Price growth was strong in 2017! The Median was up 14% and Average price up 12% over 2016. Median price ended at $508,000 and the Average at $543,000. The Average amount of days it took to sell a house was 24 days, which is 17% faster than in 2016. The average list-to-sale price ratio for the year was 101%, with the Spring months as high as 103%! Inventory growth continued to be a challenge, with a 1% decrease in new listings compared to 2016. Even with inventory limitations there were 4% more sales! This phenomenon illustrates strong buyer demand and a need for more listings.
South Snohomish County real estate has seen a steady stream of buyers due to affordability, reasonable commute times to job centers and quality of life. In comparison, the Median price in North King County was 41% higher than South Snohomish County. Historically low interest rates continue to drive the market as well, and have helped offset the increase in prices. Sellers are enjoying great returns due to this phenomenon and buyers are securing mortgages with moderate debt service.
This is only a snapshot of the trends in South Snohomish County; please contact me if you would like further explanation of how the latest trends relate to you.