July 2020 Market Update - Snohomish County Real Estate
*Week of 7/23/2020, Source http://www.freddiemac.com/pmms/
Let’s start by taking a look at the interest rates. They are at historic lows. I really hate using the word “historic” because it sounds like I’m trying to sell you something, but these rates really are historically low. It’s incredibly cheap to borrow money right now.
If you’re a home seller—This means you have a lot of buyers that can leverage more buying power because their monthly payments are much lower at this rate than the rates last year.
If you’re a potential buyer—You can use this time to borrow money and even though home prices have risen, your monthly payment might not because of these low rates.
*Stats for June 2020, Source NWMLS.com
Now onto the real estate stats.
We have 9% less listings coming on the market.
We have an increase of 21.5% in pending home sales.
Homes are only on the market an average of 20 days before they find a buyer.
Your average sales price has increase over 5% to a range of $539k to $581k.
When a house does sell, it is selling for an average of 101% of the listed price.
What this translate to is a strong seller’s market. This is for all of Snohomish County, which is a huge county. Each city and area is unique, but overall, our real estate market is strong and healthy.
FAQS
Why have prices increased?
When you have a low number of homes for sale and a high demand for homes from buyers, you get buyers competing with each other to win. One of the best ways to do that is to offer to pay more money. Every time this happens, this helps the next future house sell for more as well because the overall value of the area increases.
Is it a good time to sell?
Yes! A lot of homes that are marketed well and priced at fair market value are selling for at or above their listed price and in record times.
Is it a good time to buy?
While it is difficult at times to compete with all the other buyers out there, it is still a great time to buy because money is so cheap to borrow right now. The prices of homes are projected to continue to increase, so it will only get more and more expensive.
Have a question you want answered?
Contact Nicole here.
A One Week Snapshot of the Market
🏠 In the last 7 days, we have had 321 new listings hit the market. Still not enough homes for sale though. Look at how many have found buyers and have sold!
🏠 586 homes found buyers!
🏠 352 homes sold!
We consistently have around 250-275 homes listed each week and the number of homes sold keeps increasing. This is such a strong seller’s market.
We are in an inventory shortage, meaning we need more homes for sale. If you’ve been thinking of selling your house, now is a great time. Interest rates are low and we have a large pool of buyers ready to buy. Please reach out if I can help answer any questions.
📈 Want more stats specific to you and your niche market? Contact me here.