Wind of change in the real estate market

Published 9:00 am Saturday, July 22, 2006

The local real estate market could be facing a change in favor of buyers.

“The market is slowing down, especially in the midranges,” said Linda Beeman, a sales associate at Windermere in Freeland.

“The second quarter statistics for South Whidbey sure surprised me,” she said. “I’ve been thinking our inventories are low and our buyers are many. I was wrong.”

Sales of homes are down 35.7 percent from the second quarter of last year.

Vacant land sales are down even more – by 42.3 percent, she said.

Prices are a real mixed bag, Beeman added.

“They’re up significantly for homes under $300,000 and over $900,000. Home sales prices in the $300-$900k range, however, dropped this quarter,” she said.

The reason for that is that there is lots of inventory for these price ranges currently on the market.

Land sales prices increased dramatically at the upper end and healthily for lots in the $50,000 – 100,000 range.

“The really startling news is that our inventory of homes priced at $300,000 and up could last for many quarters based on current sales levels. If a house is priced above $900,000, we have sufficient inventory now for the next six quarters,” Beeman said.

The same is true for land, though active listings more closely align with the number of sales during this quarter.

Even so, the number of lots priced above $100,000 is sufficient for at least two quarters.

“In a market as small as ours, a few sales can skew figures considerably and each property must be judged individually. Still, speaking generally and contrary to widespread belief, it looks like we’re trending toward a buyers’ market,” Beeman said.

The average home buyer on South Whidbey is looking for homes between $400,000 and $500,000. Properties with a water view is always popular.

“We have lots of retirees from Seattle. They typically look for a one-story home with a master suite on the main floor and a view,” Beeman said.

Many clients also hope to find their dream home within walking distance of Langley, she said.

Michaela Marx Wheatley can be reached at 221-5300 or mmarxwheatley@south

whidbeyrecord.com