Wednesday, August 26, 2009

Snohomish, WA. Market Statistics-Real Estate Prices Stabilizing

By: Don Sieb

HomeSeeker Center

Snohomish, WA shows signs of Real estate prices stabilizing. This is good news for both Buyers and Sellers. Market Statistics City Overview Snohomish, WA. The market plateau is seen across home prices in all price ranges. The median single family homes this week is $449,950. A total of 659 homes have been on the market for an average of just under 9 months. Generally 6 months of inventory is considered good in a stable market. 54 new foreclosures occurred during July, which remains a problem. Washington State ranks 17th in the Nation in home foreclosures driven primary by under or unemployment.

Market Statistics Snohomish, WA Single Family Homes

• Median List Price $449,950

• Average List Price $525,550

• Asking Price per Square Foot $182

• Average Days on Market 207

• Median Size (Sq. Ft.) 2,519

• Total Inventory 659

Key Indicators Price per Square Foot: The average price per Sq. Ft. has remained stable during July and August at $182.

Price per Sq. Ft.

Market Action Index: Remains a Buyers Market (Below 30 in chart). However, you can see an improvement beginning in June as the index increased from 7.5 to 11.

Market Index

Days on Market: Inventories have been dropping since May, another sign the market is improving.

Half of the listing are newly on the market in the past 147 days. This is a normal trend during the peak summer months. Buyers should find ample choices across multiple price ranges. As expected, homes priced in the least expensive and lower-middle quartiles are selling best. This is likely to be a result of First-time buyers and investors re-entering the market. To see what is happening in your neighborhood agents and consumers are welcome to request a Free Market Watch Report for cities within Pierce, King and Snohomish Counties.

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