July 2022 Market Report
What’s going on in Snohomish County:
New listings are WAY up
Days on market is also increasing
The price you pay on a home today, is the best price you will pay, buy now!
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 $869,000. 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 up 15% year over year, meaning there is a lot more inventory coming onto the market this month compared to previous months. This is a great sign! While there are more homes coming on the market than there were a year ago, they are still selling super fast because there is still a huge buyer back log. Total Number of Homes for Sale is up to around 1,500 homes for sale which is an increase of 160% year over year.
Days on the Market are at 11 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 1.6 months of inventory. This is the first time it has increased in close to 2 years. 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 month by about 4%.
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 climbing, there are still options for you. You can do rate buy downs or closing cost concessions from the seller to help get your rate all the way back down into the 3% range. 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, you need to be pricing your home to where the comps support. The comps should be recent as well, within the last six months. This is not the time to be testing the market. Choosing an exceptionally high number will more than likely result in a price reduction and your home sitting on the market. This is no longer an optimal strategy, those days are long gone.
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.