Skagit County Home Prices Skyrocket
The median home price in Skagit County increased by 30.2% over the past year, according to a Northwest Multiple Listing Service report.
At the end of April, the median price for homes and condos in Skagit County was $592,500 compared to $455,000 in April 2021, according to the report. In 2022 alone, the average home price has increased by 11.9%.
La Conner saw an increase of 38.6% in median price since April 2021, ranking highest among Skagit County cities or towns, while Burlington saw a 13.6% rise, ranking lowest, according to a Brown McMillen Real Estate news release.
Throughout Skagit County, 350 units were sold during the first quarter of 2022, down 10% from the first quarter of 2021, with an average of 28 days on the market, compared to an average of 24 days on the market for the first quarter of 2021.
The national average for days on market as of April 2022 was 34, according to housing inventory statistics compiled by the Federal Reserve Bank of St. Louis.
“Those extra six days make a big difference,” said real estate broker Shelah Inman, when noting the difference in days on market in Skagit County compared to the the U.S. as a whole. “It gives first-time buyers the opportunity to get out and see the place and not have to scramble and make decisions so quickly.”
Statewide, homes have become less affordable in 38 of 39 counties over the last year, according to the University of Washington’s Housing Market Snapshot. Three of those 39 counties were marked affordable for first-time buyers on the basis of average household incomes and proposed mortgage payments.
There is a light at the end of the tunnel for future Skagit County homebuyers, said a hopeful Inman.
“This is not a bubble by any means,” she said. “But, it will continue to be a good market for sellers and it will be a better market for buyers as those prices stop rising and the homes stay up on the market for longer to increase overall inventory.”
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