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Low Inventory Continues in Snohomish County
Real estate market data for Snohomish County is provided by the North West MLS. To get your instant home valuation Click Here! You may be surprised what your home is worth in today’s market!
Here is a look at Snohomish County months supply of inventory for March 2017. As a whole, Snohomish County has less than one month of inventory on the market. This means that if no other homes go up for sale, all homes will be sold in 0.7 months. A balanced inventory making it neither a buyer’s or seller’s market would be 6 months of inventory. Right now it is a crazy seller’s market where homes only stay active for a week or less in most areas. There are multiple offers on almost all houses. The ones that do not sell right away are most likely over priced or are a unique property that will take the right buyer.
Don’t let the low inventory scare you off though, buying has it’s advantages this month too. Interest rates are still at all-time lows and there are tons of down payment assistance options right now. We have not had any issues finding our buyers homes. It might just take a little more time and patience than it would in a balanced real estate market. Whether you are a first time home buyer, move up buyer, or downsizing, it can all be done even in a seller’s market. Home prices might be higher in a seller’s market however the low-interest rates offset the price of the house.
The low inventory is helping home prices rise in all of Snohomish County as well as surrounding counties. The average sales price is up 11.9% since last year. The median sales price is up 10.4% since last year. If there is a home that is sitting on the market and not selling it comes down to price. This is the hottest real estate market in history and if you are waiting for the top of the market we are in it! Homes in are getting 101.4% of asking price.
House Sales in Snohomish County
March saw a total of 1,091 condominiums, townhomes, and single family homes sell. The median price range of houses that sold in Snohomish County during the month of March was $416,000. This amount shows an increase of 10.4 percent from last March. At the end of the month, there were 1,266 single-family homes on the market without an offer. There were 1,184 homes pending last month. The average days that a house was on the market for all of Snohomish County is 39 days. However, that number is significantly different in most areas of Snohomish County. Most houses are selling from what we see in about a week or less with multiple offers.
Condo Sales in Snohomish County
There were 246 new condo listings that came on the market last month. This was – 10.9% then March 2016. Off market, there were 249 pending and 220 closed. Condo’s are sitting on the market for an average of 26 days before selling. This number varies depending on what market you are looking in. If it is downtown Mill Creek it will sell faster typically, then a condo in Darrington that is not close to as many amenities. The median sales price for condo’s and townhomes is $277,450 and the average sales price is $311,878. The average percent of the listing price received for condos is 102%.
New Construction in Snohomish County
There is new construction going up all over in Snohomish County! As of right now, there are 162 active new construction homes for sale. Gold Bar has the cheapest new construction starting at $274,950 built by Goldmark Enterprises, Inc. The most expensive new home for sale is in Snohomish for $1,695,899 with 4,420 square feet. Some of the builders you can see all over Snohomish County are Seattle Pacific, Quadrant Homes, DR Horton, and ACME Homes. The majority of new homes are in the move up buyer price range. There are only 9 active new homes for sale under $400,000 in all of Snohomish County.
Here’s the most recent home listings just added to the database in the average price range for Snohomish County. All homes here are priced at $450,000 or less.
This Month in Real Estate National News
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