Snohomish County Real Estate Market Report for February 2020
What 's going on in our local market?
Each month, we conduct an in-depth analysis of market trends to help you make the best buying/selling decisions.
Today, I'm bringing you our February Market Report for Snohomish County. At the end of this video, I'm sharing with you the top two mistakes both buyers and sellers make every day that you can easily avoid. I want to make sure that you don't make those same mistakes. Stay to the end of the video and I will share those two tips with you and those two mistakes we are seeing made a lot right now.
But first of all, let's jump right into the data:
- Sales price in Snohomish County worth $540,000 for the average sales price for residential real estate. That's an increase of about 2% year over year. Gone are those 10, 11, 12% increases that we're seeing in 2016 and '17. 2% is a very good number. It's very normal. Historically speaking, that's a great number to be seeing and we're very pleased with that number. That's the average sales price.
- The new listings are down about 3% year over year, so there's less new homes coming on the market than there was one year ago. The homes that are for sale on the market, there's about 5% less than there was a year ago, so there's less to look at.
- 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 priced 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 1.5 month inventory supply level, which is the exact same as 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.
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. Remember, most people think that a six-month inventory supply is considered a neutral market, so we're not even close to getting to that six-month range yet. It could take us a few years to get back to a number such as that.
Whatever happens, make sure you stay up to date 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.