Snohomish County Real Estate Market Trends - February 2018
We’re happy to be back with another real estate market report for February 2018, and we’re even happier to report that the market is still as hot as ever.
It might sound redundant. It might even start to seem ordinary. Trust us, it’s not. Now is a great time to get involved with real estate.
Similar to past months, here's what we're seeing when comparing February 2018 to February 2017:
A 12% increase in average sales price. Last year at this time, the average home value was 420,997. This year, it’s $475,152. We’ve seen these types of returns consistently for almost a year now. There’s one huge benefit of this for homeowners (besides making thousands of dollars)—owners gain more more equity on their property. Once their equity hits 20%, they won't have to pay mortgage insurance anymore, which saves them hundreds each month.
Inventory remains scarce. Last year we had a 1.6 months supply on the market, now we only have 1.2. That means that most the homes on the market right now will be gone in a little more than a month.
While basically every home will sell in 1.2 months, the average home only spends 9 days on the market. You’ll need an agent that can get you in for showings quick, or you’ll risk missing out. (see our post on competing for homes when inventory is low)
The Right Strategy to Sell Your Home in 2018
Today’s market is very interesting. It’s filled with opportunity, but you’ll want to know how to navigate it. Check out our tips on selling your Snohomish County home and also our videos for home buyers to get things moving in the right direction. Then, 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!