Here’s my take on what we’re seeing in the real estate market right now.
Today, we are talking about the early summer Snohomish County housing market. I get asked so often whether there is a bubble coming up, and people are concerned that maybe our prices are at the very tippy-top and they don’t want to be on the slide on the other side.
Well, what I can show you is that there is still so much more demand that it is not dropping anytime soon, even though we are well overdue for a correction. We’re not going to have a pop and a slide like we did in the past, so take a look at this slide (0:36): As you can see, the inventory has come well down from what it was in 2019/2020. It pretty well dropped out. There was a short spike up just because people didn’t know what was happening in the mid-spring, and then people were scrambling after that trying to find the home that fits for them until the point right now where both in March and right now again in May, and then we’re waiting to see what happens with the end of June’s numbers.
We’re still at 0.3 months of inventory. What does that mean? Well, you can see where I marked where the one month is. That means that if nothing else came on the market in one month, everything would be sold. Well, we are well below that so if nothing else came on the market, we would be sold out within about a week and a half. We had a week and a half’s inventory back at the end of May. We do expect that to slowly creep up again, and we are seeing that there is more inventory available, I just don’t have that specific number for you.
But there are still so many buyers, whether it’s their first home, whether it’s the family home, which in many cases right now our first-home buyers are looking to get that family home that they’re going to be able to raise children in, that they’re going to be able to have the dogs and the cats and the friends and the entertaining and have the bigger space that they can make sure is going to suit them because they are paying quite a bit of money. They want to make sure it’s going to suit them for years to come, and then we have the other families that are getting smaller and are going to the smaller spaces from the larger.
What is going on with your life is what’s going to dictate what your home needs to be like and shape like in order to make it fit for you. So what is happening in our market? Very very low inventory, and that is still making sure that our buyers are competing not quite as much as they were back in March, but they are still competing with other buyers to make sure that they’re paying the top price, having the fewest contingencies. What does that mean for you? Let’s talk, because we’re always wanting to make sure that our people are taken care of making the best, most educated decisions in this market about what they can do with their money for their home.
We know what’s happening in the market because we can see both statistically and anecdotally. We know what’s happening with the stories with our current sellers, with our current buyers, and we’re ready to help you when you’re ready to make a real estate change and make a change with your home.
Call me, text me, message me. We’d love to talk with you about your real estate needs and how we can help you right now with your home. Have a super blessed day. Stay safe, stay healthy, and we look forward to talking with you soon.