Snohomish County Real Estate Market Report for June 2018
Snohomish County Real Estate Market Trends - June 2018
We're seeing an incredible market right now, and, if you're like many of our clients, you're wondering if there are any signs of slowing down.
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 June 2018 to June 2017:
- Once again, prices are up. We're seeing a 13.1% increase in average price, from 440k to almost 500k (498k to be exact)!
- Listings are down. This may explain the increase in price, as there are fewer homes available on the market and typically stiffer competition for each.
- A slight decrease in months supply from 1.4 to 1.2 months. Again, that means that, at this rate, all the homes on the market would sell in 1.2 months. To put this in perspective, a neutral balance is normally 6 months.
What does this mean?
Well, the market is still hot with no signs of slowing down (yet). As a buyer, it's important to have an agent that can get out there, get you into houses quick, and negotiate well in order for you to land a property.
What Would a Real Estate Market Shift Look Like?
As you follow our market updates, you might wonder what a shift would look like if it were to happen.
Typically, you would see the price start to shift slightly. Normal home-value appreciation is about 3% year over year, so we would start to come down from double digits we are in right now.
Real estate shifts based on supply and demand, so some of those other statistics will indicate that there are more homes on the market that are taking longer to sell. Builders might even offer incentives, meaning that they need more buyers and there is a better supply of homes on the market.
Whatever happens, make sure you stay up to date and request a free market analysis for your home!