Here’s what you need to know about the future of our real estate market.

Today I want to give you a quick update on the end of the year numbers for 2021 and predict what our market will look like in 2022.

For Oak Harbor, our hot market peaked in the spring when we only had 11 houses on the market. June was the apex, and we had 83 homes pending. Right now, we have around 30 homes pending. This was a crazy seller’s market all year, but things began to soften as we headed into the summer. 

For Anacortes, the lowest number of homes on the market was 23. We peaked in May when we had 43 homes pending. Now, we have around 22 homes pending. In the fall, prices began appreciating at a lower rate. This was great for buyers since they could hop into the market during the slowdown.

What does this all mean for 2022? I think we’ll continue to see interest rates tick up, but they will probably only increase a little bit. Inventory should remain low because there isn’t a ton of new construction on the horizon; however, competition should be lower. This means that if you’re a buyer, 2022 could be your year. Rates will rise, but they will still be very low from a historical perspective.

If you need a resourceful group of experts to help you get into your dream home, give my team a call or send us an email. We are always looking to help!