Is the market calming down?
Ready to buy or sell in summer 2019? Curious about market changes? Our market report for May 2019 has some important information about the Snohomish County housing market! The Novak Team is committed to providing up to date information affecting the real estate market for our best clients. We are here to assist you in making the best decision possible.
Get the latest data for Snohomish County and our tips and guidance on what to do if you are thinking about buying or selling in summer 2019!
Let’s take a quick look at the May data for Snohomish County:
Average home price is up 6.4% to $491,436
The average days on the market increased to 31 days on average
The months inventory supply increased to 2 months
The number of homes (inventory level) for sale increased by 28%
What it means for
The current numbers show that the market is finally settling down: We see an increased months supply, the increase of homes for sale, and a slowing sales price.
If you want to sell: Make sure you list right now. Keep in mind, that pricing right is still essential!
A settling market and low interest rates are attractive to buyers! We see escalation offers, mainly on houses in the 300,000 dollar range.
What it means for
Great news for buyers! The real estate market is stabilizing with an increased numbers of houses for sale, an increased supply and a slowing sales price.
With a list price to sales price ratio of 100%, you can see your full price offer on a properly priced home accepted.
However, income vs. home price gap is becoming a major issue: With a median household income of $82,000, most family can afford a $375,000 home in an area with an average home price of $491,000. Luckily, we have some ideas to still bring you into the house of your dreams! Direct message me so we can find the right strategy to get you moving!
The real estate market is strong
If you are thinking about selling, give us a call. And if you are a buyer, you have to get your foot into the door, as the market is stabilizing - but we still see multiple offers. Contact us right away, get pre-approved and don’t wait for the weekend to start the search for your dream home!
Plus: Interest rates are LOW - some as low as high 3% range! Even if you are not buying and selling, you can save several hundred dollars a month doing a refinance.