Whidbey Island Real Estate Market Trends
Are you stats driven like us?
Check out the graphs below for insight on how the market is this month in comparison to the same month last year.
For Sale, Pending & Sold
Here is a snapshot of the homes for sale, pending, and sold in South and Central Whidbey Island. Using this graph, you can compare the most recent month’s trends with that same month from one year ago. Comparing our market this year vs. last year gives you some sense of the health of our market, but remember, there are always hidden factors and trends that might be influencing these stats. For a more complete picture of our market, or how your home might be influenced by our local trends, please give us a call.
Days on Market & Sold to List Price
This graph shows the average days on market, which means the number of days from the date a property is listed, until the property goes Pending. It's good to note there are usually anywhere from a couple weeks to a couple months between the date a property goes Pending to the date the sale actually closes. The graph also shows the average difference between the listing price and the selling price of a property as a percentage of list price. So if the average is 90%, if a home is listed at $100,000 it will on average sell at $90,000.
Keep in mind that the better you price your home, the quicker it should sell.
Average Price for Sale and Average Price Sold
This graph shows both the average price of the homes for sale on Whidbey Island in any given month, and the average price sold in any given month and the relationship between the two.
Absorption Rate
This graph shows how much of the current active listings (as a percentage) are being absorbed (or sold) each month. For instance, if there are 1,000 active listings and 100 of them sold in a given month, the rate of absorption would be 10%. 10% of the market is being sold in that given month.
Months of Inventory
This graph shows how many months supply of inventory we have on Whidbey Island based on closed sales. In other words, if no new listings were taken, how many months it would take until all properties were sold. As a rule of thumb, an inventory level of less than three indicates a strong seller market while an inventory level greater than six indicates a buyer's market.
