SNOHOMISH COUNTY REAL ESTATE MARKET TRENDS
Market Insights, Statistics, Graphs, And Infographs
We Are in what is being called a Frenzy Seller’s Market
The Snohomish County Real Estate Market Analysis Shows It May Be The Best Time Ever To Sell
A bold claim to be sure. Why are we suggesting such a boast? There are many factors that contribute to this current market condition.
We can do the eye test and see that houses are selling fast and for top dollar. However, we would probably feel much better about it if we could use big data to show us.
Before we get into the meat and potatoes of what is going on.. if you would like to stop here and just schedule a time for us to come out and give you a professional home price consultation. We won’t mind at all… in fact that is our job. Just click the button below or reply to this email and we will come out and give you a market price valuation.
Our robust market has created extreme conditions. We’re seeing frenzy hot activity on each new listing coming on the market. Inventory levels were driven down over the winter and we continue to experience an extreme shortage of homes available for sale in the more affordable and mid price ranges where 90% of the sales activity is taking place. We are looking forward to some relief when more inventory comes on the market in March.J Lennox Scott
Snohomish County Real Estate Data
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.
Last year there was 1,619 homes for sale in Snohomish County and 1,097 this year. More than 500 less homes for sale.
This year 1,221 homes sold vs. only 1,191 last year. That is an increase of 30 homes sold over the last 12 months.
It is a telling signal that many less homes were for sale but more homes sold over the last year.
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 (March 24th) 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 April of 2017
- 1,568 new listings were added to the MLS for Snohomish County in April of 2017
- 1,045 homes were for sale during the month of April in Snohomish County
- 1,221 homes sold in the county in April
- .6 months of inventory available in King county in April
- 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 April
- 4.14% was the interest rate
- 77% 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 the best month to sell your home is right around the corner.
If you are buying and trying to decide if you should wait there are a few things to keep in mind.
- Current Rental Rates
- Current Interest Rates
- More Inventory is Coming
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