With the summer coming to definitive close, I was holding-on for a couple more hot days, and with today being October 1st, lets take a look back at the Snohomish County housing market for August 2015.
Specifically in this post we'll look at charts for:
- Housing Inventory
- Days on Market
- Number of Units (Sold & Under Contract)
- Median Home Prices
Months of Housing Inventory
Housing inventory shows early signs of stabilizing around 2 months of standing inventory, however; that is still well below a balanced market of 6 months.
Since August 2013, the housing inventory has decreased by a whopping 56% which pushes the balance even further into the seller's favor.
Average Days on Market
The average time a home spends listed in Snohomish County is inching upwards yet from July the increase is only 2 days. Even though the increase isn't all that significant, its still not surprising since July is Snohomish County's busiest month and the average market time is very similar to August 2013.
Supply & Demand in Units
In August 2015, the number of Sold units fell sharply from July 2015 yet not uncommon when looking at the previous year(s). However, Under Contract units increased slightly over the previous month which means more people were writing purchase contracts and those should show in September and Octobers Sold statistics.
Since August 2013, both Sold and Under Contract units, have increased dramatically with Under Contract soaring 75% and Sold climbing a more modest 38%.
Median Home Prices for Sold, Under Contact & For Sale
The median home prices for homes that have Sold, are Under Contract, and are currently For Sale properties are increasing.
QUESTION: Will low appraisals start curbing housing inflation? Early signals say yes.
Northwest Multiple Listing Statistics
- Average Sales Price Increased 11.4% from 2014
- Median Home Price Increase 11.2% from 2014
- Average Days on Market decreased by 16.3% from 2014
Putting in Perspective Report
Homes and properties in the lower price points see the highest listings-to-sales price ratio while the middle price points ($300,000 - $400,000) seen the highest volume over the last 90 days. With that said, homes were selling for list price, for the most part - slightly under to slightly over list.
Questions Looking Forward
What are you thoughts on the Snohomish County housing market?
- Think the FED will keep rates where they are through the first of the year? Or raise them?
- Will housing inventory remain low and in the sellers' favor?
- Will days on market increase or will they become more stable?
- Will home prices stabilize, and/or increase at a more modest rate?
These are things I've been thinking about and please share your thoughts in the comments below.