Prices are up 7% over last year March 2016 vs. March 2017. What is more unbelievable there up $4000 from last month! 1788 brand new listings in March up 459 from February however from last year down -5%.
Down -12% March 2017 vs. March 2016. Why? No inventory buyers are finding it difficult to find homes.
1933 units went pending last month +343 from February.
+4% March 2017 vs. March 2016.
1420 units +330 more than last month
Days on Market
Snohomish County Active to pending 35 days vs. 45 a year ago. Incredible!
Median home price in Snohomish County $415,000 +7% last year. Increase of $4000 from last month. An all-time high!
Median home price in King County $560,000 +11% from last year. Days on market 39.
Median home price in Woodinville $612,000, Days on market 20. This is an incredible $52,000 from last month!
Months of inventory
If no additional homes would be put on the market, there would be no inventory left after approximately 3 weeks. We are sitting at .78 month inventory. This is also a all time record in Snohomish County. In King County that figure is .6 months. A balanced “normal” market is 3-6 months. Buyers’ market more than 6 and Sellers less than 3 months.
Area price % growth based on last Quarter
Bothell + 14%, Edmonds/Lynnwood +13%. Everett/Mukilteo +10%
Snohomish/Monroe + 11%. Lake Stevens/Granite Falls/Arlington/Darrington +20 %. Marysville 17%. Incredible rising percentages! New Construction is included.
April 2017 Market Characteristics:
- Sellers: position your home to get premium pricing and if you have been on the fence on selling now is historically the best time.
- Buyers: need to be Buyer-Ready, Day-One™ to get a home in today’s market. This means fully approved for a loan. If you’re not there is no sense looking the home you liked will be gone before you can get a preapproval.
- The market continues to be more intense than during the same time in year 2016.
- There’s a severe shortage of homes for sale close to job centers. We are virtually sold out, and each new property on the market is getting instant action.
- More new listings will lead to a higher level of sales activity.
- Prices are increasing in the price ranges and the market areas where 90 percent of the sales activity is taking place, leading to premium pricing for sellers in those areas.
- Interest rates seem to come down just a bit and are hovering right around 4% for a 30 year fixed.
- Multiple offer everything. If you’re a buyer you must have patience.
- More new listings come on market from March through October than November through February.