When the Puget Sound housing market turned red-hot about six months ago, Island County real estate agents weren’t expecting much overflow.
But ever since April, homes have sold quickly on Whidbey and Camano islands, areas that typically were much slower than on the mainland.
Inventories are nearing record lows.
Mike Dalton, owner and broker of Dalton Realty Inc. in Clinton, said summer is typically busy, but not this busy.
“Traditionally, homes tend to stay on the market a little longer here,” Dalton said. “Generally, we usually lag about six months behind the changes in the market on the mainland, but now it’s not as long as it used to be.”
In June 2003, homes in Island County typically spent about 114 days on the market. This June, the average sales period was 87 days, nearly a month shorter, according to the Northwest Multiple Listing Service.
By comparison, homes in Snohomish County spent 54 days on the market in June, one day less than in June 2003.
Sales in Island County have also grown dramatically.
There were 195 homes sold in June in Island County, 60 more than in June 2003.
Dalton said so many homes have sold that a lack of inventory has been a problem for the past six months.
“Good listings are getting offers within a week – sometimes in just a few days,” Dalton said. “I can only remember inventory getting this low once before.”
Island County only had 254 homes listed on the market in June compared to 2,209 Snohomish County homes.
“That’s a whole different world for us over there on the mainland, and it’s a whole different market,” Dalton said.
However, the market does have one thing in common: more people want homes than there are houses available.
The market on Camano Island is hot right now and “people are getting outbid right and left,” said Brenda Guthrie, a sales associate with Towne or Country Realty on Camano Island.
“The past three years have been crazy. We’re running out of lots,” Guthrie said. “Each year is less and less inventory.”
Guthrie said she tells potential home buyers to make an offer quickly, because even thinking about it for one day can result in being outbid.
“Anything with a water view is just gone, just flat gone,” Guthrie said.
She said she thinks the seller’s market should continue for some time. “It’s usually quiet here and things come in spurts, but not like the past three years. I’ve been real busy,” Guthrie said.
Dave Matthews-Jensen, a sale associate with Re/Max in Langley, has noticed more houses on the market lately, but the demand is still high, mostly from buyers outside the area.
“Almost all of the walk-ins I’ve got in the last month were vacationers from California,” Matthews-Jensen said. “They were mostly empty nesters and retired folks.”
Matthews-Jensen said he and others are trying to lure more young families to Whidbey Island and hopes the approximately 300 modestly priced homes at the Holmes Harbor Golf Club do the job.
Matthews-Jensen said the price of vacant land has skyrocketed during the last couple years faster than housing prices.
“Anything with waterfront or water view … sells best,” he said.
Matthews-Jensen said the market is so hot right now that by the time real estate magazines hit newsstands with new listings, the houses are often already sold.
“That’s always been somewhat of a problem, but it is now more than ever,” Matthews-Jensen said.
Carmen Falso, an associate broker at the Windermere office in Langley, said listings are about half of what was available this time last year.
“My last two houses were on the market for one day,” Falso said.
Falso said concerns about rising interest rates and a reluctance to invest in the stock market may be helping the market. There’s also an increased interest from people from other states, he said.
“We’ve had a lot more people from out of state – especially California – than we have had in the past three or four years,” Falso said.
Falso recommends that people who are interested in buying get information from an agent on a daily basis through phone, e-mail and research on the Internet. “If it’s priced right, it should sell pretty quickly,” he said. “But you can still get your dream home.”
Reporter Evan Caldwell: 425-339-3475 or ecaldwell@heraldnet.com.
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
