Market Update

S kagit County wide the number of residential listings have gone down from a July 2008 high of 1290 to 933 in January of 2009, pending sales have increased from 50 in November of ’08 to 85 this January which is slightly less than the 97 pendings we saw a year ago in January of 2008. We had 50 closed sales this January in Skagit County versus 65 a year ago. So a total drop of 23% in solds January 2009 over January 2008. These are strictly single family residential numbers, not including condominiums.

How does Anacortes compare? Inventory has decreased since a high of 309 single family residential listings in August of 2008 down to 215 this January, which is actually up just a hair over January 2008. Solds are up 50% however over our 2008 numbers, but that still isn’t saying much as we only had 9 this year, compared to 6 in January of 2008. To put that in perspective we have averaged 19 sales a month over the last 15 months. Pendings in Anacortes are up just over 5% versus January of 2008 with 20 pended this January. Our total days on market for listed homes exceeds five months, and our available inventory is pegged at just under 24 months, neither are exciting numbers for home sellers.

Since November of 2008 in Anacortes homes sold for 97% of their assessed value on average, and this is not at all what we are used to seeing. For the first time in the last 15 years or so you can look  your property up on the Skagit County Assessors site and SUBTRACT a few percentage points rather than add a few to get a rough idea on value. This of course is a very rough zillowish type of value and doesn’t substitute for a real appraisal or a valuation from your Realtor. Sellers have also listed their homes 10% higher than the eventual selling price over the last 6 months, this both increases market time and lowers your eventual return.

Whats this mean for the next 6 months? Well, a good number of sellers took their homes off the market this last fall and winter deciding to stay and enjoy their home until market conditions are better. I’d stay that course if you don’t need to sell and therefore aren’t motivated to be realistic about pricing. I expect our typical increase in inventory to start around March and continue through the summer, so if you are planning on selling this year get your home in show ready condition and price it right so you can attract the few buyers that are in your price range. Price it too high to begin with and you’ll end up with longer market times and a lower sales price.  If you are currently on the market, and are not receiving offers or at the very least genuine interest, revisit both the price of your home and it’s condition; take a look at how it shows from a buyers perspective. This may take someone else’s eyes, as you are there daily and things fade into the background. Interest rates will stay low and there is plenty of money out there for buyers, so this truly is a great time to buy and will remain that way well into the summer selling season. 

All statistics are from the NWMLS and the Skagit County Assessors Office.