Property prices continue to rise across the island



Island County’s median home sales price continued to skyrocket this summer, even as competition for homes in the county and state has eased slightly, according to the Northwest Multiple Listing Service.

Island County experienced one of the largest spikes in the state’s average home sales price in July.

The price jumped from $ 421,000 in July 2020 to $ 570,000 in July.

This is 35.39% more.

The largest increase in average cost occurred in Central Whidbey, where it jumped 54% year over year.

The average price of 17 homes sold in July was a whopping $ 650,000.

James Young, director of the Washington Center for Real Estate Research at the University of Washington, also compared the current real estate market with pre-pandemic statistics.

He noted that prices in suburban districts and along Interstate Corridor 5 have risen sharply over the past two years.

“Prices in Lewis County are up 54.2% from their July 2019 levels, in Snohomish County they are up 40.6%, and in Island County they are up 44.3%,” he wrote. “Skagit and Watcom districts performed worse than these districts, with average price increases of 36.4% and 38.4%, respectively.”

Young also noted that the number of new offerings in the state increased in July 2021 compared to the same month in 2019. Island County has supported this trend.

The Multiple Listing Service reported that the number of new listings grew slowly over the summer, but the total number of active listings is still 18% lower in July 2021 compared to July 2020.

The number of closed sales will increase by 9%, from 183 in July 2020 to 200 in July 2021.

“Historically, August is the last month of the year with an increased level of new offerings before they gradually decline in the fall and decline more significantly in the winter,” said J. Lennox Scott, chairman and chief executive officer of John L. Scott Real Estate.


Source link