Please enjoy my Skagit, Snohomish & Whatcom January 2018 Real Estate Market Update. It is packed full of year end statistics as well as the current market trends for the North Counties of Western Washington.
As many of you already know, 2017 ended a year of record low inventory and record high price increases. Where will it end, you may ask? Real estate is like any other commodity. Supply and demand determine property values and activity, even if those values are inflated beyond anyone’s expectations. Until the supply begins to catch up with the demand, this trend will continue. Even with the uncertainty about taxes and interest rates, 2018 is predicted to be another year of low inventory and rising prices.
Snohomish County is starting the new year off with less than a month’s worth of inventory. This means multiple offers and lots of competition.
New Listings: 614 Total Active: 709 Pending Sales: 1,009 # Closings: 1242 Average Price: $465,405 Medium Price: $425,000 Month’s of Inventory: .57
Skagit and Whatcom counties have much better inventory but it is still a very competitive marketplace, especially for more affordable properties. Expect multiple offers in both of these counties for properties that are priced well and show well.
New Listings: 80 Total Active: 308 Pending Sales: 142 # Closings: 156 Average Price: $343,905 Medium Price: $307,500 Month’s of Inventory: 1.97
New Listings: 174 Total Active: 542 Pending Sales: 252 # Closings: 271 Average Price: $387,634 Medium Price: $342,000 Month’s of Inventory: 2.00
With the new year comes dreams of home ownership, as well as empty nesters downsizing and young families outgrowing their homes. We would love to partner with you to help you achieve all of your real estate needs. Winter can be a great time to jump in. Let us know how we can help.