Everett Real Estate Market Update March 2022
Every month we like to look at how the Everett real estate market is trending.* Let’s take a look at last month’s numbers, February 2022:
For comparison, let’s look at the previous month, January 2022:
From January 2022 to February 2022:
Prices increased an average 15.2% or $88,000 per home.
Average days on the market decreased from 18 to 9.
The number of homes sold increased from 107 to 111.
Comparing month over month, average prices saw the biggest jump we’ve possibly ever seen; increasing an average of $88,000 per home. That has typically been more the type of increase we see over an entire year, not a single month. Homes also sold exactly twice as fast on average. Increasing interest rates may be one big part of the equation driving, perhaps, a new level of demand in the market.
For a broader perspective, let’s compare to this time last year, February 2021:
Comparing February 2021 to February 2022:
Prices increased on average 33.9% or $169,000.
Average days on market decreased from 16 to 9.
The number of homes sold decreased from 129 to 111.
Reviewing the year-over-year changes, once again, this is the biggest price jump we have possibly ever seen, with homes increasing an average of $169,000 per home. While fewer homes sold overall, likely related to inventory levels, homes did sell faster this year. Spring seems to be hitting the real estate market early with things ramping up quick this year.
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*Stats provided by the Northwest Multiple Listing Service. Numbers reflect single-family homes and condos.
