Everett Real Estate Market Update: August 2022
Hope your summer is going great!
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, July 2022:
For comparison, let’s look at the previous month, June 2022:
From June 2022 to July 2022:
Prices decreased on average by $21,000 per home.
Average days on the market increased from 10 to 13.
The number of homes sold decreased by 53 to 170 sales.
From June to July, the Everett market has certainly continued to soften. The average price of homes sold saw a decrease of $21,000. Homes also took about 30% longer to sell, and there was more than a 20% decrease in the number of homes that sold overall. The market seems to be shifting in a new direction.
For a broader perspective, let’s compare to this time last year, July 2021:
Comparing July 2021 to July 2022:
Prices increased by $79,000.
Average days on market increased from 9 to 13 days.
The number of homes sold decreased from 242 to 170.
Comparing year over year, while prices are still up considerably, it’s clear homes are taking longer to sell and far fewer homes are selling overall. Sellers seem to be slowly but steadily losing traction in the market. A transitioning market makes working with the right professional all the more important. If you’re thinking about buying or selling, contact us anytime.
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*Stats provided by the Northwest Multiple Listing Service. Numbers reflect single-family homes and condos.
