Snohomish County Real Estate Market Report for April 2018
Snohomish County Real Estate Market Trends - April 2018
One of the most important ways real estate agents add value is through a deep understanding of the current market.
Each month, we conduct an in-depth analysis of market trends to help you make the best buying/selling decisions.
Here’s what we’re seeing when comparing April 2018 to April 2017:
- An increase in new listings. This time last year, there were 14,242. This April comes in slightly higher at 14,736, indicating that the market is healthy.
- An Increase in closings. Last April we saw 12,711 deals closed. This year it’s up to 13,093.
- A decrease in days on market. We’ve been seeing this trend all year. Houses were on the market for 12 days last year and now it’s down to 9 days.
- Months supply is down. Also concurrent with recent trends, there is less inventory on the market (1.5 down to 1.2).
- Average sales price is up. This one is huge! A 13% increase from 429K to 485K. The ROI of owning a house right now is incredible.
Explanation of Current Market Conditions
A lot of clients ask us what we think of the current market, and whether or not we could be in a bubble.
There are a handful of factors that are creating such a healthy market. Construction rates are still low, meaning less new construction and more demand for existing homes. Interest rates are also still low, meaning more people who can afford a home and drive up demand. We’re seeing a general trend of people who are dissatisfied with renting and wanting to own something, especially with millennials.
The housing market is especially healthy here in the Pacific Northwest because it’s a great place to live. We have a big tech movement with a lot of great companies moving their headquarters up here, attracting people to our beautiful coasts and mountains.
Also, be sure to get in touch below - we'll offer you our marketing and sales plan or buyers guide to start developing a strategy that will provide you the highest net value on your transaction!