Everett Real Estate Market Update: June 2019
Every month we like to take a look at how the Everett real estate market is trending.* Let’s jump in and check out last month’s numbers for May 2019:
For comparison, let’s compare that to the previous month. April 2019:
Wow! Quite a jump in average price recently. From April 2019 to May 2019:
Average prices increased from $405,000 to $429,000; a $24,000 increase. That’s nearly a 6% increase over a single month.
Average days on the market changed by one day, going from 20 to 19.
The number of homes sold went from 184 up to 219, an increase of 19%.
Things seem to be picking up as summer approaches. For a broader perspective, let’s compare to this time last year. May 2018:
Interestingly, May 2018 reveals that the market, in some ways, was considerably stronger this time last year:
Average days on market were noticeably shorter in May 2018 (only 11 days vs. this year’s 19 days).
Also, last year, 266 homes sold, whereas this year there were 219 sales.
Prices are up slightly this year ($429,000 instead of $423,000), but that’s a relatively negligible increase (debatably even a decrease if you were to account for inflation).
Perhaps even more interesting: We reviewed the changes in price from last year’s transition from April 2018 to May 2018 and there was also about a 6% increase. The market really does bloom with the spring season, which leads us to believe we’re in a pretty typical market cycle right now.
The rapid price increase we’ve seen over the recent months isn’t unusual per se, but a reflection of the season.
Will the market keep heating up as we get into summer? Check back next month—we’ll keep you updated!
In the meantime, we’re here to help. If you have any questions about local real estate, feel free to contact us any time, or stop by our office at 1904 Wetmore Ave., Everett, WA 98201. We’d be happy to help you navigate the Everett-area market, it’s what we’ve done for over 30 years!