Spring 2019 Real News -

Real News

Spring 2019

Jean Groesbeck

Managing Broker Luxury Home Specialist 809 7th Street Anacortes, WA 98221

Main Office : 2033 6th Ave Suite 600 Seattle WA 98121

www.JeanGroesbeck.com www.AnacortesRealEstateGuide.com

Like most news story, negative news receives more attention. Perhaps that is why there have been news reports lately saying that the Western Washington real estate market is soft. Nothing could be further from the truth!

Bellevue and the Eastside of Lake Washington continue to have multiple offers, and we continue to experience a shortage of inventory in Skagit and Island Counties. In fact, the number of homes for sale is at a record low.

The median home prices throughout Skagit and Island Counties remain very strong. There are isolated areas where the market is flat, but overall demand continues to outpace supply causing continued increases in prices.

The good news is that prices are not increasing as fast as they were, which is better for the economy and the long term stability of the market.

NUMBER OF MONTH OF INVENTORY BASED ON PENDING SALES If you are currently working with a real estate broker, this is not intended to solicit your business.

Mar '18

Apr '18

May '18

Jun '18

Jul '18

Aug '18

Sep '18

Oct '18

Nov '18

Dec '18

Jan '19

Feb '19

Mar '19

NW MLS

1.1

1.2

1.3

1.7

1.9

2.4

2.8

2.6

2.7

2.9

1.8

1.8

1.3

SKAGIT County

1.7

1.7

1.9

2.5

2.4

2.7

3.2

2.8

4.3

4.1

2.2

2.9

1.9

ISLAND County

1.9

1.9

1.4

1.8

2.1

2.4

3.5

3.1

3.1

4

2.5

2.5

1.8

For an average market/balanced real estate market, there should be approximately 6 months of inventory.

As you can see from the chart above, inventory is extremely low. The lower the number, the more the market favors sellers.

MEDIAN PRICE OF SOLD PROPERTIES Mar '18

Spring brings, sun, warmer weather, and an abundance of flowers. It’s also the season for baby wildlife to start exploring and they often have very protective parents nearby. After our very long winter, everyone is spending more time outdoors with their pet in backyards, parks and hiking trails.

During Spring, our pets are more likely to encounter wildlife than during any other season. It is very important that we take extra care when exploring outside. Even a well-trained dog may not be able to resist chasing after a rabbit, squirrel or deer. They also could encounter a potentially more dangerous animal such as a coyote or a cougar and if your dog chases after one of these animals, it could turn into an attack. Keeping your dog on a leash is the safest way to spend time outdoors especially while hiking on trails.

Have fun! Enjoy the wonderful Spring time weather and see you again in the Summer!

Apr '18

May '18

Jun '18

Jul '18

Aug '18

Sep '18

Oct '18

Nov '18

Dec '18

Jan '19

Feb '19

Mar '19

SKAGIT COUNTY

$337,000 $336,000 $350,000 $337,000 $349,000 $340,000 $377,000 $360,000 $363,000 $337,000 $337,000 $323,000 $366,000

ANACORTES

$475,000 $410,000 $447,000 $532,000 $525,000 $472,000 $525,000 $550,000 $530,000 $447,000 $410,000 $525,000 $493,000

BURLINGTON

$345,000 $340,000 $330,000 $313,000 $330,000 $335,000 $349,000 $330,000 $335,000 $386,000 $320,000 $348,000 $359,000

LA CONNER

$337,000 $336,000 $350,000 $337,000 $349,000 $340,000 $377,000 $360,000 $363,000 $337,000 $337,000 $323,000 $423,000

MT VERNON SEDRO WOOLLEY ISLAND COUNTY

$337,000 $349,000 $331,000 $327,000 $355,000 $350,000 $360,000 $350,000 $355,000 $328,000 $370,000 $367,000 $366,000 $328,000 $274,000 $306,000 $286,000 $285,000 $300,000 $300,000 $293,000 $280,000 $290,000 $264,000 $257,000 $272,000 $365,000 $388,000 $365,000 $376,000 $385,000 $370,000 $370,000 $343,000 $350,000 $345,000 $349,000 $365,000 $346,000

The demand for inventory will increase through the summer months and probably beyond. Mortgage rates actually slipped back a little bit allowing home buyers to purchase a higher priced home. There are new businesses moving to Skagit County and the economy is strong. The real estate outlook is bright!

