Everett Real Estate Market Update: April 2017

Happy Spring! The Everett real estate market has certainly started ramping up this year. Let's check out the average sales numbers for homes and condo's in Everett from last month, March 2017:

Now lets compare those numbers to the previous month, February 2017:

Prices have gone up an average of $5,000. Not a big change, but certainly not a small change for a single month, either. Days on market has gone from 33 days down to 28 days, which means homes have started selling nearly 18% faster from February to March. Most notably, the number of homes sold in February was only 131, and in March an additional 49 homes were sold making March's total homes sold 180. Inventory has been very low through the beginning of the year, which means as more people put their homes on the market this Spring season, buyer demand is high. More homes are selling faster for more money. Goodbye Winter. Hello Spring.

For some broader perspective, let's compare these numbers to this time last year, March 2016:

As always, here's where we see the biggest changes. The average sales price has gone up $27,000 over one year. The average number of days on market has shrunk over a quarter from 40 down to 28.

The number of homes sold has actually gone down. In March 2016, the number of homes sold was 216, whereas this year March only saw 180 sales. Considering the rising prices and homes selling faster, this decline in the overall number of homes sold points to a lack of supply, or homes available for sale, which is always a natural recipe for rising prices.

The more Everett flourishes the more expensive housing is going to become. Get in now, before the rest of the world figures out how amazing Everett really is. Of course, interest rates can always effect prices as well.