Snohomish County Housing Statistics for April 2014

Snohomish County's housing statistics for April 2014 are published. If you're currently purchasing, or thinking about purchasing, selling a home, or doing both at the same time then you have first hand experienced. Lately, media outlets talk of cash is king and purchase offers are well over listing price. From a ground level, from someone who actively assists buyer and seller, I can say that statement is holding true in Snohomish County.

As recently as last weekend I wrote an offer on a modest High Clover Park home, which has since gone Pending Inspection, for asking price minus 3% seller contribution towards buyer's closing costs, and there were 5 other offers, all over list, and the selected offer being a cash deal.

But without further adieu here are the statistics for April 2014.

Average and Median Home Prices

Average Monthly Home Prices:

At the beginning of the year the average Snohomish County sold home price was $320,277 and in April 2014 the average price had increased to 344,943 - a 7.2% increase.

January 2014: $320,277
February 2014: $345,491
March 2014: $334,789
April 2014: $344,943

Comparing April's average Y-T-D (April 2014 and April 2013) home prices have increased 11.1%.

Median Monthly Home Prices:

Again, at the start of 2014 the median Snohomish County sold home price was $295,000 and in April 2014 the price had increased to 320,000 - a 7.8% increase.

January 2014: $295,000
February 2014: $315,000
March 2014: $314,975
April 2014: 320,000

Comparing April's median Y-T-D (April 2014 and April 2013) home prices have increased 7.8%.

April's Snohomish County Closed Sales Report

closed home prices for Snohomish County April 2014

Average Days on Market

Predictably, the Snohomish County housing market picks up momentum closer to Spring and continues through July then tapering off toward year's end - denoted by the days on market decreasing. As of April 2014 the average time a home spent for sale was 40 days, down from 52 days the previous month.

Months of Housing Inventory

There is a high correlation between the decrease of days on market to months supply of inventory. Since December 2013 Snohomish County's residential inventory has dropped significantly and continues to decline as the year progresses. April's inventory was almost equal to July 2013 at 2.2 months. Will 2014's Summer have the lowest inventory levels in recent history?

snohomish county housing inventory april 2014

90 Day Perspective

Buyer's in the $120,000 to $200,000 price range having to pay over asking price, either by offering more money or wrapping closing costs into the purchase price. The $300,000 to $400,000 has been the most active prince range in the County with the most homes sold at 195 in the last 30 days.