Snohomish County Market Report 6-17

Dated: June 17 2020

Views: 28

Snohomish County Market Report
Presented by
Javan Thompson Real Estate
Vesper Peak
I took this photo on the summit of Vesper Peak. The mountain to the right is the backside of Big Four Mountain - the popular ice caves are on the front side. The lake below is Copper Lake and is basically inaccessible. I find it cool that there are places that see little to no human traffic.
Last Week's Stats
180 homes listed
386 homes pending
271 homes sold
1,077 homes for sale
My Insights for Sellers
New listings remain the same at 180 compared to 181 last week. Pending sales took a small dip of -5.15%. Sold homes saw a +16.23% increase as well.
Of the 271 sold homes, 130 sold in 7 days or less! This means as a seller you have a 50% chance of selling your home in 1 weekend if it is priced at market value, with professional photos and excellent marketing.
Here is a breakdown of the 130 homes that sold in 1 weekend:
  • 1,885 sq/ft average
  • Average list price of $503,000
  • Average sold price of $512,000
These homes are located in cities all over Snohomish County - Lake Stevens, Marysville, Granite Falls, Everett, Stanwood - you name it.
My Insights for Buyers
There are definitely challenges that come with buying a home in a seller's market but that does not mean you cannot succeed.
First example being interest rates. The average interest rate on an accepted offer to purchase a home is 3.30%. This is historically low! The lower the interest rate, the lower your payment can be while increasing your purchase power.
Low rates have been fueling buyer demand - at the writing of this email buyer demand is up 21% from this time last year.
My tip for buyers this week who may be encountering multiple offer situations is to be flexible on your inspection.
YES, you can have an offer accepted without waiving it completely.
My tip to you is to put in writing that the inspection is pass/fail only. You have the benefit of knowing what you are walking into and the opportunity to still back out if you are not comfortable, all while giving the seller a great offer.
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Javan Thompson

Javan is a full-time RealtorĀ® specializing in listing single family residences and helping everyone from first time home buyers to seasoned retirees looking to make their final purchase. As a long-ti....

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