Market Shifts
It's been a minute since I posted our monthly stats. Not because I didn't think they were important, but because I simply wanted to wait until there was a noticeable difference to show. Prior to the market shifting, I was beginning to feel like a bit of a broken record!
Fast forward to today and inventory is up to a 2 month supply in both King and Snohomish counties. While this is still a bit away from a balanced market, the added inventory is a welcome change to give buyers more options and cool bidding wars down.
You'll notice here for both counties that while days on market are up slightly, so is the median price. The sky isn't falling! What we are experiencing is a return to a more "normal" market. The market frenzy we had been in wasn't normal by any means. Prices just shouldn't be rising that fast and you shouldn't have to forfeit all your contingencies in order to buy a home!
In today's market, contingencies are feasible and closing cost credits are more likely. If you've been considering buying, but were fearful of the competition, this market is for you! Let's connect about how we can get you into a home now to start earning equity today.
Market Update: March Stats
March stats are in and there are a few noticeable changes since February, primarily in median sales prices!
King County inventory dropped by .1 month of supply in March.
Inventory remained the same for Snohomish County at a .4 month supply.
Median price in King County was up by $75,025 to a whopping $845,000!
Median price in Snohomish County was up by $51,000 to $755,000.
March was certainly a frenzied month on the home buying front, but as we approached month's end and the start of April, interest rates began to rise. We don't yet have the stats to show how this may be effecting the market, and it doesn't feel like it is having an overall impact at least for the moment, but we will keep an eye on April's stats to see if can gauge the impact. For now, demand STILL greatly outweighs supply making it a very competitive seller's market!
It's monthly stat time!
King County here's how you stacked up in April 2021 vs. April 2020:
2,047 more new listings this year in April. (We have Covid to thank last April for what seems like a large differential this year.)
1,545 more closed sales this April.
Average days on market down by 3 days to just 13.
Inventory down from a 1.7 month supply to a .6 month supply.
Median sales price up by $95,000 to $750,000.
Inventory did not change from March to April this year and we definitely feel it. Bidding wars still continue across the board with many sellers taking early offers before their review date even has a chance to arrive. Though I feel like I'm seeing a bit more inventory start to appear this month, it's getting snatched up equally as fast.
I say it every month, but NOW is the time to sell. There hasn't been a market quite like this in my 16 years of selling, so trust me when I tell you, you likely won't be disappointed with the results. If you've been considering a move, I'd be glad to chat!
November 2020 Market Stats - Snohomish County
I know I sound like a broken record lately, but the inventory levels are just beyond low! For King County, the inventory was 17.8% lower this November than in November 2019. In Snohomish County, it was 63.3% lower this November than last. This accounts for both single family and condos combined. Wow and yikes! All this with no shortage of buyers in sight.
I've said it before and I'll say it again...if you have a home to sell in either county, we desperately need you! Contact me for a complimentary market analysis to see where your value lies and how we can help you capitalize on your equity in 2021!"
Prices have really jumped particularly in Pierce and Snohomish County. If you have been considering a move or are interested in tapping into your equity, I'd be happy to help with a complimentary market analysis for your property. Your home may be worth more than you think!
Average days on market down by 16 days from November 2019
Inventory is at a .4-month supply!
Median sales price up by $82,000 from November 2019 to $547,000
You may be asking what a .4-month supply of inventory really means. Well, I'm glad you asked. It means that it would take only .4 of a month to sell EVERYTHING currently available in ALL of Snohomish County. This includes single family, condos, and townhomes. Snohomish County encompasses a very large territory, so to be able to sell everything that fast means inventory is pretty non-existant! In 16 years of doing business, I don't think I've ever seen a level that low.
If you have a home to sell in Snohomish or King County, WE NEED YOU! Let's chat about how we can help you capitalize on your equity in the new year and put some cash in your pocket early in 2021.
