August 2022 Market Report
What’s going on in Snohomish County:
The price you pay on a home today, is the best price you will pay, buy now!
Days on market and inventory supply are going up.
New strategies for buyers and sellers in this current market
Watch the video to get the full breakdown
Thinking about buying or selling? Schedule a free no obligation call directly with Mike.
We’re back again with another real estate market report for Snohomish County!
So, let’s talk about some of the key data points we’re seeing right now.
We’ll talk about how buyers and sellers can be prepared in this hyper competitive market, and finally we’ll provide some insight for the rest of 2022 and what our expectations are for the Snohomish real estate market.
The Highlights
Starting with Sales Price, we are still seeing an increase in the average sales price year over year at 14%. This increases the average sales price for a single family home in Snohomish County to $844,000. Still a staggering increase year over year. This is less than what it has been in regards to the appreciation rate than previous months.
Slightly up from last month, New Listings are down 4% year over year, meaning there is less inventory coming onto the market this month compared to previous months. Total Number of Homes for Sale is up to around 1,500 homes for sale which is an increase of 118% year over year.
Days on the Market are at 15 days on average. So things are starting to take longer to sell, but only slightly.
Months of Inventory Supply, which helps understand how long it would take to sell every home on the market, is still at about 1.9 months of inventory. But, a 6 month inventory of homes is what most economists see as a balanced market. With low inventory and high demand, this quick cycling market in Snohomish County is making it extremely difficult for buyers.
List Price to Sale Price Ratio has dropped to 102% meaning on average homes are selling for 2% above the original list price. This is lower than last year by about 6%.
What does this mean for buyers, sellers, and homeowners?
As a buyer, you have a great opportunity right now. While inflation and interest rates are up, the price is much better. We are no longer seeing houses go for crazy amounts over list price. This is what you have been waiting for as a buyer, with more inventory on the market and less competition, now is the time.
As a seller, there are more homes on the market, so your home will most likely take slightly longer to sell. If you’re getting three showings or more a week that tells you your price point is okay. Anything less and you are overpriced. When thinking about pricing your home, avoid looking at the most recent spike in housing prices, but rather November and December of last year with a reasonable appreciation.
Are you ready to take the next steps toward buying or selling your home?
When you work with The Novak Team, you are putting to work the vast experience of some of the top agents in the industry, not just the area. Tap the link below to schedule a zero commitment consultation with me to see if it would be a good fit.