These statistics can vary by neighborhood and the specific type of home. If you are curious about the demand for your type of home, please give us a call! Or send an email with your address to info@JeanGroesbeck.com.

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Page 2

The blanket of snow smothered most businesses the month of February, unless you were selling snow related goods or services. The same is true of the real estate market.

Inman, one of the leading authorities in the real estate market, recently published a chart showing the average age of today’s luxury home buyer. (shown below)

A soft February does not necessarily signal a softening of demand for homes in our area. But February sales were chilled. (I think demand in 2019 will exceed or at least be equal to 2018).

Younger working professionals that are moving into our markets have housing needs are quite different from the past luxury buyer. They want more square footage than Baby Boomers. A master on the main level is not as important as it is to retirees. They place high value on proximity to the forest lands, hiking trails, bike paths, beaches, and other amenities which provide outdoor entertainment.

Skagit County has a very healthy economy.

Businesses are moving into our area and these new jobs are excellent paying professional positions. In addition, there is a dramatically increasing work population that tele-commutes and works from home . Fiber optics will only increase this trend and we certainly are experiencing a dramatic shift in demographics because of it. Not only are people moving into our area younger than in the past, but they can afford higher value homes.

It wasn’t that long ago that our typical luxury home buyer was a retiree or soon-to-be retiree. They often paid cash or had a large amount to put down on the purchase of a property.

Page 7

13735 Rawlins Rd. - Mt. Vernon WA MLS# 1419552

1906 Creekside Pl. - Anacortes, WA MLS# 1432272

1005/1007 20th St. - Anacortes, WA MLS# 1419659

Watch Trumpeter Swans in the fields, kayak, fish from your backyard on this beautifully remodeled river front farm house. $650,000

Enjoy care free living in this beautifully remodeled single level home with gorgeous views of the bay, marina and mountains. $450,000

Great investment opportunity!

Excellent location of these 2 adjacent homes on 6,000SF lot. $400,000

It is worth noting that seller demographics are also changing. As of now, most of the Silent Generation have transitioned and downsized. Baby Boomers are still a large segment of luxury buyers, but they prefer warm resort markets primarily.

Generation X is at a stage of their life where housing needs are driven by family size, schools and jobs. This generation is just starting to enter the second home market, and could be the next wave of retirees to move to our location.

Marine Dr. - Anacortes WA MLS# 1419927 Rare find! 7+ acres and 2 parcels. $730,000

Parkside Ln. - Mt. Vernon WA MLS# 1422436 Last lot! 2.6 acres with views. $475,000

Monte Vista Dr. - Mt Vernon WA MLS# 1420330 10.2 acre sub-dividable zoned R1. $350,000

Turners Bay Pl. - Anacortes WA MLS# 1419828 10 acres ready to build with a view!. $350,000

Continued on Page 4...

Luxury Home Buyers by Age Group (Nationally) Millenials

(22-37)

15.79%

Generation X (38-53) Baby Boomers

2403 Antone Wy. - Anacortes WA MLS# 1420492 Panoramic views 15,848SF lot in Rockridge. $260,000

49.12%

(54-72)

33.33%

Silent Generation

1.75% 0%

10%

20%

30%

40%

50%

60%

Source: Inman

3892 Seabreeze Ln. - Anacortes WA MLS# 1419904 2.5 acres with majestic trees and panoramic views. $250,000

Dugualla View Dr. - Oak Harbor WA MLS# 1423697 Build dream home on 5 acres with a view. $200,000

