How about that Everett Real Estate? September 2016 Market Update

Holy end of Summer. It's already mid-September. How did that happen? Each month we like to review how the Everett real estate market is doing*. Lets take a look at last months results,
August 2016:

Now lets compare Augusts numbers to the month before that, July 2016.

Looking at these last 2 months prices have ticked up, but interestingly the average number of days on market has also gone up slightly and the number of homes sold has gone down nearly 10%.

What gives? How can the market be slowing down while prices are still going up?

When we've been working with buyers and sellers in the Everett area, we've noticed buyers are being more cautious. They're waiting longer to jump on a house. The funny thing is, so many people are doing this, bidding wars are still happening. They're just taking a little longer.

Take our Nautica condo listing for example. It went on market last Friday and sat for 3 days without a single offer. Day four we finally get an offer... then more offers that same day. Everyone was thinking about it. Waiting to make sure they weren't going to have deal with a bidding war. Now the bidding war has started.. it's just taken a little longer to get there.

Lets see how Augusts numbers compare to the same month from last year,
August 2015:

Wow. In 1 year prices have gone up nearly 15%. Days on market have been reduced by over 1/3, and the number of homes sold has gone down about 10%. We do not expect prices to continue to increase at such a rapid pace. At least we hope they start to level off and return to more traditional rates of appreciation (approximately 5%/year). A stable market is a sustainable market.

Things have been more extreme in recent years as we've recovered from the recession, and interest rates have maintained historic lows. As well as high prices in Seattle are making Everett all the more enticing for new comers.

If you ever have any questions about buying or selling, we're here to help with your Everett real estate needs. Consultations are always free. Don't hesitate to contact us anytime.

Garret + Tyler
Everett Advocates + Realtors
G: 425-308-1888 / T: 425-344-1727

*Stats provided by the Northwest Multiple Listing Service