How much did homes appreciate over the last 12 months?
In January, the unit sales for Snohomish County were up 13%, but the overall pricing went up 14% in the last 12 months. That means if you bought an average house in Snohomish County a year ago for $562,000, that same house is now worth $631,000—a $70,000 increase.
Skagit County is similar in that unit sales increased by 7% in January, but the average price rose 20% in the last year from $407,000 to $488,000. That’s an $80,000 increase in appreciated value. In Camano Island, the average price rose by 20% from a year ago, going from $514,000 to $609,000.
What’s causing all this? It’s simple supply and demand—right now, there’s a huge demand for homes, but almost no supply. Those who are managing to buy houses are putting pricing pressure on the existing inventory, and that’s why prices have gone up so much.
If you’ve been thinking about buying a home, now is the time to get off the fence and get out into the marketplace. The market will likely continue to grow throughout 2021 and possibly into 2022.
For sellers, even though the market is slanted in your favor, you still need to pay close attention to your pricing. Consult with your Realtor to make sure that your asking price is within reason, since overpriced homes can linger on the market and ultimately sell for less.
If you have any questions about the market or real estate in general, don’t hesitate to reach out to me. I’d love to speak with you.