Fall is moving into the Pacific Northwest, but today as I sit on my porch looking out at Lake Washington on this beautiful Labor Day, I am reminded of just how amazing it is to live here. Labor Day typically represents an end to the “Real Estate” season, school starts, weather changes and the focus shifts. This year, however, we are not seeing that happen as interest rates are still low and consumer confidence is growing. Now is a great time to take advantage of low interest rates and a fantastic selection of inventory.
This week we are looking at Southwest Snohomish County, this includes Bothell, Lynnwood, Mill Creek, Edmonds and surrounding areas. As of September 1st, 2014 there are 375 active listings and 707 sold in the last 90 days! This means there are 1.59 months of inventory based on closed sales in Southwest Snohomish County. Wow! Currently, there are also 230 properties currently pending in the last 30 days, which demonstrates that homes are not only selling but people are also buying these homes quickly! Many homes are seeing multiple offer situations and buyers are waiting for the next property to come on the market.
At the end of July we saw months of inventory at 2.1 and drop to almost 1.8 months in August. As of September 1st, we are at 1.59 months of inventory based on closed sales.
Average days on market are also continuing to go down, which is partially due to the lack of new inventory on the market as demand increases. In a healthy market, these numbers are quite a bit higher which is another key reason why it’s important for buyers to be prepared when looking at homes. Pre-approval letters are now the norm, connecting with a mortgage broker or lender is imperative to a successful transaction.
Average price per square foot increased only slightly by the end of July, resulting in still affordable home prices. Southwest Snohomish County is a great place to invest in your future.
Also, thank you to all of you who followed my blog for the Full Circle Drawing! A winner has been picked and will be announced this week (at his/her permission) along with a great interview with a mortgage broker. Stay tuned and feel free to contact me with any questions you may have as they relate to real estate!
Happy Labor Day!