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Skagit Home Prices Dip From Peak, Rising Interest Rates Cut Into Sales
Oct. 3, 2022 Steadily rising mortgage rates significantly affected the number of homes sold in Skagit County during the third quarter and tapped the brakes on price appreciation. Only 455 Skagit County homes sold in the third quarter ending Sept. 30, a drop of 15.6% from the third quarter in 2021, according to managing broker Shelah Inman of Brown McMillen Real Estate in Burlington. Inman prepared a report based on data from the Northwest Washington Multiple Listing Service. The median price of homes sold in Skagit County in the third quarter was $555,000, which was 8.8% higher than a year ago but 3.3% lower than this year’s second quarter “Much of the housing market’s change can be attributed to rising mortgage rates,” Inman said. “The average 30-year mortgage rate is now around 6.7% after starting the year at 3.3%, according to Mortgage News Daily. That makes the monthly house payments soar and the number of people who qualify to buy a home shrink.” “Inventory is continuing to increase, which is bringing the supply closer to a balanced market,” she added. “We’re not there yet, but buyers have more choices. Consequently, we are seeing fewer bidding wars and more offers that are under the listing price. After months of seeing the average house sell for more than its listing price, the sales now are averaging at 99.5% of the listing prices.” But Inman doesn’t expect home prices to plunge. “There still are plenty of people wanting to buy a home in Skagit County and a good share of them don’t need a mortgage to do so.” Another effect of rising interest rates is that it takes longer to sell a home. The average time on the market for a Skagit County home in the third quarter was 22 days, up 57.1% from the second quarter and up 22.2% from a year ago. 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 third quarter of 2022, with percentage comparisons to the third quarter of 2021, follow. Skagit County – Median price, $555,000, up 8.8%; average price, $659,098, up 13.4%; units sold, 455, down 15.6%; DOM, 22, up 22.2%. Anacortes – Median price, $752,500, up 27.4%; average price, $867,787, up 26.5%; units sold, 82, unchanged; DOM, 23, down 8%. Burlington – Median price, $592,000, up 21.4%; average price, $685,382, up 7.1%; units sold, 68, down 12.8%; DOM, 21, up 31.2%. La Conner – Median price, $602,500, up 11.1%; average price, $672,688, down 12.6%; units sold, 32, up 68.4%; DOM, 25, down 19.4%. Mount Vernon – Median price, $535,000, down 0.9%; average price, $629,246, up 9.6%; units sold, 173, down 18.0%; DOM, 22, up 29.4%. Sedro-Woolley – Median price, $502,500, up 16.9%; average price, $517,393, up 8.1%; units sold, 100, unchanged; DOM, 23, 64.3%.
Prep Your Home for the Winter with Our Fall Maintenance Checklist
It's time to prepare your home for the changing weather. Performing fall home maintenance duties early can prevent problems later in the season. Now is the perfect time to do these chores because the hot summer weather is finally behind us and there’s still time before the cold chill of winter sets in. The majority of the tasks below are well within the abilities of the typical homeowner. Even if you'd prefer a professional to handle them, it could be well worth the cost. In the long run, you'll save money by avoiding costly damage to your house. Here are some indoor and outdoor tasks you can do to prepare your home. Exterior Maintenance Touch up your paint. Touch up the exterior of your home with a fresh coat of paint! Dry and cold weather can leave paint cracks or chips that don’t look so fresh or clean. Clean your roof & gutters.Keeping your roof free of moss and debris will ensure a long lifespan, and clearing leaves from your gutters will reduce the amount of water your roof has to handle! Seal your driveway. The ground expands and contracts with the changing temperatures, and small cracks can give weeds the opportunity to root and destroy your driveway. Sealing it before freezing temperatures will prevent weeds from growing. Check the seal on your deck. The sealant should be preventing moisture from entering the wood. If it is not working properly, consider resealing your deck. The wood on your deck can be damaged by water; it will swell and begin rotting, thereby losing most of its structural integrity. Not only can this be a slippery situation but a dangerous one. Check your crawl space.Moisture under your house can cause a lot of damage. Find possible leaks before it’s a busted pipe! Also, make sure your crawlspace has sealed access, as animals living under your home could turn into a smelly situation. Trim the trees. If there are any hanging limbs over your roof, it might be best to remove them before you encounter any wind storms. Even a small branch could leave a gaping hole in your roof! Interior Maintenance Check your alarms.Check your smoke and carbon monoxide detectors and maintain them properly. With you and your pets staying indoors for the majority of the next few months, be sure your monitors are in tip-top shape! Check your furnace.Clean your furnace filter or have it professionally cleaned. Dust and debris that may be caught in the filter have a higher likelihood of causing a fire during the winter months with the increased dryness of the air and the use of heat. Change the direction of your ceiling fans.Here’s an easy one! Fans should rotate counterclockwise during the summertime to push the cool air down and clockwise during the winter months to circulate warm air. It’ll just take a minute and will warm your house more efficiently. Check for drafts.Avoid drafts by caulking cracks in windowsills and doors. Small drafts can make a big difference in your heating bill! If you have any air leaks in your home, you may not have noticed them this summer with the warm air, but they can hurt you in the cold. Replace your drapes.Replace old curtains or drapes so you won't have to heat as much when it gets colder outside. Opting for thicker drapes could save you a bit on your heating bill! Don’t let the cold creep through your windows. Clean your dryer vent.Lint can build up and keep your dryer from working properly, as well as become a fire hazard during colder months when the air is dry.. Did you know that 29,000 homes catch fire from this issue every year? Get that lint out of there! Choosing to do one or more of these tasks will help you in the long run. Maintenance is easier than repairing damage or having to replace entire parts of the home! Plus, when it comes time to sell, you want to make sure your house is in healthy condition. Thinking of buying or selling a home this fall or winter? Give us a call to see how one of our experienced Brown McMillen agents can help!
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%.
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