Home prices increase in Snohomish County due to a steep drop in the number of homes listed for sale.
There were a total of 1,307 homes listed in October compared with 1,788 last year, says the Northwest Multiple Listing Service.
That’s a decline of 20.5%
There was also a jump in closed sales in October, compared with 2015. The 16% increase consisted of 1,364 sales last month compare with 1,178 in October 2015.
New listings around the Puget Sound region were outgained by home sales.
The Inventory shortage is the problem and as long as there is more demand than supply, prices will continue to increase. Low interest rates don’t hurt either and interest rates remain exceptionally low. Available land for building and home construction is restricted due to government regulations. Lending for builders is also limited so the vast majority of new construction is larger builders building on large plats and limited resources for smaller builders to compete.
In the MLS system, encompassing 23 counties there are 2378 fewer listings than a year ago.
Average county prices were up to $377,000 versus $333, 375 in October 2015 – a 13% increase.
The real estate market is solid in this region and a better and safer place to put your money than in the stock market.
If you are thinking of selling your home contact me for a free market evaluation!