2415 T Ave #B7 Anacortes, WA MLS# 1420514 Premier covered 50’ slip in Anacortes Marina. $225,000

Page 3

Page 6

Spring 2019 listings presented by Jean Groesbeck & Associates: 15302 Snee Oosh Rd. - La Conner, WA MLS# 1419408 Pass through gates to your 5-acre waterfront paradise estate. Architectural home designed with sophisticated casual elegance and easy beach access. $2,900,000

8664 Southridge Pl.. - Anacortes, WA MLS# 1424584 Featured on MONA Architecture tour! Stunning home with exquisite craftsmanship and stunning views of the bay and mountains. 2+ acres provides complete privacy. $1.500.000.

17958 Best Rd.. - Mt. Vernon, WA MLS# 1419482 Brand new contemporary home designed to capture natural light using energy efficient and sustainable materials. 4+ acres with magical views of the Cascades and Mount Baker. $1,050,000

20903 Martin Rd.. - Mt. Vernon, WA MLS# 1419437 Private compound bordering 361-acre Barney Lake Conservation Area.

Main home with MIL + second home + 2.450SF heated garage/shop. $1,000,000

11626 Coronado Dr.. - Anacortes, WA MLS# 1419556 Elegant, elegantly remodeled home with a rare combination of privacy and sweeping views of intense sunset colors over the San Juan Islands. $950,000

5232 Island View Wy.. - Bow, WA MLS# 1428042 A hobbyist and gardeners paradise on 5-acres with serene views of lush farmlands, the San Juans and sunsets over the Olympic Mountains. $950,000

A study conducted by OnePoll revealed that 57% of home buyers say a dirty exterior, 55% say a lawn that is not mowed and 53% say dead plants and flowers are the top 3 worst offenders to curb appeal! Garish house colors, tacky mailboxes, no trespassing or beware of dog signs, garden gnomes, fairy statues, metal sculptures, paper lanterns and trampolines also received criticism from potential buyers. (The NY Post) Before you put your house on the market, enhance your home and make it stand out.

Making the right improvements to your home before listing it will add value, increase the appeal to home buyers and is likely get your home sold faster.

Start with first impression items. Wash the outside of your house removing dust, dirt and pollen. Clean and make repairs to fences and paint or stain it if needed. Wash all light fixtures around the entire house, garage and on the porch.

Additionally, the front door, front porch, and door hardware are items that a potential buyer looks at while their real estate agent is unlocking your front door. Does the door need to be painted in addition to being washed? Is the hardware pitted? Is the light fixture pitted? Are there spiderwebs in the corner? Look at your house with the eye of a picky buyer and clean up, repair and replace anything that looks worn.

Make your yard look sharp. When you trim your lawn, cut a clean, crisp edge between the lawn and all flowerbeds. Add fresh mulch or new soil to renew a flower bed. Remove dead branches from bushes, plants and trees and cut back anything touching the house to at least 3 feet away. You may need to remove older plants and put in some smaller, more colorful plants. Remove or cut back any plants that block windows or your front door from the street view.

Put moss removal product on the roof if needed (never pressure wash a composite roof). Moss and missing shingles or flashing are the most common roof items noted on a home inspection and reduces the lifespan for your roof. Dirty gutters are an eye sore as well as being potentially harmful to your roof.

175 Suquamish Wy. - La Conner, WA MLS# 1421482 Enjoy resort living in this architectural, one level waterfront custom home with your boat in your backyard on your 40’ dock. $750,000

© Jean Groesbeck & Assoc. LLC

Home buyers will quickly judge your home by what they see in online pictures, flyers, and online video before a possible drive-by or considering a live viewing. Make sure your curb appeal invites them into your home.

© Jean Groesbeck & Assoc. LLC

Page 4

Page 5

Continued from page 2...

