Everett Real Estate Market Update: May 2022
Happy May!
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, April 2022:
For comparison, let’s look at the previous month, March 2022:
From March 2022 to April 2022:
Prices increased ever so slightly at an average of $1,000 per home.
Average days on the market decreased from 8 to 6.
The number of homes sold increased from 193 sales to 205 sales.
So overall, once again, the market saw increases all around in April. Even if the increases were minimal. As interest rates have started increasing this last month, it will be interesting to see how much that affects buyer demand.
For a broader perspective, let’s compare to this time last year, April 2021:
Comparing April 2021 to April 2022:
Prices increased $158,000, or 28.7%
Average days on market decreased from 7 days to 6 days.
The number of homes sold decreased from 212 to 205.
Most remarkably, is the almost 29% price increase over the year. Once again, as interest rates continue to rise this year (which the fed has already announced), major shifts in the real estate market may be on the way. Will rising rates drive even more buying demand in the short term? Or will the natural decrease in purchasing power spurred by increasing rates also create a decrease in housing prices? No matter which way the Everett real estate market trends, we’ll be back next month to share the latest, and as always, we’re here to help.
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*Stats provided by the Northwest Multiple Listing Service. Numbers reflect single-family homes and condos.
