Snohomish County Real Estate Market Trends - April 2018
One of the most important ways real estate agents add value is through a deep understanding of the current market.
Each month, we conduct an in-depth analysis of market trends to help you make the best buying/selling decisions.
Here’s what we’re seeing when comparing April 2018 to April 2017:
An increase in new listings. This time last year, there were 14,242. This April comes in slightly higher at 14,736, indicating that the market is healthy.
An Increase in closings. Last April we saw 12,711 deals closed. This year it’s up to 13,093.
A decrease in days on market. We’ve been seeing this trend all year. Houses were on the market for 12 days last year and now it’s down to 9 days.
Months supply is down. Also concurrent with recent trends, there is less inventory on the market (1.5 down to 1.2).
Average sales price is up. This one is huge! A 13% increase from 429K to 485K. The ROI of owning a house right now is incredible.
Explanation of Current Market Conditions
A lot of clients ask us what we think of the current market, and whether or not we could be in a bubble.
There are a handful of factors that are creating such a healthy market. Construction rates are still low, meaning less new construction and more demand for existing homes. Interest rates are also still low, meaning more people who can afford a home and drive up demand. We’re seeing a general trend of people who are dissatisfied with renting and wanting to own something, especially with millennials.
The housing market is especially healthy here in the Pacific Northwest because it’s a great place to live. We have a big tech movement with a lot of great companies moving their headquarters up here, attracting people to our beautiful coasts and mountains.
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
Also, be sure to get in touch below - we'll offer you our marketing and sales plan or buyers guide to start developing a strategy that will provide you the highest net value on your transaction!