We Are in what is being called a Frenzy Seller’s Market
The inventory shortage continues to fuel the quick action market and home prices are skyrocketing. The market is as intense as ever, as 82% of homes are selling in the first 30 days. If you’re a seller, you are in the enviable position to be able to ask for concessions such as rent backs and longer closing times in order to design your own exit strategy from your home.~ J Lennox Scott
The Snohomish County Real Estate Market Analysis For May 2017 Shows It Is Still The Best Time Ever To Sell
As Lennox points out we still have a real shortage of listings to sell. This is creating a high demand and driving the prices up and allowing sellers to sell their home very quickly.
Buyers are getting tired and often times getting outbid for homes increasing above the listing price.
Buyers are able to negotiate concessions in order to strengthen their offer. Things like waiving their inspection, adding a price escalation to beat price, or offering rent back to sellers.
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.
If you are a buyer it is more important than ever to pair up with a real estate agent, or team, that has a proven strategy to getting your offer accepted.
Below you will find a breakdown of the data to find out what is causing this frenzy sellers market.
With only .7 months of supply if no other homes were listed in the next 3 weeks we would run out of houses to buy.
Last month there was .6 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 31 days. In contrast, 5 years ago the average days on market for Snohomish County was 84. Homes are selling 53 days faster today than just 5 years ago.
In addition, 80% 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 $438,817. In comparison 5 years ago the average sales price was $262,656. That is a $176,161 increase over 5 years ago.
In addition the average home is selling for .9% higher than it is listed as. That means that people are offering more than the listing price to “win” the listing.
In order for it to be a sellers market there must be buyers.
The interest rates dropped from last month to a minicual 4.03% (source: Freddie Mac). There are plenty of buyers that are in the market.
With the inventory starting to increase more buyers should enter back into the market.
Only 1,185 homes were sold in Snohomish County last month. That is down 46 from last year, and up 273 units from 5 years ago.
Less homes sold this month than last month but last month there was a significant jump in homes sold.
Homes are selling quickly, there just are less homes going on the market.
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 (May 25th) you would be perfectly time to hit the market!
PUGET SOUND REAL ESTATE TRENDS
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
- $438,817 was the average sold price for listings in the Snohomish County in April of 2017
- 1,640 new listings were added to the MLS for Snohomish County in April of 2017
- 1,629 homes were for sale during the month of April in Snohomish County
- 1,185 homes sold in the county in April
- .7 months of inventory available in Snohomish county in April
- 31 was the average days on market for a home to sell in the county
- 102.1% was the average listing price vs. sales price percentage
- 226 was the average price per square foot in Snohomish County
- $519,559,355 was the total closed sales volume for the county in April
- 4.03% was the average interest rate (source: Freddie Mac)
- 80% of homes sold in the first 30 days in Snohomish County in April 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 we are currently in the best month to sell your home.
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