeowners believe their homes are worth and what buyers can afford with mortgage rates in the mid-7% range. Most sellers appear to be getting their asking prices, or very close to it, which reflects their confidence in the market. However, home buyers are being squeezed by multi-decade high borrowing costs.
It is all quite a quandary. However, taking all the factors into consideration, sellers still have the upper hand but not enough to move the needle from the position it was in last quarter
Given all the factors discussed above, the needle stays in the same position as the last quarter. The market still heavily favors sellers, but if rates rise much further, headwinds will likely increase.
Contributed by Si Fisher
Lets embark on a journey of financial security and personal fulfillment! In today's dynamic world, making prudent financial decisions is paramount. When it comes to housing choices, the decision to rent or buy can profoundly impact your long-term financial well-being and overall lifestyle. While renting may seem like the path of least resistance, owning a home on Whidbey Island presents a wealth of benefits that can set you on a trajectory of financial security and personal fulfillment.
Purchasing a home transcends mere acquisition of a dwelling; it's an investment in your future. Unlike renting, where monthly payments vanish into the landlord's coffers, owning a home allows you to build equity, a valuable asset that appreciates over time. As you diligently pay down your mortgage and home values rise, your equity expands, bolstering your net worth and providing a financial safety net for the future.
If you've ever felt trapped in the relentless cycle of rent hikes, you're not alone. Rents have been steadily escalating for decades, straining many household budgets. Owning a home, on the other hand, offers stability and predictability. You lock in your monthly housing costs, shielding yourself from the whims of landlords and market fluctuations.
Whidbey Island presents an idyllic setting for those seeking a tranquil lifestyle amidst breathtaking natural beauty. With its charming towns, vibrant arts scene, and abundance of outdoor activities, Whidbey Island is a haven for those who appreciate a slower pace of life. And when it comes to real estate, Whidbey Island offers a diverse range of options, from cozy cottages to waterfront estates, catering to a variety of tastes and budgets.
Navigating the real estate market can be a daunting task, but with the guidance of an experienced Whidbey Island real estate specialist, you can make informed decisions and find the perfect home that aligns with your needs and aspirations. A local real estate agent can provide invaluable insights into market trends, neighborhoods, and the home buying process, ensuring a smooth and successful transition into homeownership.
Owning a home on Whidbey Island is more than just acquiring a property; it's an invitation to embrace a lifestyle of tranquility, natural beauty, and community spirit. Picture yourself strolling along pristine beaches, hiking through verdant forests, or indulging in the local arts scene. With a Whidbey Island real estate specialist by your side, you can unlock the door to this enriching lifestyle.
Buying a home on Whidbey Island is not just an investment in bricks and mortar; it's an investment in your well-being, happiness, and future. It's a chance to create a home that reflects your unique personality and provides a haven for you and your.
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