The preference of those younger Gen X buyers is for a new up-to-date home. When they evaluate a house as a potential home, they come armed with spreadsheets and statistics which they have gotten from online sources and carefully analyzed. (Unfortunately, much of the data is in accurate since it comes from secondary sources and not directly from the MLS). Their decision making is more analytical and less emotional than the Baby Boomer buyer.

Sometimes younger buyers are buying their first home and taking on high debt due to low interest rates, sometimes with the help of their parents (like prior generations), but also are sometimes cashing in on stock options or bonus money. They skip the starter home and purchase a luxury home as their first home. These buyers shop on their phone, use apps instead of websites, want to see a video of every home, and sometimes even purchase homes site unseen. (Yes we actually sell several homes a year using Facetime). These younger tele-commuters have been dubbed “digital nomads�.

Luxury home sellers in our area tend to be Baby Boomers or Generation X, but the buyers who are purchasing the homes are much younger. Recently the Economic Development Alliance of Skagit County (EDASC) confirmed what we have known, which is that the number of workers that telecommute is growing and will continue to rise above the 10% current rate.

This is one of the main reasons why the team at Jean Groesbeck & Associates is now aligned with Compass. Compass is a high technology, cutting-edge real estate company that creates and provides the best tools to reach all segments of the real estate market. Our apps are intuitive and user friendly creating the best real estate shopping experience. COMPASS quickly takes the lead in each market they enter by providing buyer, sellers and brokers a truly unique successful customer experience.

As a seller, it is especially important that the broker you choose knows the way to reach every market segment that might have a potential buyer. We are proud to be aligned with Compass and we look forward to demonstrating their unique, user-friendly, and intuitive new tools.

We will continue to work hard to provide exceptional customer service and we understand that there is a wide variety of emotions that can surround a home purchase or sale. Our goal is to adapt to all of our clients whether you want to view properties via FaceTime and sign documents electronically, or whether you would like us to meet you in person and discuss options over a cup of tea. Feel free to call any of us!

Assessed value and market value are very different and used for different purposes. Typically assessed value is lower than market value, but not always.

Assessed value has little to do with market value.

Skagit County taxes are budget based. The assessed value of your property is used to determined what percent of the total budget you pay via property tax. If assessed values rise equally throughout the county, everyone pays the same percentage. (However, that rarely happens.)

To determine true market value, supply and demand should be analyzed not only by the location, size of your home, and age of your home, but also by the supply and demand of the floor plan, amenities and upgrades of the home.

Assessed values are also used as the basis for automatic valuation models such as Zillow’s Zestimate. You can imagine how far the numbers are thrown off in an area when the property is assessed as vacant land but sold with a home on it at 4-5 times the assess value. The assessed value vs. sales price throws the algorithms off.

If you are thinking of selling and are interested in the current market value of your home, please give us a call. We will be happy to give you a complimentary, current market analysis of your home!

/ An appraisal focuses on past sales, and is often used to determine how much money a bank will loan on a property. It is not a reflection of the market value although the numbers are usually fairly close. /

www.JeanGroesbeck.com

Buyers would be wise to not use assessed values to determine what price to offer on a property, just like sellers should not determine the price they will accept based on assessed value or an automatic valuation model.

Typically, different areas in the County appreciate at different rates. In addition, the County does physical drive-by inspection of properties every 4 years, causing assessed values to change drastically during a drive-by year.

The chart to the right shows the percentage of all properties that sell for above or below assessed value in Skagit County and Anacortes. Assessed value simply determines what percent of the County Budget property owners have to pay in taxes.

From left to right: Taby Perron Licensed Assistant (956) 337-2131 Jean Groesbeck - Managing Broker (360) 941-3734 Eileen Hebert - Real Estate Broker (360) 770-7090 Summer Heaton -Real Estate Broker (360) 540-7716

The market value of a home is the estimated value of a property when sold on the open market. Market values are determined by supply and demand and are not impacted by assessed values.

