SNOHOMISH COUNTY REAL ESTATE MARKET TRENDS
Market Insights, Statistics, Graphs, And Infographs
THE SNOHOMISH COUNTY HOUSING MARKET COOLS EVER SO SLIGHTY FROM A SELLERS FRENZY STATUS TO A SURGING SELLERS MARKET FOR THE MONTH OF AUGUST
The Snohomish County Real Estate Market Analysis For August 2017 Shows The Selling Market Continues To Cool Ever So Slightly, But Remains In Surging Status
A few things really stuck out to me as I was compiling the August stats.
- The average sales price dropped for the first time since January.
- The interest rates decreased again this month and have stayed below 4% for the last 4 months.
- The average days on market has increased for the first time since December.
- The number of closed sales was 174 units more than last month
What that story tells me is that the selling market is starting to cool off a bit and we are primed for buyer relief.
The inventory continues to grow, increased inventory, and buyers are finding that the bidding wars are starting to decrease.
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 get your offer accepted.
PUGET SOUND HOUSING MARKET HITS NEW SALES SUMMER RECORD
It’s been the best summer on record for sales activity in the central Puget Sound market, with June, July, and August clocking in a record number of transactions. Looking ahead for the next six months, new listings coming on the market usually drop by 20% in September and October, and then drop another 30% over the winter, so, for buyers, the best opportunity for selection and availability will be the next two months. Interest rates are the lowest they have been since last November, and job growth remains very strong. ~ J Lennox Scott
Snohomish County Real Estate Data
With only 1.2 months of supply if no other homes were listed in the next 1.2 months we would run out of houses to buy.
Last month there was 1 months supply. We are starting to see this number increase each month.
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
In addition, 65% 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 faster than normal. The average days over the last 5 years is 53.
In comparison 5 years ago the average sales price was $268,785. That is a $178,748 increase over 5 years ago.
In addition the average home is selling for 1.1% higher than it is listed as. That means that people are offering slighty more than the listing price to “win” the listing.
The interest rates decreased just slightly to remain at a ridiculous 3.82% (source: Freddie Mac). Leaving plenty of buyers that are in the market.
With the inventory starting to increase more buyers should enter back into the market, as is seen by the number of homes selling.
1,798 homes were sold in Snohomish County last month. That is up 686 homes from 5 years ago, and 183 from just last year.
It seems, as many homes come on the market they are still selling quickly.
According to Zillows massive data set early May is the best time to list a home to maximize value. November is the best time for buyers to maximize value.
September is bringing a drop in pricing. There is still time to list your home before winter.
These next 2 months are the best time for buyers.
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
- $447,533 was the average sold price for listings in the Snohomish County in August of 2017
- 2,010 new listings were added to the MLS for Snohomish County in August of 2017
- 2,581 homes were for sale during the month of August in Snohomish County
- 1,798 homes sold in the county in August
- 1.2 months of inventory available in Snohomish county in August
- 24 was the average days on market for a home to sell in the county
- 101.1% was the average listing price vs. sales price percentage
- 238 was the average price per square foot in Snohomish County
- $802,873,625 was the total closed sales volume for the county in August
- 3.82% was the average interest rate (source: Freddie Mac)
- 65% of homes sold in the first 30 days in Snohomish County in August of 2017
f you have been in the market trying to buy a house you may have experienced what is called buyers fatigue. With more inventory coming on, and prices dropping you should start to see some relief.
If you are considering a move up, a move down, or just want to sell your home… Inventory is stil at record lows. Homes are selling at a rapid pace, homes are selling for a 1.1 percent higher than they are listed at, the Interest Rates are still at below average lows, and the job market remains strong.
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