Snohomish County Real Estate Market Trends - May 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 May 2018 to May 2017:
Dramatic increase in average price. We’re up 11.5%, from 434k to 490k and rapidly approaching the 500k average home value milestone.
While there was a small (2.6%) increase in supply, the supply that we currently have on the market will only last 1.2 months (compared to 1.2 last year). There continues to be incredible demand.
Along with that incredible demand, houses are only lasting an average of 8 days on the market compared to 12 last year.
Takeaways From Current Market Conditions
The spring surge is over. Typically, the spring months have the most sellers list their homes. Things have cooled down a bit.
The market is definitely rejecting overpriced listings, and we see this in the form of expired listings. It’s important for home sellers to dial in the right price for their home. You can speak with one of our listing agents who can compile a market analysis for you.
There is still a lot of competition on properly priced homes.
Also, be sure to get in touch below - we understand the market and would love to guide you through the process of buying or selling your Snohomish County home.