Skagit County Home Sales Slowed by Higher Interest Rates

July 5, 2022

Anacortes is getting closer to becoming Skagit County’s first million-dollar home community, according to managing broker Shelah Inman of Brown McMillen Real Estate in Burlington.

The median sales price of an Anacortes home rose to $800,000 in the second quarter, up 14.5% from 2021, Inman said. The average median price for all Skagit County home sales in the second quarter actually rose even more, 17.1%, to $574,000.

The median sales price is the point where half of the home sales are above it and half are below it. Inman prepared her report based on data from the Northwest Washington Multiple Listing Service.

The number of Skagit County homes sold in the second quarter was almost flat, ticking up 1% from a year ago to 527, led by strength in Sedro-Woolley However, rising mortgage rates had more of an impact in neighboring Whatcom County, where home sales fell 11.9% in the second quarter.

“The jump of two-plus points in interest rates significantly increased monthly payments for buyers,” Inman said. “The good news for buyers is that inventory is increasing, giving them more choices.”

Buyers still need to be ready to act quickly, Inman added. The average amount of time for a Skagit County home to be on the market before it sold was only 14 days in the second quarter.

The median sales price, average sales price, number of units sold and average days on the market (DOM) before a sale for Skagit County and individual communities for the second quarter of 2022, with percentage comparisons to the second quarter of 2021, follow.

Skagit County — Median price, $574,000, up 17.1%; average price, $632,275, up 10.2%; units sold, 527, up 1.0%; DOM, 14, down 26.3%.

Anacortes — Median price, $800,000, up 14.5%; average price, $890,049, up 7.7%; units sold, 101, unchanged; DOM, 17, down 19.1%.

Burlington — Median price, $546,250, up 15.0%; average price, $599,850, up 13.9%; units sold, 60, down 24.1%; DOM, 13, up 18.2%.

La Conner — Median price, $429,950, down 6.5%; average price, $544,870, down 6.6%; units sold, 20, down 9.1%; DOM, 18, up 3.9%.

Mount Vernon — Median price, $571,000, up 17.7%; average price, $599,467, up 14.6%; units sold, 171, down 10.9%; DOM, 11, down 15.4%.

Sedro-Woolley — Median price, $512,500, up 13.0%; average price, $537,451, up 8.5%; units sold, 110, up 14.6%; DOM, 14, down 30.0%.