You maybe asking yourself: “What is going on with Snohomish County real estate market? I’ve submitted three different offers on three different houses and not one was accepted due to a higher offer. What is the deal?”
Monthly Supply of Real Estate Inventory
Indirectly you may have been feeling the low supply of inventory. The last 30 days gives us insight to the multiple offer situations. As of January 31, 2012 the monthly supply of real estate inventory was down to 3.7 months (6 months is a neutral market). In some respects, the Snohomish County real estate market feels as it did in the early 2000′s. With that said, it is hard to say that the market has recovered completely and sellers should expect increasing property values to accompany multiple offers and reduced inventory levels. This could be a slight surge before hundreds of bank owned properties flood the market – which may or may not happen.
Currently, there are 2,441 Active homes in Snohomish County
Average Days on Market for Homes
Rising market times are contradicting of a recovering market. However, increasing market times by 5 days isn’t catastrophic either. For the most part there hasn’t been any significant changes in the Average Days on Market since November 2010 when days on market times were 103.
Median Home Prices: For Sale, Under Contract, and Sold
Upon reviewing the 2 year median home prices, the significant changes are in the total number of homes sold. In this time period there are 21% less homes sold today than in the previous 2 years. I would also venture to stay the decrease of inventory, since November 2010, is a contributing factor to weak numbers of Snohomish County real estate sales.
Putting Real Estate into Perspective
The best performing pricing segments are $250k – $300k and $300k – $400k. In the last 30 days these two pricing segments had a 136 combined sales and which they also sold for 100% of list price. That is encouraging information for sellers in those price ranges – example: Eagle Heights 2 story.
Real Estate Predictions for 2012
A colleague of mine, Anton Stetner, of Real Estate Solutions Group, put the below video together outlining where he thinks the Washington real estate market is heading.
I’ve already razzed him regarding his spelling but feel free to have at him as well.