The Pacific Northwest real estate market has changed rapidly since the pandemic, with buyer preferences and market conditions evolving in ways that affect communities large and small. On Camano Island, a distinctive locale situated between Seattle and the Canadian border, these changes reflect larger regional patterns but also highlight the island’s unique features and challenges.
Ellen Bohn, Managing Partner at The Agency Camano Island, has nearly 30 years of experience in this market. She began her career in 1996, using a pager, a Thomas Guide map book, and handwritten purchase agreements. Over the years, she has seen real estate become increasingly digital, but she maintains that the foundation of the business remains personal relationships.
“No matter what market we’re in or what time frame we’re in, it’s still a relationship business,” Bohn says. “That’s always something that needs to be held in the highest regard, and every agent should work to maintain that relationship, because that’s also going to cultivate your business down the line.”
A Strategic Partnership for a Changing Market
Bohn recently transitioned from owning a franchise of a legacy brand to becoming managing partner at The Agency, a move she describes as a strategic response to shifting market demands. The Agency’s model combines a boutique approach with global reach, which aligns with her goals for serving Camano Island’s diverse clientele.
“The Agency uses a boutique approach to real estate, but we have global reach and are in the most coveted areas within the real estate market,” Bohn says. “They foster a culture of collaboration, using collective talents, resources, and networks so a world-class team is available to clients every step of the way.”
This collaborative strategy extends internationally, with agents exchanging ideas and best practices across markets. “I could be talking to somebody in Spain about something that’s working well there, and we can adopt it here, or vice versa,” Bohn explains.
Camano Island’s Distinct Market Profile
Camano Island holds a unique position in the Pacific Northwest market, offering median prices between $700,000 and $1 million. This range provides a balance between luxury appeal and accessibility, especially compared to Seattle. The island features 52 miles of coastline, a vibrant artist community, and the convenience of drive-on access, making it attractive to buyers seeking a lifestyle change.
“Camano used to be more of a summertime snowbird community, and now it’s much more full-time with families. It’s growing all the time,” Bohn notes. She attributes much of this shift to the pandemic, which made remote work more common and allowed people to prioritize location and lifestyle over proximity to city offices.
The island’s infrastructure requires specialized local knowledge. “We’re all septic and well, for example – things that are not as common elsewhere. So someone familiar with the area is extremely important,” Bohn says, emphasizing the value of experienced, local representation.
Current Market Conditions
Despite national challenges such as higher interest rates and economic uncertainty, Camano Island’s market remains active across all price segments. “We are seeing an overturn of homes in all price points. We have luxury from one to four million that sell fairly quickly, and then we have our first-time home buyer bracket as well,” Bohn reports.
Still, she acknowledges that headwinds are present. “The teeter-totter is currently a little imbalanced. We have higher interest rates, home prices, and concerns about the economy and job security. I think once these factors start to level out, the market’s going to become bustling again.”
In the meantime, these conditions have created opportunities for buyers who are prepared to act. “Right now, I would highly suggest, if one is capable to purchase, it would be wise to go ahead before it reverts to a seller’s market where we start to see increased home prices and potential multiple offers again.”
Adapting to Higher Interest Rates
The increase in interest rates from pandemic-era lows near 3% to current higher levels has made creative deal structures necessary. “In a down market, you tend to see sellers be more open to helping buyers with some closing costs, potentially an interest rate buydown, just overall assistance in closing costs,” Bohn says.
Lenders are also adjusting within their regulatory limits. “Lenders are working to be as creative as they can with the restrictions they have to make more available to the consumer. There are a lot of first-time home buyer programs, and sellers in this market are a little more open to helping a buyer get into their home.”
Redefining Luxury Service
Bohn’s approach to luxury real estate emphasizes the experience rather than a specific price threshold. “We look at luxury as not a price point, but an experience. No matter what price point a listing is, that client is going to receive the white glove treatment.”
She also stresses the necessity of personal connection, even as technology and digital marketing become more prominent. “I do feel that brick and mortar still matters. A lot of companies are opting for online brokerage platforms. I believe brick and mortar still has its place, where folks can walk in and make a personal connection with a broker, and where community can happen within its space” she says.
Pricing Strategy in Today’s Market
With properties remaining on the market longer than during the peak pandemic years, accurate pricing has become essential. Bohn stresses the distinction between simply listing a property and actively selling it. “Are you just wanting to be on the market, or are you for sale? There is a difference. To strategize and make yourself actually be for sale, that means pricing and marketing strategy.”
This requires educating sellers about current market data and positioning listings competitively, rather than holding out for prices that may no longer be realistic. The objective is to generate genuine interest and avoid prolonged listings that can lead to price reductions and a negative perception.
Demographic Trends and the Road Ahead
Camano Island is attracting a broad range of buyers. “There are more younger families trying to get into their first residence. We also have seniors that are downscaling. You’ve got both ends of the spectrum,” Bohn says.
This growing demographic diversity, along with the island’s features, supports the potential for continued growth. The drive-on access, unlike ferry-dependent islands, makes Camano more practical for commuters and full-time residents.
Looking forward, Bohn anticipates that as economic conditions stabilize, buyer activity will increase. “Once these factors start to level out, the market’s going to become bustling again,” she predicts.
Why Camano Island Stands Out Now
The combination of Camano Island’s natural beauty, growing base of full-time residents, and strategic market positioning makes it a compelling choice for buyers looking for lifestyle-oriented real estate. For industry professionals, Camano Island demonstrates how local markets can retain their unique qualities while responding to larger regional and national trends.
With its distinctive infrastructure, accessible location, and evolving buyer base, Camano Island offers both challenges and opportunities in today’s Pacific Northwest market. As buyers become more selective and the market adapts to higher rates and changing expectations, agents with deep local knowledge and a relationship-based approach are well positioned to guide clients through the current landscape.
