September 2022 Market Report
What’s going on in Snohomish County:
List to sale price ratio is starting to go down.
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
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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 7%. This increases the average sales price for a single family home in Snohomish County to $805,000. Still a staggering increase year over year. This is less than what it has been in regards to the appreciation rate than previous months.
Total Number of Homes for Sale is up to around 1,500 homes for sale which is an increase of 110% year over year.
Days on the Market are at 22 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 1.7 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 98.7% meaning on average homes are selling for 1.3% below the original list price. This is a big decrease from this time last year.
What does this mean for buyers, sellers, and homeowners?
As a buyer, rates are unquestionably higher. We touched 7% recently. 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. It’s also now a lot easier to add stipulations to your offer such as inspections, and appraisals and zero down VA loans.
As a seller, you need to be very careful about how you list your home. The way your home is presented to the market absolutely matters. Price also matters, you do not want to out-market your home. This will most likely lead to your home sitting and ultimately getting a price reduction. Remember, days on market is now upwards of three weeks, so your home will sit on the market for some days. A good test to see how your home is priced is how many showings you have, 2-3 a week is a good sign that your home is priced right.
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.