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A quick look at our market stats through September tell me that we still have a ways to go in terms of reducing overpriced inventory and bringing supply and demand closer together. The stats I pulled from the North West Multiple Listing Service show all residential properties in the 98221 zip code, and tell me that as summer progressed our supply has remained relatively constant at just over 300 listings, but the Days On Market, which means the total time it takes from the day a home is listed until the day it gets an acceptable offer, has steadily increased ending in September at 208 days. This means if you list your home today, you can expect about 7 months of market time before you go under contract. If you are not willing to wait 7 months, you need to talk with your RALTOR about pricing aggressively.
We are currently in a buyers market which is roughly defined as any period in time when there is more than 6 months of inventory on the market. As of the end of September we had just over 12 months of inventory here in Anacortes. Other factors pointing to a buyers market are the Days On Market of 208 days, and the list price to sales price ratio or 86%. This ratio means that the average Seller in September accepted an offer 14% lower than their original asking price. Since there were only 25 sales in September, this statistic could be skewed a bit by one or two sales, however since we have hovered around 90% list to sales price ratio the last year I’d guess it’s not skewed much.
Whats it all mean? If you’re going to sell your home, set your expectations realistically. Either price it very aggressively or be ready for a long market time. Listen to your REALTOR not just on pricing, but on the other things you need to do around the house to be market ready. You don’t want to be the second best home in your price range, you need to be the best home in your price range. If you can’t be aggressive in pricing, it might not be time to sell your home. Check out this article from Geoff Wood the CEO of Windermere Real Estate Co. and consider carefully your decision to move or stay put and enjoy your current home.
