Everett Real Estate Market Update: February 2020

Happy February!

Every month we like to take a look at how the Everett real estate market is trending.*  Let’s take a look at last month’s numbers, January 2020:

For comparison, let’s look at the previous month, December 2019:

Wow, some pretty big changes from December 2019 to January 2020:

• Average sales price decreased $22,000, or 5.2%.

• 71 fewer homes were sold in January compared with December. Average days on market didn’t change at all, staying at exactly 26 days.

Ironically, the 5.2% price decrease in January was the exact same percentage prices had increased in December. What goes up must come down? Apparently so. The number of homes sold did decrease a lot in January, but it’s not uncommon for things to slow down a bit at the beginning of the year.

For broader perspective, let’s compare to this time last year, January 2019:

Comparing January 2019 to January 2020:

• Prices increased from $371,000 up to $403,000. A $32,000 average increase, or 8.6%.

• Average days on market went from 42 down to 26. Meaning homes sold an average of 38% faster this January.

• The number of homes sold decreased by 22, going from 118 down to 96.

While the market has gone down a bit in recent months, as usual around the new year, it’s still up quite a bit compared to last year. Average days on market being consistently faster is a strong indicator that demand is still high, but as we see less homes selling, it may simply be a supply shortage. There are a lot of buyers out there just waiting for the right house to come on the market. 

If you’re thinking about selling feel free to contact us anytime, 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!

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*Stats provided by the Northwest Multiple Listing Service. Numbers reflect single-family homes and condos.