The real estate market is strong in Anacortes, with increases in median closing prices, pending sales and homes sold compared to August 2019.
The median closing price for a home here in August was $552,500, up from $484,350 in August 2019, according to the Northwest Multiple Listing Service, which tracks real estate data in 23 Western Washington counties.
There were 65 new listings, up from 48 the year prior; and 75 pending sales, up from 50 in 2019. Fifty homes were sold, up from 37. The number of current listings were down from 129 to 70, the Northwest MLS reported.
Commenting on closing prices, James Young, director of the Washington Center for Real Estate Research at University of Washington, noted prices all along the I-5 corridor and the Puget Sound increased by double digits.
“As people continue to seek housing outside the urban centers and within a two-hour drive of Seattle, the expected seasonal increases in prices in areas such as Island and San Juan counties have been extraordinary,” he told the Northwest MLS.
Extremely low interest rates are helping to fuel real estate activity.
“We continue to see a flurry of activity in a market that has not allowed the pandemic to have a continued effect,” Coldwell Banker Bain President Mike Grady told Nothwest MLS. “Case in point: in January, the median sales price for the entire Northwest MLS was $422,750 and it is now $490,000 – a 15.9% surge in eight months. At the same time, we have nearly half as many months of inventory now than April – 0.97 vs. 1.75. The competition for buyers continues to be relentless, but luckily, much lower interest rates offer some relief.”
Countywide, the median closing price for a home in August was $435,000, up from $369,990, according to the Northwest MLS. There were 227 homes sold, up from 221; 265 new listings, up from 239; and 330 pending sales, up from 246.