Market value for all products is determined by supply and demand. It is a fluid number and is impacted by a wide variety of factors.

% Properties That Sell Above or Below Value

Page 4

Page 5

Continued from page 2...

The preference of those younger Gen X buyers is for a new up-to-date home. When they evaluate a house as a potential home, they come armed with spreadsheets and statistics which they have gotten from online sources and carefully analyzed. (Unfortunately, much of the data is in accurate since it comes from secondary sources and not directly from the MLS). Their decision making is more analytical and less emotional than the Baby Boomer buyer.

Sometimes younger buyers are buying their first home and taking on high debt due to low interest rates, sometimes with the help of their parents (like prior generations), but also are sometimes cashing in on stock options or bonus money. They skip the starter home and purchase a luxury home as their first home. These buyers shop on their phone, use apps instead of websites, want to see a video of every home, and sometimes even purchase homes site unseen. (Yes we actually sell several homes a year using Facetime). These younger tele-commuters have been dubbed “digital nomads�.

Luxury home sellers in our area tend to be Baby Boomers or Generation X, but the buyers who are purchasing the homes are much younger. Recently the Economic Development Alliance of Skagit County (EDASC) confirmed what we have known, which is that the number of workers that telecommute is growing and will continue to rise above the 10% current rate.

This is one of the main reasons why the team at Jean Groesbeck & Associates is now aligned with Compass. Compass is a high technology, cutting-edge real estate company that creates and provides the best tools to reach all segments of the real estate market. Our apps are intuitive and user friendly creating the best real estate shopping experience. COMPASS quickly takes the lead in each market they enter by providing buyer, sellers and brokers a truly unique successful customer experience.

As a seller, it is especially important that the broker you choose knows the way to reach every market segment that might have a potential buyer. We are proud to be aligned with Compass and we look forward to demonstrating their unique, user-friendly, and intuitive new tools.

We will continue to work hard to provide exceptional customer service and we understand that there is a wide variety of emotions that can surround a home purchase or sale. Our goal is to adapt to all of our clients whether you want to view properties via FaceTime and sign documents electronically, or whether you would like us to meet you in person and discuss options over a cup of tea. Feel free to call any of us!

Assessed value and market value are very different and used for different purposes. Typically assessed value is lower than market value, but not always.

Assessed value has little to do with market value.

Skagit County taxes are budget based. The assessed value of your property is used to determined what percent of the total budget you pay via property tax. If assessed values rise equally throughout the county, everyone pays the same percentage. (However, that rarely happens.)

To determine true market value, supply and demand should be analyzed not only by the location, size of your home, and age of your home, but also by the supply and demand of the floor plan, amenities and upgrades of the home.

Assessed values are also used as the basis for automatic valuation models such as Zillow’s Zestimate. You can imagine how far the numbers are thrown off in an area when the property is assessed as vacant land but sold with a home on it at 4-5 times the assess value. The assessed value vs. sales price throws the algorithms off.

If you are thinking of selling and are interested in the current market value of your home, please give us a call. We will be happy to give you a complimentary, current market analysis of your home!

/ An appraisal focuses on past sales, and is often used to determine how much money a bank will loan on a property. It is not a reflection of the market value although the numbers are usually fairly close. /

www.JeanGroesbeck.com

Buyers would be wise to not use assessed values to determine what price to offer on a property, just like sellers should not determine the price they will accept based on assessed value or an automatic valuation model.

Typically, different areas in the County appreciate at different rates. In addition, the County does physical drive-by inspection of properties every 4 years, causing assessed values to change drastically during a drive-by year.

The chart to the right shows the percentage of all properties that sell for above or below assessed value in Skagit County and Anacortes. Assessed value simply determines what percent of the County Budget property owners have to pay in taxes.

From left to right: Taby Perron Licensed Assistant (956) 337-2131 Jean Groesbeck - Managing Broker (360) 941-3734 Eileen Hebert - Real Estate Broker (360) 770-7090 Summer Heaton -Real Estate Broker (360) 540-7716

The market value of a home is the estimated value of a property when sold on the open market. Market values are determined by supply and demand and are not impacted by assessed values.

