November 2021 Snohomish County Market Report
Wondering what in the world is going on in the real estate market? Mike Novak from the Novak Real Estate Team has the November residential real estate market report for Snohomish County. He gives us insights and details into what is happening at a hyper local level for prospective buyers in the area.
November 2021 Market Report
The Stats - November 2021
Average Home Price is now $711,000 in Snohomish County. That's a huge 22% increase year over year. The average home price one year ago was $589,000.
New Listings are up about 7.3%. By comparison, Homes for Sale are down about 43%. There's less homes available to look at right now. And Close Sales are up 11%. So there's more homes that are being sold, but they're selling really fast, which is why the homes that are for sale are down.
Days on market: how long does it take to sell a home after it comes on the market? The average is about 11 days, which is a 50% decrease from last year. So homes are selling a lot faster than they were one year ago. And then the median is about five days, down about 20%. The five days is really what we call the offer review date, where a seller lists the home on a certain day, say a Thursday, and they wait till another certain day to look at offers, say a Tuesday. So that would be one or zero if there were no offer review dates in our market more than likely.
Percentage of list price: On average, how much over list price are homes selling for right now? I know you probably hear about this in the news, you probably talk about it at the water cooler at work. Well, here's the facts, we're at 105.3% of list price on average in Snohomish County. On average, homes are selling for 5.3% over list price. If you want to buy a $700,000 home, and 700,000 is your absolute max, you really want to be looking in the 650s. So you can ask late to go above list price and be competitive and win that house and not miss out on that opportunity. So keep that in mind if your buyer.
Showings per closed listing: This is a new stat that I shared for the first time just a month or two ago now. It takes about 18 showings to get an offer on a home and actually get to close. So keep that in mind. If you're a seller. If you're not at 18 showings, you likely don't have offers unless it's in a very unique location or a very hot location, if that makes sense.
If you are curious about your home’s current value, if you are a buyer considering entering the market but unsure where to start, or if you simply want to connect to chat about real estate shoot me a text or call directly on my cell at 360-393-0396.
Mike Novak
(360)-393-0396
mike@novakteam.com