Snohomish County housing statistics for July 2013 are published and here are the take aways.
Months of Available Housing Inventory
The standout statistic is housing inventory is on the rise. Now is that because more folks are listing their homes for sale? Probably. Personally, Mickie and I took more listings since March. This is all in light of Fannie Mae, Freddie Mac, and FHA reporting REO inventory decreasing – CalculatedRiskBlog.com.
Average Days on Market for Pending (under contract) Properties
The average days on market for Pending properties decreased by 7 days from June levels to settle at 30 days. When looking at the average days on market over the rolling two year period the decrease is a staggering 58%.
Median Price for Pending (under contract) and Sold Properties
The median price for Pending and Sold properties has been steadily increasing since January 2013. From June 2013 to July the changes for both property statuses is an approximate 1.3% increase – the median home price for Sold properties is $304,000.
Putting It In Perspective
In the last 30 days, the most active price point is the $300,000 to $400,000 with 253 homes selling. Also, those 253 homes sold for 98% of their asking price; surprising as Snohomish County hasn’t seen a really strong segment in those price points.
On the other side, in my opinion the fix and flip market is drying up with the appealing fixers being now far and few between.
Closing Thoughts on July 2013′s Statistic
With interest rates, home prices, and inventory all rising there could be a possible stall in the Snohomish County real estate market after summer’s end. It is common for the market to naturally lull due to school, sports, and everyone adjusting to their new schedules but with interest rates, home prices, and inventory the natural lull could be compounded.