Market value for all products is determined by supply and demand. It is a fluid number and is impacted by a wide variety of factors.

% Properties That Sell Above or Below Value

Page 3

Page 6

Spring 2019 listings presented by Jean Groesbeck & Associates: 15302 Snee Oosh Rd. - La Conner, WA MLS# 1419408 Pass through gates to your 5-acre waterfront paradise estate. Architectural home designed with sophisticated casual elegance and easy beach access. $2,900,000

8664 Southridge Pl.. - Anacortes, WA MLS# 1424584 Featured on MONA Architecture tour! Stunning home with exquisite craftsmanship and stunning views of the bay and mountains. 2+ acres provides complete privacy. $1.500.000.

17958 Best Rd.. - Mt. Vernon, WA MLS# 1419482 Brand new contemporary home designed to capture natural light using energy efficient and sustainable materials. 4+ acres with magical views of the Cascades and Mount Baker. $1,050,000

20903 Martin Rd.. - Mt. Vernon, WA MLS# 1419437 Private compound bordering 361-acre Barney Lake Conservation Area.

Main home with MIL + second home + 2.450SF heated garage/shop. $1,000,000

11626 Coronado Dr.. - Anacortes, WA MLS# 1419556 Elegant, elegantly remodeled home with a rare combination of privacy and sweeping views of intense sunset colors over the San Juan Islands. $950,000

5232 Island View Wy.. - Bow, WA MLS# 1428042 A hobbyist and gardeners paradise on 5-acres with serene views of lush farmlands, the San Juans and sunsets over the Olympic Mountains. $950,000

A study conducted by OnePoll revealed that 57% of home buyers say a dirty exterior, 55% say a lawn that is not mowed and 53% say dead plants and flowers are the top 3 worst offenders to curb appeal! Garish house colors, tacky mailboxes, no trespassing or beware of dog signs, garden gnomes, fairy statues, metal sculptures, paper lanterns and trampolines also received criticism from potential buyers. (The NY Post) Before you put your house on the market, enhance your home and make it stand out.

Making the right improvements to your home before listing it will add value, increase the appeal to home buyers and is likely get your home sold faster.

Start with first impression items. Wash the outside of your house removing dust, dirt and pollen. Clean and make repairs to fences and paint or stain it if needed. Wash all light fixtures around the entire house, garage and on the porch.

Additionally, the front door, front porch, and door hardware are items that a potential buyer looks at while their real estate agent is unlocking your front door. Does the door need to be painted in addition to being washed? Is the hardware pitted? Is the light fixture pitted? Are there spiderwebs in the corner? Look at your house with the eye of a picky buyer and clean up, repair and replace anything that looks worn.

Make your yard look sharp. When you trim your lawn, cut a clean, crisp edge between the lawn and all flowerbeds. Add fresh mulch or new soil to renew a flower bed. Remove dead branches from bushes, plants and trees and cut back anything touching the house to at least 3 feet away. You may need to remove older plants and put in some smaller, more colorful plants. Remove or cut back any plants that block windows or your front door from the street view.

Put moss removal product on the roof if needed (never pressure wash a composite roof). Moss and missing shingles or flashing are the most common roof items noted on a home inspection and reduces the lifespan for your roof. Dirty gutters are an eye sore as well as being potentially harmful to your roof.

175 Suquamish Wy. - La Conner, WA MLS# 1421482 Enjoy resort living in this architectural, one level waterfront custom home with your boat in your backyard on your 40’ dock. $750,000

© Jean Groesbeck & Assoc. LLC

Home buyers will quickly judge your home by what they see in online pictures, flyers, and online video before a possible drive-by or considering a live viewing. Make sure your curb appeal invites them into your home.

