Despite the seasonal drop in homes for sale, plenty of buyers remain on the hunt for houses.
In November, there were 75 pending sales in the Stanwood-Camano area — 36% more than a year ago, according to statistics from the Northwest Multiple Listing Service. It mirrored a regional trend that saw year-over-year pending sales rise 9.2% in the Puget Sound region, with Snohomish leading that list with a jump of about 12%.
Meanwhile, inventory continues to dwindle, and prices keep inching upward.
“The housing market is virtually sold out in the more affordable and mid-price ranges where 75 percent of sales activity occurs in each market area,” said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate.
With December typically marking a low point for new listings coming on the market, Scott said, “the pressure is on despite the winter chill.”
That pressure is sending prices higher in the more affordable and mid-price ranges, and Scott does not expect any easing until spring when new listings begin to increase.
On Camano, the median price of sold homes reached a record $490,000.
In Stanwood’s 98292 Zipcode, the median price dipped to $428,000 — down from a record $493,000 in October.
Combined, the Stanwood-Camano area had 151 homes for sale in November, down from 176 in November 2018.
The data illustrates that buyers are driving to affordability, said Dean Rebhuhn, owner of Village Homes and Properties in Woodinville.
“Buyers are going north, south and east to find homes that fit their budgets and lifestyles,” he said.