As real estate agents in Snohomish County, the Novak Team is committed to providing the most up to date information affecting the real estate market. The August market report for Snohomish County is out and it provides important that affects both buyers and sellers.
Let’s take a quick look at the August numbers:
· Average home price is up 11.8% from $453k in 2017 to $506k this year.
· The number of listings increased 2% from 13, 761 last year to 14,051 this year.
· The average days on the market decreased by 13%, down from 26 to 23 in 2018.
Analysis shows a slightly higher number of new listings in August 2018 compared to 2017. The difference is slight, at just a couple hundred, but it does give a hint that the market is shifting in the buyer’s favor.
With the number of available homes increasing, the supply is catching up with demand which is slowing home price growth.
What it means for sellers
The market still favors the seller, but people will not over pay. If you plan on listing your house high, hoping someone will bite, you will miss out. It’s not a lottery ticket and homes and we should see homes that are overpriced stay on the market for significantly longer periods of time.
Buyers are a lot more selective in the homes they are making an offer on. Sellers will need to price their homes competitively and make their property as attractive as possible to stand out amongst a growing pool of available homes.
What it means for buyers
The offer review date we have become accustomed to is pretty much gone. Sellers are listing their home at the price they want to sell it for and are not waiting to look at offers, which is great for the buyer. Buyers are not in a rush and they don’t need to be. They are looking at more homes, ordering inspections, and taking their time.
Even though the numbers indicate a shift, we do not anticipate a repeat of 2008 in when the market was turned on its head. With low unemployment numbers, low interest rates, and the growth we are experiencing in the region, the real estate market will remain strong.