It’s time to look at the Snohomish County market report for January 2019. 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 January numbers for Snohomish County:
· The average days on the market increased only slightly, from 25 in 2018 to 26 in 2019.
· The months of inventory supply increased from 1.2 in 2018 to 1.6 this year, a 33% increase.
· The average home price is up 9.7% to $519,519k this year.
· The list price to sell price is right at 100%
· The number of new listings increased 6.3%
· The number of homes for sale on the market increased 31%
What it all means
We continue to be in a seller’s market. Even though it creeped up 33%, the month’s supply of inventory, which is the length of time it would take to sell all the homes on the market if no other properties were added, is still below 6 months. As we say every month, 6 months supply would signify a neutral market and anything above that would be a buyer’s market. So, if you price your home correctly, it will sell.
The average price of homes at $519K means that if you are shopping in the $300K to low $400K price range you may have difficult time finding that perfect home. You will need to be realistic on price as $519K is the new normal in Snohomish County. As is evident by the list price to sell price being at 100%, sellers are getting what they are listing the homes for, meaning prices are correct for the market.
Right now, is the time to start thinking about the spring selling season. If you are thinking about selling, this is the time to do it. The competition will be waiting until April or May so getting on the market now will increase your chances for selling your home for a higher price.
If you are thinking about selling give us a call. And if you are a buyer, you have got some options with that 31% increase in the homes on the market. The more homes mean more options as you find the perfect property that meets your needs.