Change is something to expect and at the beginning of the 2013's 4th quarter more is on the horizon. Average days on market increased, housing inventory decreased, the number of sold homes decreased, and the hottest price segment was $300,000 - $400,000.
Questions I've been discussing with sellers who are thinking about selling are:
- Will housing continue to gain market time?
- Will home values remain steady, decrease or increase after the first of the year?
- Will housing inventory increase or decrease?
Average Days on Market Increased
Real estate brokers and home owners, are you feeling like your listings / homes are sitting on the market longer? That's because they are. In July 2013 the average Days on Market for a home was 29/30 days. Now just 3 months later that figure has climbed to 46, an 16 additional days.
Decreasing Housing Inventory
Snohomish County's housing inventory dropped by a half a month to 2.9 months of standing inventory. Good news for sellers as they battle increasing market times. At 2.9 months, the housing inventory greatly favors sellers - still.
Median Home Prices for Under Contract (Pending) and Solds
From September to October 2013 the median prices for Sold homes has been experience a slight decline while Under Contract (Pendings) homes have remained flat. Recent experiences, through September and October, of troubled lenders, low appraisals, and difficult negotiations are just some reasons why Pendings remain flat - contracts are carrying over to the next month(s).
Snohomish County Residential Overview
To look at what price segments were "hot" just see the next chart. Homes priced from $200,000 to $500,000 totaled 527 units out of 697 - 76% of the sales in the last 30 days. Those price segements are really the hallmarks of Snohomish County, as a whole, while the under $200,000 segment comprised just 16% of total sales when in years past that segment was much higher.
I would love to hear your thoughts on trends, data, and forecasts. See Zillow's Snohomish County forecast.