Real estate brokerage firm Coldwell Banker Bain said Wednesday that while the Puget Sound market has experienced inventory increases compared to last year, there was only a slight decrease in rising home prices.
While compared to last year the inventory increases are significant, the reality is that we still remain far below a balanced market of three to five months of inventory,” said CB Bain President and CEO Mike Grady. “Given we continue to see job growth in the region, we don’t anticipate sharp decreases in inventories overall and expect only slight reduction of the pace of increasing prices for the balance of this year.”
The statistics came as part of Coldwell Banker Bain’s second-quarter market report, which reflects activity in the Puget Sound region between April 1 and June 30, 2018.
Michelle Van Tassell, principal managing broker for CB Bain’s Edmonds and Lynnwood offices, noted that the summer months have brought a shift to the Snohomish County market. “Time will only tell how much of a shift, but we are experiencing a window of opportunity for buyers reflected in a variety of ways: an increase in inventory over the same quarter last year, increased days on market in certain segments, and occasional price reductions as a result,” Van Tassell said. “Our buyers this quarter made less risky offers, with fewer above-list price offers; our sellers are carefully considering their initial pricing and the benefits to them when they provide buyers plenty of time and space for due diligence.”
According to the report, the average selling price for a home in Edmonds in second quarter 2018 was $737,000. In Lynnwood, the average sales price was $581,000. Both of those were above the sales price of $541,000 reported across Snohomish County.
The report does not highlight prices or inventory for Mountlake Terrace specifically.
Average days on the market in Edmonds was 13 while Lynnwood was 18. Snohomish County overall was also 18 days.
By comparison, the average sales price of a home in Seattle was $1.2 million. On the Eastside, the price was just above $1 million.
As of second quarter 2018, Edmonds had a current inventory of 109 housing units on the market while Lynnwood had 152 That’s 47.3 percent more units than a year ago for Edmonds and 24.6 percent more in Lynnwood. Overall, inventory in Snohomish County was 15.4 percent higher in second quarter 2018 compared to the same time in 2017, the report said.
Seattle’s inventory was up 57.5 percent from a year ago, while there was 63 percent more inventory on the Eastside.
You can see the complete report here.