If you were trying to sell your home in the North Whidbey real estate market in late Summer of 2017, there was a difference between how “hot” the market was for homes in the $200-$300K range and those in the $300-$450K range. As the video below explains, homes in the lower price range ($200-$300K) were moving very quickly and sellers were receiving almost 100% of what they listed their homes for.
At the same time, homes in the higher price bracket ($300-$450K) had a noticeable slowdown, with the average for cumulative days on the market (the amount of days between when the home was listed and when a purchase and sale agreement was signed by all parties) doubled in August from around 30 all the way up to 66 days. Along with this slowdown in getting offers signed around, the average price agreed upon dipped from 98% to 96% of the original asking price. For a home originally listed at $400,000, that means on average it would have sold for $384,00 in August.
It is important to note that prices have not dropped in either price range, but there was a noticeable plateau of the prices for homes in the higher price bracket. The reduction in the percentage of the original asking price actually received by sellers in the higher price bracket (from 98% to 96%) reflects the optimism by sellers that prices would continue increasing at the rates they had in May, June, and July. They priced their homes accordingly, but buyers were hesitant to purchase at those prices, bringing in offers that were a lower percentage of the asking price.
Buyers continue to benefit from historically low interest rates, so it remains a good time to buy as well as a good time to sell in North Whidbey Real Estate.