Everyone who has watched the news at least once in the last 4 years knows that real estate is definitely in favor of buyers. Snohomish County real estate prices have continued to decline the first 5 months of 2011 and expectations from industry professionals and the public sector agrees housing prices will continue to decline for the remainder of the year. So what if I said this summer could be a sellers market? You would probably think I was bat shit crazy but oddly enough I am not – as of right now no one is forcing me into real estate counseling.
Snohomish County Housing Inventory
According to Broker Metrics®, Snohomish County has 4 1/2 months of real estate inventory currently available, the lowest since April 2010. What does 4 1/2 months of inventory mean? If no new homes became available for sale then at the rate in which homes are selling the inventory would be exhausted sometime around the middle of October. In a neutral market – where neither sellers or buyers have the advantage – there are 6 months of inventory. With that said, it is my belief that prices are not going to rise, which is the typical sense of a seller’s market, but the low abundance of inventory may bring competing offers. In my opinion, buyers will have to give a thoughtful look at their offer especially if a home is priced very competitive already. Just because a property is bank owned, or in a distressed situation, it doesn’t mean the sellers will take any ole offer.
Snohomish County Listing to Sales Price Ratio
Another statistic to consider when making an offer on a property, especially knowing inventory is down, is: What is the listing to sales price ratio for a given price range? Homes in the $120 – $160k had a 100% listing to sales price ratio. Surprised? I bet you are. One notable item for the $120 – $160k price range is that there are a lot very good deals with bank owned properties. Also, in the price ranges of $160 – $200k, $200 – $250, $250 – $300k, $300 – $400k, and $400 – 500k had a 98% to a 99% list to sales price ratio. Even though prices are down its not what I call a perfect buyer’s market and coupled with the low the inventory numbers it should make for an interesting summer.
Snohomish County Real Estate Snapshot June 2011
Arlington Real Estate Statistics
Bothell Real Estate Statistics
Everett Real Estate Statistics
Granite Falls Real Estate Statistics
Lake Stevens Real Estate Statistics
Lynnwood Real Estate Statistics
Marysville Real Estate Statistics
Mill Creek Real Estate Statistics
Monroe Real Estate Statistics
Mukilteo Real Estate Statistics
Snohomish Real Estate Statistics
Stanwood Real Estate Statistics
*Active listings are the number of active listings for the respective city on the posts given date (though listing time vs market update publish time may vary) and Pending, Sold, Canceled, and Expired range back 180 days.