Snohomish County Real Estate Market Report for July 2018
Snohomish County Real Estate Market Trends - July 2018
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 July 2018 to July 2017:
- Average sales prices are WAY up. From 418k last year to 471k this year, around an 11% increase. This is much higher than the historical 3%.
- There was a slight increase in listings, so the listing inventory appears to be moving towards a more normal number (17,759 listings to 18,279)
- A slight decrease in months supply from 1.6 to 1.4 months. Again, that means that, at this rate, all the homes on the market would sell in 1.4 months. To put this in perspective, a neutral balance is normally 6 months. Additionally, days on market has dropped from 28 to 24.
What does this mean?
It might not seem like it based on a few of these stats, but we can tell you (from being out there in the field) that we definitely are seeing a shift.
This isn't 2007. We aren't in a bubble and there is no predatory lending going on. Rather, it's just a natural slowing down of the market that is to be expected.
For sellers, this means that you shouldn't see your home as a lottery ticket. You can still get an excellent price on your home (because there is much more demand than supply) but you risk losing that if you shoot too high right of the bat. You only have one chance to impress the market, so make sure you take a look at a comparable homes report from your real estate agent and price accordingly.
As a buyer, this means that there is light at the end of the tunnel. We're starting to see a little more supply. We've been putting a lot of buyers under contract lately, due in part to our showings policy and rapid notification when homes hit the market.
Get in contact below and we can get things moving for you! Now is a great time to be in real estate.