Snohomish County Real Estate Market Trends - December 2017
It's been an incredible year for Snohomish County real estate, and the trend continues through December.
Similar to past months, here's what we're seeing when comparing December 2017 to December 2016:
An increase of 11.3% in sales price. This is pretty consistent with the rest of the year over year data - at least a 10% increase. One huge benefit of this is that with an increased home value, home owners have more equity in their property. Once that equity hits 20%, they won't have to pay mortgage insurance anymore - saving hundreds of dollars each month.
Inventory is at historical lows. Even in December 2016, inventory levels were low at a 1.6 months supply - now, in 2017, there is only a 1.2 months supply. What does this mean? If no new homes came on the market starting today, it would only take 1.2 months to sell every home on the market. Experts estimate that a 6 months supply means a balanced market - you do the math! That's why we say this is the best sellers market in years.
The average days on market to sell your Snohomish County home are historically low - almost in the single digits! 10 days in 2017 compared to 13 in 2016.
Watch our video below that goes over the exact numbers for December of this year vs. last year.
The Right Strategy to Sell Your Home in 2018
There hasn't been a better time to be a seller in the last 17 years than right now, and 2018 is looking to make that 18 years. There's a lot of competition with buyers, and houses are selling like crazy. For tips on how to get top dollar for your property, make sure you read some of our blog posts on selling your Snohomish County home and get in touch below - we'll offer you our marketing and sales plan and start developing a strategy that will provide you the highest net value on your transaction!