What is happening in the Real Estate market on North Whidbey (Oak Harbor and Coupeville)? What is the economic forecast for 2020 and what will it mean for the real estate market?
The graphics below show statistics for the Whidbey Island market as of Dec 1, 2019.
We continue to see modest annual growth in real estate prices, and a slight increase in the length of time homes remain on the market. After many years in a “sellers’ market” we’re slowly moving toward a balanced market. At this time of year there is very little inventory out there for buyers to browse, so if you’re thinking about selling you have a great opportunity right now.
For a bigger picture of what is expected in the 2020 economy and housing market I invite you to watch this 2 minute video featuring Windermere economist Matthew Gardner.
Gardner expects a slight recession in 2020 or 2021, but that it should not affect the housing market. He still expects nearly 4% growth in housing prices in 2020. Mortgage rates are expected to move up just slightly in 2020 but remain right around 4%.
Of course no one can know for certain what the future holds, and these “big picture stats” are not nearly as helpful as a personal consultation to determine the value of real estate you currently own, or whether 2020 is the right time for you to stop renting and purchase a home. I’d love to set up a time to discuss your personal situation with you, and I welcome your call.
Windermere Real Estate Whidbey Island