Market Trends
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May 16th, 2010
Whidbey Island Real Estate Market Shows Increasing Stability
For the first four months of 2010, the number of homes placed under contract (pending sales) was 51.7% more than the same period in 2009. The number of sold homes was 36% higher than the previous year, with the median sales price down 6% from $268,000 in 2009 to $252,000. The median sales price has fallen 10% from April 2008 - April 2010.
Homes sold for an average of 89 - 92% of original listing price, and were on the market for an average of 185-200 days before being placed in a purchase contract.
The number of homes available for sale, at the end of April, was 9.8% higher than the previous year, but given the current rate of pending sales, the present supply represents around 8.2 months of inventory. Historically, an inventory of around 6 months indicates a balanced market.
February 8th, 2010
Inexpensive Home Facelift - By Jon Roberts
I have been contacted by several potential clients during the last six months who are interested in updating the exterior of their home or who are purchasing an existing home. In most of these cases the homeowners are satisfied with the size, functionality and location of their homes but have become dissatisfied with or tired of the exterior style. The customer purchasing an existing home is doing so because it is located in a great area, has a mature landscape and generally meets their needs.
In 2009 we worked to complete a facelift on a home in Coupeville. The owners of the home needed to replace the roof and add insulation to their 25 year old home. They decided to take advantage of the federal government’s energy credit, reduce their federal income taxes and update the style of their home at the same time. Although no new heated square footage was added, the new entry porch on the front of the existing house totally transformed the streetscape of the home. See the before and after photos at Cascade Custom Homes - Click on RENOVATIONS - Morgenstern.
Another couple simply wanted to rid their home of the old drafty wood fireplace and replace it with a fuel efficient gas fireplace. At the same time, we replaced all of the old aluminum windows with super energy efficient vinyl windows. This renovation was made more affordable by the energy tax credits available to the homeowner.
Many buyers still don’t understand the tax credit or realize it is available to them. Visit energystar and energy for more information about the available credits.
Article written by Jon Roberts, Cascade Custom Homes, owner
September 29th, 2009
Windermere Real Estate partners with Zillow.com
Today, all Windermere Real Estate Listings are now on Zillow.com! Windermere will also show the Zillow valuation (Zestimate) for all current listings on Windermere.com (with Seller’s permission).
September 16th, 2009
Whidbey Island Real Estate Market Keeps Improving!
The number of homes placed under contract (Pending Sales) during August was higher than the previous month, and was significantly higher (39%) than a year ago. The number of homes available for sale as of August 31st (816), was 7% less than the prior year.
Both of these statistics show an improving housing market. Furthermore, the higher end of the market (homes $600,000 and above) also showed some improvement as five homes went pending during August 2009.
For More Detailed Statistics: aug-09-whid-mkt-statistics
July 10th, 2009
Pending Sales Continue to Increase, Inventory grows as well during June 2009
The number of homes that were placed under contract during June 2009 (83), was 12% higher than the previous month, and 24% higher than during June 2008. Both factors are signs the Whidbey Island market is improving.
However, the number of homes available for sale increased 11% from May 2009, to nearly the same number one year ago.
Sales prices are still declining, but at a slower rate than during the first quarter of 2009. During June 2009, the median sales price for single family homes and condominiums was $265,000, which is 4% less than the median price of $276,000. The average sold price for homes sold during June 2008 was $292,000 which is 14.6% less than one year ago ($342,000).
Homes that were sold during June 2009, sold on average for 92% of the original listed price, and were on the market for 167 days.
For more information: june-2009-stats1