Wow has it ever been busy in just the beginning of the 2015 Real Estate Market!
So far homes are flying off the market as quick as they come on. My listings this year have been put on the market and then put into pending almost within a week! Buyers that I have been working with are realizing that it is very competitive and they need to be putting their best foot forward on an offer when they find “the one.” Investors I work with are blown away when we visit a foreclosed house and the entire yard is full of investors with their Realtors combing through the house and talking quietly. One home that we submitted an offer on was bid up $30k more than asking price. Think that’s crazy? Not really when there are so many looking for a great deal and no homes out there. Yes, folks we are now in a sellers market.
Here is a brief outline for our Real Estate Stats in Snohomish County at the end of February. For the full NWMLS report please click here.
Inventory is down 12% from this time last year. Currently there are 2320 homes on the market in Snohomish County which is 300 less than end of February 2014.
Pending transaction are up +23% with 1686 homes pending. 200 more than last year.
In closed transaction we are up 14% to 811 which is down -34 from last year.
Number of days on market is up just a few to 69 days. This is from time going on the market to close. Which is realistically a great number, however, we were at 65 last year so their might still be some closing delays in there.
And the big one!
The Median Home price in Snohomish County is up 12% over last year to $345,000.
For you King County folks your Median Home Price is $400,000 which is down 2K from last year.
Another tid bit of information: 1 in 5 Homes being sold right now is New Construction.
Know of anyone looking to sell? Show them this and have them give my team a call!