Everett Real Estate Market Update: July 2017

Happy July! Summer is officially in full swing, and so is the Everett real estate market. Lets take a look at last month's numbers; June 2017:

These numbers are the averages for all condos and single family homes sold in Everett through the month of June. The average number of days on market was only 9 days. 9 days! Wow. That is lightening fast. For more perspective on these numbers, lets look at the previous month, May 2017:

In May the average number of days on market was 13, which is still really fast. But to shrink down to 9? That means homes started selling 30% faster from May to June. Furthermore, more than 15% more homes sold in June than they did in May, AND the average sales price went from $355k in May to $365k in June; jumping an additional $10,000. Talk about some rapid increases.

For further perspective, lets look at this same time last year, June 2016:

In June 2016, homes were selling at that 13 day average mark. Number of homes sold is pretty similar (we've had low inventory for years now, which is partially what has been driving prices to continually increase). Probably the most notable different is the $30,000 in averages sales prices. Over one year the average price of homes in Everett went from $335k up to $365k; about a 9% increase.

Are prices inflated? Are we in a bubble? It's hard to think so after having the Rise Seattle guys on the Live In Everett Podcast recently and learning about the rapid economic growth happening right down the street in Seattle. The fact is, this whole greater Seattle area is growing like crazy, which is bringing more and more people to surrounding areas such as Everett. Lending guidelines have also become more strict in order to prevent another big short.

Do you have a question about Everett Real Estate?
Feel free to contact us anytime. Whether you're looking to buy, sell, or for a free consultation. We're here to help. We offer real estate services, info on Everett neighborhoods, and a free weekly newsletter all about the good things happening in Everett.

*Stats provided by the Northwest Multiple Listing Service. Numbers reflect single family homes and condos.

New On The Market
2202 Oakes Ave. Everett WA 98201
2250 sqft. 4 bed, 2 bath. $389,950
Open Sunday July 9th 1-4pm. Come on by!

More info on 2202 Oakes here.

Happy Living ✌️,
Garret + Tyler
Everett Advocates + Realtors