Everett Real Estate Market Update: July 2022
My oh my, hello July!
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, June 2022:
For comparison, let’s look at the previous month, May 2022:
From May 2022 to June 2022:
Prices decreased on average by $30,000 per home.
Average days on the market increased from 7 to 10.
The number of homes sold decreased by just 1 to 223 sales.
Overall from May to June, the Everett market has softened a bit. Most noticeably, with prices dropping an average of $30,000 per home, or just over 4%, which may be a likely reflection of the recent interest rate hikes. The higher interest rates go, fewer buyers can afford a home purchase. Homes also took, on average, 3 days longer to sell. An indication that the strong seller’s market we’ve been in for years may be starting to shift.
For a broader perspective, let’s compare to this time last year, June 2021:
Comparing June 2021 to June 2022:
Prices increased $69,000.
Average days on market increased from 8 to 10 days.
The number of homes sold decreased from 267 to 223.
Comparing year over year, while prices are still up considerably, this is the smallest annual price increase we’ve seen in a while. And with homes taking slightly longer to sell, and less homes selling overall, once again we’re seeing a softening in the market. While buyers may be unnerved by slightly higher interest rates, rates are still near historic lows; which may mean less competition and more opportunity for buyers still willing to purchase.
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*Stats provided by the Northwest Multiple Listing Service. Numbers reflect single-family homes and condos.
