Everett Real Estate Market Update: February 2018
Happy love month. February 2018. How did that happen?
Every month we like to gander at how the Everett real estate market's doing. Let's take a look at some numbers from last month, January 2018:
Okay. Interesting. Maybe. For comparison, let's look at the previous month, December 2017:
Now we've got some context. From December to January, avg prices went from $360k up to $374k. A pretty large jump for single month (almost 4%) considering Winter is usually such a slow time of year.
There was also a pretty large decrease in the number of homes sold, going from 222 in December down to 132 in Janurary. Lack of supply and increased demand is most likely what drove the average price point up so much over one month. For broader context, let's look at this time last year, January 2017:
Year Over Year, January 2017 to January 2018
Per typical, here's where we really see some changes:
- Average home prices went from $306k to $374k. Hot dog! That's over a 20% increase.
- Average days on market didn't change much.
- The number of homes sold didn't change much.
What does all this mean?!
Last month, after we posted our monthly market update, someone asked how a buyer can use this information to their benefit. We consider these monthly posts simply observations of trends in our local Everett market. It's cliche, but knowledge really is power.
Knowing how much a home costs (on average) and which way the market is trending can be helpful. Ultimately, though, you want to link up with the right real estate agent to help guide you through the buying and selling process. We've setup a simple system to do just that: help you find the best agent for your needs, so if you're interested click below. Otherwise, happy living!
*Stats provided by the Northwest Multiple Listing Service. Numbers reflect single family homes and condos.
Garret and Tyler sell real estate (sometimes). Mostly they just eat lunch and share about sweet stuff in Everett, WA.
