Everett Real Estate Market Update: June 2022
June so soon? You betcha!
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, May 2022:
For comparison, let’s look at the previous month, April 2022:
From April 2022 to May 2022:
Prices decreased on average $5,000 per home.
Average days on the market increased from 6 to 7.
The number of homes sold increased from 205 sales to 224 sales.
Overall from April to May, average prices and market time softened a bit, while more homes sold overall. With the Federal Reserve recently implementing a series of interest rate-hikes, buyers' max loan amounts are becoming increasingly diminished.
For a broader perspective, let’s compare to this time last year, May 2021:
Comparing May 2021 to May 2022:
Prices increased $92,000.
Average days on market stayed the same at 7.
The number of homes sold increased from 219 to 224.
Most notably was the change in average sales prices increasing $92,000. And while this is a significant increase, it’s actually quite a bit less than the previous month’s year-over-year comparison (which saw an increase of $158,000 when comparing year-over-year). As the market feels the effects of rising interest rates, it may take a little time to fully see what the market reaction will be. Either way, we’ll be back next month to keep you updated as things progress.
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*Stats provided by the Northwest Multiple Listing Service. Numbers reflect single-family homes and condos.
