Snohomish County Real Estate Market Report for March 2020
Today, I'm bringing you our March Market Report for Snohomish County. At the end of this video, I’m sharing with you how we are handling the concerns in our community as well as how mortgage rates are affecting your purchase power.
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 2.4% 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.
- 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 about 6% 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. It hasn’t really affected our market yet, but it is something we are watching. We urge you to not panic and make sure you are taking the necessary precautions to keep you and your household safe. Right now, open houses are postponed, and we are seeing agents do virtual opens! This is a great alternative to a live open, you can still see the house and ask questions real time!
- Mortgage Rates: We are at historically low rates. We are seeing them as low as high 2’s! If you have a mortgage that’s above 4%, reach out to us today and let’s get your refinanced!
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 have more purchase power as much as 40-50k! What is means for sellers- there are more buyers that can afford to buy your home. It’s great to see how this is benefiting both our buyers and sellers.
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.