Snohomish County Housing Market Report and Real Estate News for August 2016
Real estate market data for Snohomish County, WA provided by the North West MLS. To get your instant home valuation Click Here! You may be surprised what your home is worth in today’s market!
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The real estate market in Snohomish County has been as hot as our Seattle weather! HOT HOT HOT! Snohomish County has been experiencing extreme housing inventory lows all year. This month inventory sits at 1.3 months supply of inventory, last month was 1.2 months in Snohomish County. Homes are selling between 97% – 116% in the price ranges $10,000 through $1,000,000. Anything above 1,000,000 is on average selling at 89% of list price. Some sellers have noticed a slight slow down in how fast homes are selling. Average days on market is 22 days. This is most likely because of back to school and last minute vacations. We have been noticing appraisers taking a while so the time in contract before closing has been a little longer than usual.
Snohomish County Home Prices
Home prices are still slowly rising due to the lack of inventory. They are up 10% year to date. Each city in Snohomish County is different, some home prices are steady and others are still rising. As you can see from the graph below, listings are mostly selling around 99% of list price and over. To make sure you don’t overpay for your home, you’ll want to have an agent that does a thorough market analysis of the home on which you are making an offer.
Bothell, WA has 200 units for sale, the average price is $555,317 and the average time on market is 29 days.
Everett, WA has 347 units for sale, the average price is $423,058 and the average time on market is 33 days.
Snohomish, WA has 116 units for sale, the average price is $378,433 and the average time on market is 48 days.
Lake Stevens, WA has 278 units for sale, the average price is $344,691 and the average time on market is 40 days.
Marysville, WA has 410 units for sale, the average price is $325,570 and the average time on market is 38 days.
As of July 31st, 2016 the current housing inventory for Snohomish County is only 1.3 months. That means that if no other homes come on the market houses will sell out within a little over one month. Currently, Snohomish County as whole homes has an average time of 35 days on the market before they sell. This would suggest that buyers are in a position to make an aggressive offer on a home, especially if it is their dream home. Sellers should make sure to price their home at the market value if they expect to get an offer from one of those interested buyers. Low inventory is one indicator that prices should continue to rise until there is a more balanced inventory. Fall and winter are coming and that is the season where the market will usually balance out. Sellers should beware when accepting offers too high over the asking price because homes still have to appraise at the value in order for buyers to get financing.
Find Homes for Sale in Snohomish County
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To find out what you home is worth in the current market use our FREE Home Evaluation Tool or call 425-308-6641. Hablo español