© Jean Groesbeck & Assoc. LLC

Page 2

The blanket of snow smothered most businesses the month of February, unless you were selling snow related goods or services. The same is true of the real estate market.

Inman, one of the leading authorities in the real estate market, recently published a chart showing the average age of today’s luxury home buyer. (shown below)

A soft February does not necessarily signal a softening of demand for homes in our area. But February sales were chilled. (I think demand in 2019 will exceed or at least be equal to 2018).

Younger working professionals that are moving into our markets have housing needs are quite different from the past luxury buyer. They want more square footage than Baby Boomers. A master on the main level is not as important as it is to retirees. They place high value on proximity to the forest lands, hiking trails, bike paths, beaches, and other amenities which provide outdoor entertainment.

Skagit County has a very healthy economy.

Businesses are moving into our area and these new jobs are excellent paying professional positions. In addition, there is a dramatically increasing work population that tele-commutes and works from home . Fiber optics will only increase this trend and we certainly are experiencing a dramatic shift in demographics because of it. Not only are people moving into our area younger than in the past, but they can afford higher value homes.

It wasn’t that long ago that our typical luxury home buyer was a retiree or soon-to-be retiree. They often paid cash or had a large amount to put down on the purchase of a property.

Page 7

13735 Rawlins Rd. - Mt. Vernon WA MLS# 1419552

1906 Creekside Pl. - Anacortes, WA MLS# 1432272

1005/1007 20th St. - Anacortes, WA MLS# 1419659

Watch Trumpeter Swans in the fields, kayak, fish from your backyard on this beautifully remodeled river front farm house. $650,000

Enjoy care free living in this beautifully remodeled single level home with gorgeous views of the bay, marina and mountains. $450,000

Great investment opportunity!

Excellent location of these 2 adjacent homes on 6,000SF lot. $400,000

It is worth noting that seller demographics are also changing. As of now, most of the Silent Generation have transitioned and downsized. Baby Boomers are still a large segment of luxury buyers, but they prefer warm resort markets primarily.

Generation X is at a stage of their life where housing needs are driven by family size, schools and jobs. This generation is just starting to enter the second home market, and could be the next wave of retirees to move to our location.

Marine Dr. - Anacortes WA MLS# 1419927 Rare find! 7+ acres and 2 parcels. $730,000

Parkside Ln. - Mt. Vernon WA MLS# 1422436 Last lot! 2.6 acres with views. $475,000

Monte Vista Dr. - Mt Vernon WA MLS# 1420330 10.2 acre sub-dividable zoned R1. $350,000

Turners Bay Pl. - Anacortes WA MLS# 1419828 10 acres ready to build with a view!. $350,000

Continued on Page 4...

Luxury Home Buyers by Age Group (Nationally) Millenials

(22-37)

15.79%

Generation X (38-53) Baby Boomers

2403 Antone Wy. - Anacortes WA MLS# 1420492 Panoramic views 15,848SF lot in Rockridge. $260,000

49.12%

(54-72)

33.33%

Silent Generation

1.75% 0%

10%

20%

30%

40%

50%

60%

Source: Inman

3892 Seabreeze Ln. - Anacortes WA MLS# 1419904 2.5 acres with majestic trees and panoramic views. $250,000

Dugualla View Dr. - Oak Harbor WA MLS# 1423697 Build dream home on 5 acres with a view. $200,000

2415 T Ave #B7 Anacortes, WA MLS# 1420514 Premier covered 50’ slip in Anacortes Marina. $225,000

Real News

Spring 2019

Jean Groesbeck

Managing Broker Luxury Home Specialist 809 7th Street Anacortes, WA 98221

Main Office : 2033 6th Ave Suite 600 Seattle WA 98121

www.JeanGroesbeck.com www.AnacortesRealEstateGuide.com

Like most news story, negative news receives more attention. Perhaps that is why there have been news reports lately saying that the Western Washington real estate market is soft. Nothing could be further from the truth!

