2014 Whidbey Island RE Market Summary

by Linda

in Buying or Selling,RE Market Updates,Real Estate Today,Whidbey Island

Arrow-Up-42014 Home Sales – South & Central Whidbey

2014 showed a strong return of the real estate market on South & Central Whidbey Island. Below is a summary of home sales on South & Central Whidbey from 2011-2014, plus a tally of the YTD sales in 2015.  The total number of homes sold in 2014 was 507 compared to 440 in 2013 for an overall increase in sales of 15%. Home sales in 2006 was right at 500, so we are definitely on an uptrend in unit sales.

Selling prices however, have not moved up even though volume has. The median price in 2014 was $325,000, which is only marginally higher than in 2010, when it was $320,000. For comparison, the median price in 2006 was $431,000. So what’s going on with regards to prices on Whidbey? Why is the volume reaching levels not seen since before the Great Recession, but prices seem to be stuck?

Many of you have heard that the real estate market in metropolitan Seattle and the Eastside is very hot, with price escalations and multiple offers. Demand and home prices there have accelerated and are being driven by the positive economic environment, job market, along with the demand for luxury homes being helped along by upscale Asian buyers.  Not all of those critical demand factors are present on Whidbey Island, plus many  homes on Whidbey are second or vacation homes that are discretionary purchases. The end result is a comparatively soft, price-sensitive demand that is not yet pushing prices significantly higher.

As you can see from the table below, total sales are on a four year uptrend. The last time 500 homes were sold in our community was in 2006. We are hopeful that trend will continue. As noted above, home sales have increased but prices have remained fairly flat. For example, while sales volume increased by over 15% from 2013 to 2014, the median price only increased from $315,000 to $325,000, or just over 3%.

2011-2015 Sales Data

 

 

 

 

 

 

 

Here’s a pie chart that will help you visualize the percentages of sales in each range for 2014.

2014 RE Sales by Price Range

 

 

 

 

 

 

 

 

 

 

 

Since waterfront and water view homes are generally the most desirable and most expensive homes on Whidbey, notice that the total homes priced over $600,000 that sold in 2014 represented only 11% of all home sales in South & Central Whidbey.  Here’s what the monthly distribution of sales in 2014 looked like for homes priced $600,000 and above.

 

2014 Sales $600k+

 

 

 

 

 

 

 

 

 

For those of you who might be considering selling your home this year, notice that at the peak of the summer, approximately 200 homes were for sale in the $600k+ price range, yet only 55 homes in this price range sold in 2014. Despite the improvement in sales, selling a home in the upper 10% of the market may take years, not months. Be sure you select a realtor who is experienced in the pricing, marketing, and selling of waterfront and water view homes on Whidbey Island. With the primary selling season for higher priced homes fast approaching, it is time to select a well-qualified, full time, professional broker to represent you. And experience does matter.

If you would like an estimate of the fair market value of your home, as well as learn how I have helped many people buy or sell their waterfront and water view homes on South & Central Whidbey, please don’t hesitate to contact me at 360.770.5550 or Linda@LindaCasale.com.

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