We Are in what is being called a Frenzy Seller’s Market
Spring is here, and like the flowers, we’re finally seeing the number of new listings coming on the market grow! The housing market is in direct alignment with daylight savings time. With longer daylight hours we now see more than double the number of new listings during the spring, summer and fall than the 4 winter months that just passed. Buyers will start to see some relief as many more new listings come on the market over the next 6 months.J Lennox Scott
The Snohomish County Real Estate Market Analysis For April 2017 Shows It Is The Be The Best Time Ever To Sell
As Lennox points out with the start of spring more listings are coming on the market. That means that inventory should start to raise over the next couple of months.
That is good for buyers, but not for sellers. As a seller you have the advantage. But that advantage should start to decrease through spring and into the winter.
If you want to stop and list your home right now we would not blame you. Just click the button below or reply to this email and we will come out and give you a market price valuation.
Below you will find a breakdown of the data to find out what is causing this frenzy sellers market.
With only .6 months of supply if no other homes were listed in the next 2.3 weeks we would run out of houses to buy.
Last month there was .7 months supply. We should start to see this number increase as we move through Spring and Summer.
As you can see from the table above anything below 6 months is considered low. Low inventory means higher demand. Higher demand drives the price up.
DAYS ON MARKET
The average home in Snohomish County is selling in 38 days. In contrast, 5 years ago the average days on market for Snohomish County was 85. Homes are selling 47 days faster today than just 5 years ago.
In addition, 76% of homes are selling in less than 30 days. That number is usually closer to 30%.
Because there are less homes for sale and there are still many buyers trying to buy… the homes that do list are usually selling very fast. Often times over the first weekend they are listed.
We have already seen where a low inventory should drive up prices. The average sale price for Snohomish County residential homes is $421,213. In comparison 5 years ago the average sales price was $226,700. That is a $194,513 increase over 5 years ago.
In addition the average home is selling for .8% higher than it is listed as. That means that people are offering more than the listing price to “win” the listing.
According to Zillows massive data set early May is the best time to list a home to maximize value. That means if you were to start getting your home for sale right now (April 15th) you would be perfectly time to hit the market!
The Snohomish County Real Estate Market Analysis INFOGRAPHIC
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PAST MONTHS REPORTS
We put this list together every month. If you are interested in seeing past months you can access the archive below:
Snohomish County Market Stats
- $421,213 was the average sold price for listings in the Snohomish County in March of 2017
- 1,568 new listings were added to the MLS for Snohomish County in March of 2017
- 1,045 homes were for sale during the month of March in Snohomish County
- 1,221 homes sold in the county in March
- .6 months of inventory available in Snohomish county in March
- 38 was the average days on market for a home to sell in the county
- 101.4% was the average listing price vs. sales price percentage
- 219 was the average price per square foot in Snohomish County
- $514,301,141 was the total closed sales volume for the county in March.
- 4.14% was the interest rate
- 76% of homes sold in the first 30 days in Snohomish County in March of 2017
If you are considering a move up, a move down, or just want to sell your home… there may never be a more perfect storm for selling.
Inventory is currently at record lows. Homes are selling at a rapid pace, homes are selling for a percent higher than they are listed at, the Interest Rates are still at below average lows, and the best month to sell your home is right around the corner.
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