Snohomish County Real Estate Market Report for May 2020
Today, I'm bringing you our May Market Report for Snohomish County. What are the effects of COVID 19 on oiuor local housing market? Our first real look at the data since the COVID 19 virus took over and our shelter in place orders went into effect.
- Are the prices really dropping?
- Will the market plummet?
- Is the news accurately describing what is happening locally?
Let's jump right into the data and see what is REALLY going on:
- Sales price in Snohomish County the average worth is $540,000 for the average sales price for residential real estate. That's an increase of about 3% year over year.
- Days on market. How long does it take to sell a home from when it comes on the market to when it goes under contract? This is heavily price dependent. Below about $425,000, homes are going to sell in a few days, maybe between three and seven days. Above $425,000, it's going to be more in that 30-60 day range depending on how aggressively the home has been priced and what the condition and location of that home are.
- Months of inventory supply: So how long would it take to sell every home that's on the market right now if no other homes came on the market? We're at a 1.4 month inventory supply level, which is about 16% lower than last year at this same time. Remember, we're always looking at year over year stats and not month over month because of the seasonality effect of real estate.
- Coronavirus: We are in the epicenter, along with King County, of this whole thing. We are seeing fewer showings on listings, however the buyers who are out shopping are serious, high quality buyers. We are also seeing agents switch over to virtual home buying. For the past several years, we have helped many buyers purchase homes without ever leaving the comfort of their current home. Check out how we are doing virtual home buying!
What does that mean?
It just means that, historically speaking, we're still really in a seller's market and in particular in those lower price ranges. It also means, as a buyer, you need to be ready when the home of your dreams comes on the market. Work on getting preapproved and underwritten. This shows sellers that you are a quality buyer! What it means for sellers- showings are going to be much lower, but that doesn't mean people aren't out shopping and the buyer's we are seeing are serious!
Whatever happens, make sure you stay up to date, safe and request a free market analysis for your home! Also, if you’re interested in finding a Snohomish County home, check out some of our videos for home buyers as well as tips on selling your Snohomish County home.