We have posted this in an attemp to educate our clients and the public as to the real estate market conditions in Snohomish County Washington. More info can be found on our website.
We hope you find this information useful.
We have compiled the following data from the Northwest MLS.
Area Market Survey for the month of May 2006 and 2007:
Note: numbers seperated by year ie 06/07
City Number of Average days Average
homes sold on market price
Everett 206/131 37/40 318/349
Snohomish 44/32 51/79 417/519
Monroe 51/27 35/69 330/357
Lake Stevens 37/28 44/64 300/365
Granite Falls 20/16 42/66 246/265
Marysville 166/85 40/58 303/330
Arlington 87/51 55/68 321/379
Stanwood 29/26 71/57 415/341
As you can see from the above figues, we have entered a buyer's market. The number of homes sold has decreased and homes are not selling as fast. However, you can also see that we are still seeing an increase in housing prices for our area. (with the exception of Stanwood which has seen a decrease in average sale prices. This is largely due to the increase in new starter homes and condos, not from deflation of prices).
While we do not have the figures at this time, we are fairly certain that the quantity of homes available on the market is also significantly higher this year. We have also noticed the increase in incentives such as buyer bonuses and higher selling agent commissions.
This type of market makes it extremely difficult for the for-sale-by-owner sellers, since it takes a great deal more marketing to get a quick sale for top dollar than it has in the past.
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