The median closing price for a home sold in Skagit County in March was $485,550, a 27% increase over the previous March, according to figures released Wednesday by the Northwest Multiple Listing Service.
The median closing price for a Skagit County home in March 2020 was $381,500.
“Most of the rapid price increases follow the familiar trend of late where the I-5 and I-90 corridors outside of King County are showing exceptional levels of house price growth,” Matthew Gardner, chief economist for Windermere Real Estate, said in a listing service news release.
While prices have increased, the number of active listings in Skagit County declined by 62% over the previous March, according to the report. There were 106 homes on the market in March compared to 279 in March 2020.
Skagit County had about 20 days of housing supply in March, meaning that if no new houses were listed, all homes on the market would be sold in 20 days. About 180 days of supply is considered a healthy market.
Throughout the 26 counties within the Northwest Multiple Listing Service, active listings declined in March by nearly 56% over the previous March.
High demand is driving the shortage of homes, leading to bidding wars and multiple offers, Realtors stated.
“This collapsing active listing volume in the face of high demand is telling,” James Young, director of the Washington Center for Real Estate Research at the University of Washington, said in the news release. “As this was occurring, the number of pending transactions year-over-year increased markedly. Double digit price increases throughout the region are the natural result.”