Snohomish County Real Estate Market Trends - March 2018
Understanding the state of the current market is one of the most important things you can do before jumping into buying/selling real estate in Snohomish County.
We study the market every month to notify you of trends, changes, and things to look out for.
Here’s what we’re seeing when comparing March 2018 to March 2017:
A jump in average sales price. Last March, homes sold for 424,000 on average–now they’re selling for an average of 480,000! This is a huge return on investment, and great news for those of you who don’t have 20% equity on your home. The increased price will count towards your equity and eventually you’ll be able to apply and have your mortgage insurance removed. This will save you hundreds every month.
Last March, homes spent an average of 12 days on the market. This March, that number is down to 9. If you’re wanting to buy a home, make sure you’re able to schedule home showings the day they get on the market.
Inventory continues to drop, from 1.5 months last March to 1.2 months this March. That means if 0 homes were listed in the next 1.2 months, the entire supply would (theoretically) run out (see our post on competing for homes when inventory is low)
Our Tips Based on the Snohomish Real Estate Market
Today’s market is very interesting. It’s filled with opportunity, but you’ll want to know how to navigate it.
For this month, we recommend a few things:
Don’t wait! The market hasn’t shown any signs of slowing. If you choose to wait another year, you could get pushed out of the market even further by increasing prices
Spring is a great time for real estate because more homes are coming on the market while more buyers are interested in making a purchase. It’s a win for both sides.
It’s typical to see inventory increase in the Spring, but there’s also an increase in buyers. If you have an agent who knows how to navigate the system, you’ll have more options and be able to more easily navigate the crowded market.
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!