Bellevue and the Eastside of Lake Washington continue to have multiple offers, and we continue to experience a shortage of inventory in Skagit and Island Counties. In fact, the number of homes for sale is at a record low.

The median home prices throughout Skagit and Island Counties remain very strong. There are isolated areas where the market is flat, but overall demand continues to outpace supply causing continued increases in prices.

The good news is that prices are not increasing as fast as they were, which is better for the economy and the long term stability of the market.

NUMBER OF MONTH OF INVENTORY BASED ON PENDING SALES If you are currently working with a real estate broker, this is not intended to solicit your business.

Mar '18

Apr '18

May '18

Jun '18

Jul '18

Aug '18

Sep '18

Oct '18

Nov '18

Dec '18

Jan '19

Feb '19

Mar '19

NW MLS

1.1

1.2

1.3

1.7

1.9

2.4

2.8

2.6

2.7

2.9

1.8

1.8

1.3

SKAGIT County

1.7

1.7

1.9

2.5

2.4

2.7

3.2

2.8

4.3

4.1

2.2

2.9

1.9

ISLAND County

1.9

1.9

1.4

1.8

2.1

2.4

3.5

3.1

3.1

4

2.5

2.5

1.8

For an average market/balanced real estate market, there should be approximately 6 months of inventory.

As you can see from the chart above, inventory is extremely low. The lower the number, the more the market favors sellers.

MEDIAN PRICE OF SOLD PROPERTIES Mar '18

Spring brings, sun, warmer weather, and an abundance of flowers. It’s also the season for baby wildlife to start exploring and they often have very protective parents nearby. After our very long winter, everyone is spending more time outdoors with their pet in backyards, parks and hiking trails.

During Spring, our pets are more likely to encounter wildlife than during any other season. It is very important that we take extra care when exploring outside. Even a well-trained dog may not be able to resist chasing after a rabbit, squirrel or deer. They also could encounter a potentially more dangerous animal such as a coyote or a cougar and if your dog chases after one of these animals, it could turn into an attack. Keeping your dog on a leash is the safest way to spend time outdoors especially while hiking on trails.

Have fun! Enjoy the wonderful Spring time weather and see you again in the Summer!

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Mar '19

SKAGIT COUNTY

$337,000 $336,000 $350,000 $337,000 $349,000 $340,000 $377,000 $360,000 $363,000 $337,000 $337,000 $323,000 $366,000

ANACORTES

$475,000 $410,000 $447,000 $532,000 $525,000 $472,000 $525,000 $550,000 $530,000 $447,000 $410,000 $525,000 $493,000

BURLINGTON

$345,000 $340,000 $330,000 $313,000 $330,000 $335,000 $349,000 $330,000 $335,000 $386,000 $320,000 $348,000 $359,000

LA CONNER

$337,000 $336,000 $350,000 $337,000 $349,000 $340,000 $377,000 $360,000 $363,000 $337,000 $337,000 $323,000 $423,000

MT VERNON SEDRO WOOLLEY ISLAND COUNTY

$337,000 $349,000 $331,000 $327,000 $355,000 $350,000 $360,000 $350,000 $355,000 $328,000 $370,000 $367,000 $366,000 $328,000 $274,000 $306,000 $286,000 $285,000 $300,000 $300,000 $293,000 $280,000 $290,000 $264,000 $257,000 $272,000 $365,000 $388,000 $365,000 $376,000 $385,000 $370,000 $370,000 $343,000 $350,000 $345,000 $349,000 $365,000 $346,000

The demand for inventory will increase through the summer months and probably beyond. Mortgage rates actually slipped back a little bit allowing home buyers to purchase a higher priced home. There are new businesses moving to Skagit County and the economy is strong. The real estate outlook is bright!

These statistics can vary by neighborhood and the specific type of home. If you are curious about the demand for your type of home, please give us a call! Or send an email with your address to info@JeanGroesbeck.com.

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