Mountain Loop exPress e-News Publication Covering the Greater Granite Falls Area

 

An Eye on the Market

Apr 18, 2014 by

by Lynn Newcomb, Contributing Writer

RealEstate_logoSpring is here! With it’s arrival, many homeowners start planning their next move. Whether it be an expanding family, empty nester’s ready to downsize, simplify ones life or a move to a new community – this is the time of year many buyers and sellers begin the process. Here is your March 2014 Snohomish County real estate market update.

Pending sales for homes and condominiums in Snohomish County dropped in March from the same period a year ago, according to  numbers released this week by the Northwest Multiple Listing Service. During March of 2013 there were 1576 sales compared to only 1481 last month. The main reason for the drop in sales is low inventory. Demand is high and the only thing holding back these numbers is the inventory shortage.

Pending home sales in Snohomish County did see a jump in March from February this year of 25%, indicating that the Spring buying season is in full swing.

The MLS said there is about 3.6 months of supply in the region, which is down from the end of February when they reported about 4.6 months of supply. This is a good indicator of the supply vs demand problem we are seeing. In Snohomish County, we currently have 2.2 months of supply, which is well below the 4-6 months most industry analysts say is needed for a balanced market. It is a great time to consider selling a home! With home values rising, more sellers will be in a position to sell their homes.

The sales prices for houses and condos increased by 13.04 percent year over year. The median price in the county was $294,000 for the month, up from $260,000 in February 2013.

Here are some residential statistics for the month ending March 2014 in specific communities:

Community                     

Active Listings

Median Sales Price

Arlington

153

$234,900.00

Bothell

180

$444,150.00

GraniteFalls

39

$190,000.00

LakeStevens

120

$279,475.00

Marysville

165

$239,500.00

Monroe

82

$294,950.00

Snohomish

171

$379,000.00

For condominiums, the market has been a bit different. The number of pending sales  actually increased year over year. The NWMLS reported 252 pending sales for condos compared with 202 the year before — a 24.75% increase.  The number of closed sales dropped less than 1% from the same period last year. The median sales price for condo’s during March 2014 was $193,250 countywide.

We are Your Local Snohomish County Real Estate Broker and would love to help you achieve your housing goals. Give us a call, shoot us an email or text us. We are here for YOU!!



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