June 2022 Market Report
What’s going on in Snohomish County:
Sales price is still increasing
Home appreciation is still 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 22%. This increases the average sales price for a single family home in Snohomish County to $794,000. Still a staggering increase year over year. This has been going on for over eight months straight.
Slightly up from last month, New Listings are up 6% year over year, meaning there is slightly more inventory coming onto the market this month. 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 down at a decrease of 4% year over year. This has decreased greatly since last month meaning we are moving in the right direction for more inventory.
Days on the Market are at 5 days for the median and 11 for the average. To be honest, those five days are merely for the offer review time. If we had no offer review dates we would probably have homes selling in one day with so much interest and offers being put on each house that goes on the market.
Months of Inventory Supply, which helps understand how long it would take to sell every home on the market, is still at about 0.5 months of inventory. This as been the case for close to two years now. 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 is 106.3% meaning on average homes are selling for 6.3% above the original list price. This is slightly lower than last month.
What does this mean for buyers, sellers, and homeowners?
As a buyer, you have a great opportunity right now. We have had multiple clients get offers accepted this month where they were the only offer on the home. It’s still possible and an awesome condition of the market that didn’t exist this same time last year. Take advantage of this opportunity while other buyers might have fallen out of the market and less offers are being put on homes for sale.
The price you pay for a home today is the best price you are going to pay! We do not expect to see prices drop anytime soon. But what you can do is buy now and refinance your home down the line to get a lower rate on your mortgage.
Time is money here. If you’re thinking about buying a home, you want to get shopping right away.
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. Choosing an exceptionally high number will more than likely result in a price reduction and your home sitting on the market. If the market thinks your home is worth more than it is priced at, you will see multiple offers driving that price up.
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.