Everett Real Estate Market Update: April 2018

Don’t let the snow and rain fool ya. It’s April! Happy Spring.

Each month we like to glance at how the Everett real estate market is doing*. Let’s jump right in and check out last month’s numbers, March 2018:

Now for comparison, let’s compare that to the previous month, February 2018:

Wow. Ironically, the average sales price stayed the same during February and March. We’re pretty certain this is the first time we haven’t seen an increase in average sales price since we started doing these monthly updates over 18 months ago.

Is the market slowing? Are increasing interest rates deterring buyers? We kind of wish it was, but that’s doubtful.

February did have fewer days in the month, and homes did sell faster and in higher quantity in March. Our guess is this was a bit of an anomaly and that we’ll most likely observe an increase in price next month. Time will tell.

For further perspective, let’s take a look at how things were doing this time last year, March 2017:

As always, here’s where we see some bigger differences. March 2017 to March 2018, prices went up an average of $55,000. About a 16% increase. Also, about 20% more homes sold this March and those homes sold on average about 25% faster than they did last year in march 2017. Looking at that broader year over year perspective, it’s clear how things are trending in the Everett real estate market.

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

Side note about these monthly market updates:

As prices have continued to go up (and up and up) in Everett, we want to acknowledge that it’s a complicated thing. Whether you can’t afford rent, the cash flow in your portfolio is killing it, or you’re just annoyed your property taxes keep going up. We get it. At least as much as we can get it--we’re not economists, but we are neighbors.

We empathize with how difficult and frustrating the market is right now for many of us. We share these market updates with you every month not because we think it’s good or bad, but because we think it’s interesting to know how home values are trending in our community and what that says about our community. At the end of the day, we’re hoping Everett can thrive as a whole.