February real estate market stats were just published and the Seattle Area Housing Inventory has dropped yet again! When we last checked on the market, Snohomish County had 1.7 months of inventory left. Now in February, the available housing inventory for Snohomish County can only supply 1.1 months of activity. That is incredibly low inventory! If you look at the last two years, this is the lowest point we have seen yet for the county.
Looking at the trend for the past few years you can see the inventory will be probably follow suit and rise in the upcoming spring and summer months. If you have been thinking about selling your Snohomish County home, this will be the best time all year to get the maximum exposure and value for your home. The average days on market within the county are 34, but our office is currently seeing plenty of multiple offer deals and homes that are priced right are being sold in even a few days to a week.
Taking a look at King County, monthly inventory is even lower! Sitting at around .9 months supply of houses available this is by far the lowest amount we have seen in two years yet again. While King County has remained pretty low over the past year, we predict it will begin to rise again but don’t expect the Seattle area market to slow down just yet. The average days on market for properties in the county is 29 days. With Seattle jobs growing and mortgage rates hitting lows, the real estate market will continue moving at this pace within King County for a while longer but the market will readjust. Sellers can take advantage now of the benefits of buyers being approved for more with lower mortgage rates and the increase in Seattle area home prices.