If you look at pending sales it is clearly a buyers market on Whidbey, inventory and options available to buyers have increased and many sellers have made price reductions. I think it's a great time to buy-sellers are motivated and interest rates are bound to increase later this year.

I agree Jason! I suspect it might even be different depending on what area of the Island you're looking at!
todd

I guess my question is why are out of area agents answering questions about Whidbey Island? I think if you really want to know information about the Island you should pay attention to the answers from agents who actually live and work on Whidbey.

Tough question to answer straight away. It can vary greatly by category and there is no one definition of the term. But I will give it my take:

If one takes the number of all residential homes in an area (supply), and divides that number of total home either Pending or STI (demand), one comes up with a percentage or ratio. The reason you use Pending and STI are that they are listings that buyers have committed to but have not closed and are a fair representation of the general willingness of the buyers to buy.

If 100 total listings all had deals on them it would be a "pure" Seller market. If none of the listings had deals on them it would be a "pure" buyer market. The market is saturated with good inventory and almost every category is in the single digits in terms of pending percentage. That means Buyer market. At the point the percentage goes higher than 50% the scale starts to tip back toward a Seller market.

Or, one can take the total inventory (or in a more narrow category ) and divide that number by how many homes SOLD in a month. This equals "Months of Inventory". If it is over six months of inventory I think it is trending toward a Buyer market. Less that six months is trending toward a Seller market. Here on Camano, and in most areas of Whidbey, the high end (over 800k), and low end (under 250k) have the higher pending percentages and lower 'months of inventory'. It is very tough in NWMLS areas 780 (Camano), and 811 (South Whidbey) to get a stick-built home under 200k. There is some inventory under 250k. It gets less expensive on average as you travel up Whidbey to Oak Harbor. the reverse is true on Camano.
We have seen in Island County a few years of 2 and 3 months of inventory. Now we have 10 and 11 months of inventory. Overall a Buyer market currently. More choice and longer times on market and a Buyer can make a shrewd, perhaps even lowball, offer and get a good deal. You never know, though, who the seller is and what their motivation is. We have lots of second homes and retirees who often have good equity or are of a financial standing that insulates them from national statistics and lending shenanigans.

I concur with Mary Bryson. Island County offers Island lifestyle to city escapees and retirees at a reasonable price with maximum enjoyment within striking distance from the cities or Canada. Just a bridge for Camano, and the option of bridge or ferry for Whidbey. Options and access. We will be a retirement destination for the vast numbers of Boomers just now starting to retire. That means whether trending toward Buyer or trending toward Seller, we are a good investment and will continue to be for many years to come. This is reflected on a general unwillingness on behalf of many Island County sellers to just roll over on price. Plus our prices are not falling, just kind of stalling.

So....convoluted answer to an intricate question. A good Realtor should be able to explain most of these concepts and apply this type of analysis to what home or category you need to investigate.

Good Luck!

I just looked up and noticed that you are a CB agent in Oak Harbor. You know the answer to your question. I find it curious that you would ask a question about a market that you should be familiar with since you work on Whidbey.

It depends on the area in which you're buying and the price range in which you're looking. It is more a buyer's market in some areas and some price ranges than others. Because Whidbey Island is a destination for retirees and second home buyers, our local market generally stays pretty strong. We do have good inventory right now, prices have stabilized and interest rates are still low, so it is an excellent time to be a buyer on Whidbey Island.

My business is on the south end of Whidbey Island and it is a buyer's market right now, plenty of inventory to choose from - the best time to look at buying would be now to late Spring. We usually see an increase in buyer's as the weather improves.

Whidbey Island is still doing well. So much of the public as well as agents are use to homes selling within 4 weeks of being listed. The last 4 years have been an extreme for the Sellers market. The impression that is common in our communities has been if it doesn’t sell in a month, there must be a problem with the market. A normal market has market times of homes anywhere from 90 - 120 days. Currently Whidbey Islands market time is approximately 80 days.

The market is leveling out in regards to market time. Some prices have decreased slightly but this is due mostly to the impression we receive from the world around us. Professionally it is pretty equal, though there are some sellers that are fearful due to the difference in the market, those are the ones who would slant the impression that we are in more of a buyers market.

To simplify the answer; Our market is pretty even right now. What the exact market time is right now is difficult to call because it has gone back and forth the last couple months.

Hope this information has helped.

CB. You need to check our community guidelines. I see you are new to Trulia. Trulia does not allow self-promotion.

The market in Oak Harbor is relatively stable at this time. The sellers have become realistic in their asking prices and now the homes are priced very well. There is an abundance of homes on the market and now is an ideal time to be a buyer. It is definately a "buyer's market", with many incentives being offered. Please feel free to contact me should you have any particular questions. Thank you.