While the housing market has cooled off a bit—relative to the explosion of activity we’ve seen over the past year or so—there is still a housing craze right in Skagit County’s backyard! King, Kitsap, and Snohomish counties all continue to see exceedingly above-average activity for this time of the year, making them one of the nation’s hottest housing markets. In today’s blog, we’re going to talk about what one of the hottest housing markets in the nation looks like. We’ll then take a look at how it is impacting us in Skagit County!
Inventory is Going, Going, Gone
Snohomish County’s inventory declined more than 44% from a year ago, leaving only about 10 days of inventory. This is the lowest of all the counties served by Northwest MLS. King and Kitsap counties boast a little over half-month’s worth of inventory—0.56 and 0.54, respectively. Meanwhile, Skagit County offers 0.71 months of inventory. While this is an average inventory compared to other NWMLS counties, we’re still down 41% from this time last year.
Active Listing #s are No Match for Pending Sale #s
No matter how many new listings seem to arrive to the NWMLS in the summer months, they just can’t seem to keep up with the pending sales. In Kitsap County, on average, listings receive 8 days of exposure. The sellers then receive the ‘right offer’ and the home moves to “pending” status. In Skagit County, our Pending Sales exceed our Active listings by 100. The same goes for King, Kitsap, and Snohomish counties with their Pending Sales exceeding their Active Listings by 2,094, 305, and 1,316, respectively.
New Residents Continue to Arrive in the PNW
NWMLS director, Frank Leach, states that builders are in a “frenzy” as new apartment buildings and condos across Kitsap County are being approved for construction. With building material costs on the decline and new residents arriving in droves, developers are hoping to hit the sweet spot. Leach muses that an aircraft carrier due to arrive shortly could potentially add 3,500 people to that county’s rental market. As more and more people begin to realize or decide that they will be working remotely permanently, they are looking to surrounding counties to move away from the hustle, bustle, and traffic of city living. This means transplants from King and Snohomish county are also looking to Skagit County to settle down.
So, How Does This Impact the Skagit Valley Housing Market?
In short, the housing craze that is surging in neighboring counties doesn’t really have a great impact on Skagit County. We will probably continue to experience a shortage of inventory, but nothing like what we’ve seen over the past year. We will continue to see young professionals, primarily, moving out of the city and migrating further North to settle down. If you’re interested in learning more about the market or buying/selling your home, we encourage you to reach out to our industry-leading team of real estate brokers. With 50 years of experience guiding, advocating, and protecting clients through the buying and selling process, Brown McMillen Real Estate brokers can help you navigate this competitive market and achieve your goals. Send us a message via our Contact Page or give us a call at (360) 757-6013.