This summer, the real estate market has seen some profound shifts. The biggest overall number affecting things is the increase in inventory, meaning there is more choice for buyers than there has been since pre-COVID.

Almost 22% more, to be exact (this July vs. July 2024).

We have relatively the same number of homes selling. It’s only down 4% from this time last year. Which generally means there’s the same number of buyers out there buying but with a lot more choice buyers are being a little pickier on price and condition, they are taking longer to choose, and they are negotiating a lot harder on inspection requests for repairs.

For sellers this means that in order to actually sell this summer, you have to price aggressively, put your “product” on the market in the BEST condition possible, and be prepared to give buyers a lot of what they want in their inspection requests or they will walk away and look for something else (because there are a lot of other options). Ultimately, this is being reflected in the average price per square foot coming down slightly (about 3% this July compared to last).

There’s always more to the story, though, when you dig into the details and start to tease apart the data. For example, we currently have two distinct markets: the lower end and the upper end. The graph below gives you an idea of what I’m talking about. It shows that homes on Whidbey above 700k are actually closer to 11% lower in average price per square foot and the 200-700k range is up by 3%.

For a more detailed look at the market that your specific home is in (price range, area of the island, style, etc.) just reach out for a complimentary analysis! I genuinely love doing these deep dives, so don’t hesitate!