Here’s a closer look at the direction our market is heading in October 2021.
We’re three-quarters of the way through the year, and it’s a great time to do a market update based on what we’ve been seeing in Snohomish County. Here are the numbers you need to know:
- New listings are up 11% to 11,148.
- Pending home sales, which are the best leading indicator of where the market is headed, are also up 8% year over year to 10,298.
- Closed sales for the year are 9,560, a 13.5% increase.
- Inventory continues to drop, and there are only 10 days of supply on the market. That’s down over 50% from 2020.
- The median home price is up 24% to $670,000.
- The average home price is up 24% to $725,000.
- The list-to-sale price ratio is at 106.9%, which is great news if you’ve been thinking about selling. This is an indicator that multiple-offer situations are still commonplace.
With all this being said, people have been asking me lately, “Isn’t it the time of year where the market slows down?” Normally, I’d say yes, but due to the lack of inventory we have right now, some of our seasonality is going to disappear. There’s still time to get your home on the market and sold for top dollar before the end of 2021.
If you have questions about these numbers or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you.
