Now that the new year has begun, it’s time to look at what happened in the Snohomish County market at the end of 2018. The Novak Team is committed to providing up to date information affecting the real estate market as we assist you in making the best decision possible.
Let’s take a quick look at the December data for Snohomish County:
· The months inventory supply increased from 1.2 to 1.5, a 25% increase.
· Average home price is up 10.27% from $471k in 2017 to $519k this year.
· The average days on the market increased by less than 1%, from 26 in 2017 to 26 in 2018.
· The percentage of list price decreased by less than .2%, from 101.2% in 2017 to 101% 2018.
· The number of closed sales decreased 5.8% from 12,598 to 11,864.
What it all means
In December, buyers got some pretty good deals even though a seller’s market remains.
At 1.5 months of inventory supply, it is still considered a seller’s market. Remember, anything less than a six-month supply is considered low and signifies a seller’s market. With a double digit increase at 10%, which is triple the historical average for the sales price, sellers continue to see their home values increase.
When selling your home, you will most likely not see it sell within the 10 or 12 days experienced back in the spring, but 26 days is still pretty good. If your home is priced correctly, it should sell around the 26-day mark. If it takes longer, you may have a pricing issue.
Homes are selling right around or just above their listing price. Some go for 3 or 4% above list price and some below meaning the market is responding favorably to the price sellers are placing on their home.
If you are seller and are thinking about selling sometime in 2019, this is a great time to list before the inventory is flooded with the spring time listings. With the expected surge in homes on the market, competition will increase, and buyers will be looking at 3, 4, 5, or even 6 homes just like yours in your neighborhood.