2020: Year of Surprises! Skagit home sale prices rose 12.9% in 2020 to $421,975
The median sales price of a Skagit County homes rose 12.9% to $421,975 in 2020, more than doubling in the last 10 years, according to managing broker, Shelah Inman of Brown McMillen Real Estate in Burlington.
The countywide median home sales price has soared $216,505 (106%) since its last yearly decline in 2011, Inman said. The other double-digit increases since then were in 2018 (11.3%) and 2017 (11.1%).
The median sales price is the point where half of the home sales are above it and half are below it. Inman prepared her report based on data from the Northwest Washington Multiple Listing Service.
“Skagit County homeowners have benefited from significant increases in equity in the last decade,” Inman said. “We expect a strong demand for housing to continue and will need more supply over the next three years.”
Anacortes has the highest median price in the county, rising 13.8% in 2020 to $550,000, but Sedro-Woolley had the highest percentage increase of the county, increasing 19.4% to $375,000. Other Skagit County communities with double-digit percentage increases in their median sales price included Mount Vernon (13.5%) and Burlington (12.5%).
“Three factors are primarily responsible for the strong year in home prices,” Inman said. “We still have positive migration of people wanting to move here, because the pandemic has shown they can work from any place they live. Already low mortgage rates dropped even further, to around 2.5% for a 30-year loan. Inventory levels of homes listed for sale keep shrinking, leading buyers to act quickly and submit offers that often are higher than the list price.”
Low inventory is keeping a lid on the number of homes sold, which rose only 3.5% to 2,014 in 2020 despite strong demand and low mortgage rates. However, Inman said it also led to quicker sales, as the average time on the market for a Skagit County home plunged 23.1% to 40 days.
The median sales price, average sales price, number of units sold and average days on the market (DOM) before a sale for Skagit County and individual communities for all of 2020, with percentage comparisons to all of 2019, follow.
Skagit County – Median price, $421,975, up 12.9%; average price, $474,902, up 13.3%; units sold, 2,014, up 3.5%; DOM, 40, down 23.1%.
Anacortes – Median price, $550,000, up 13.8%; average price, $634,417, down 13.5%; units sold, 396, down 2.2%; DOM, 39, down 43.5%.
Burlington – Median price, $422,000, up 12.5%; average price, $490,712, up 19.1%; units sold, 293, up 6.9%; DOM, 40, down 18.4%.
La Conner – Median price, $375,000, up 1.4%; average price, $434,624, up 8.5%; units sold, 100, up 17.7%; DOM, 59, up 11.3%.
Mount Vernon – Median price, $420,000, up 13.5%; average price, $454,115, up 12.4%; units sold, 738, down 1.5%; DOM, 35, down 22.2%.
Sedro-Woolley – Median price, $375,000, up 19.4%; average price, $396,699, up 17.2%; units sold, 324, up 17.4%; DOM, 34, down 8.1%.
Provided by: Shelah Inman of Brown McMillen Real Estate.