According to the report, the average selling price for a home in Edmonds from Jan. 1 and March 31, 2018 was $670,000. That’s up from $655,000 at the end of 2017. In Lynnwood, the average sales price was $525,000, up from $497,000. Both of those were above the $507,000 average selling price reported across Snohomish County, which has increased from the $477,000 in 2017.
Average days on the market in Edmonds for first quarter 2018 was 22 days, down from 26 in 2017, while Lynnwood homes were on the market an average of just 17 days, down from 30. Days on market in Snohomish County overall was 32, compared to 29 at the end of 2017.Home inventory increased in both Edmonds and Lynnwood in first quarter 2018. There were a total of 44 housing units for sale in Edmonds, compared to 35 on the market in late 2017, and 50 in Lynnwood, compared to 33.
Mike Grady, CB Bain president and COO, said he expects another ”spring frenzy” based the first quarter numbers and feedback from brokers. “We simply continue on a breakneck pace with demand exceeding supply, and prices continuing to climb,” he said.
“Although in King County there is a bit more inventory than at this same time last year, steep price appreciation continues to push home buyers outside of the county and inventories in Snohomish, Pierce and other counties continue to be in the red as people search for affordable options. Given that the region’s job market doesn’t appear to be slowing anytime soon, we expect another hectic spring.”
Michelle Van Tassell, principal managing broker for CB Bain’s Edmonds and Lynnwood offices, noted that Snohomish County has quickly become a targeted area for buyers planning ahead for transit solutions, as well as more affordable options to King County.
“We’re advising that sellers embrace buyers’ due diligence efforts,” Van Tassell said. “Buyers should continue to keep in mind their own appetite for risk, and work with a broker who has a deep understanding of how to structure a competitive offer while protecting their client’s interests.
“Regarding low appraisals, savvy buyers make offers well within their affordability range, and may include proof of funds for the increased down payment and maintain reserves for the inevitable maintenance costs associated with home ownership,” she added.
John Speer, principal managing broker at the CB Bain of Everett office, adds that a low inventory seller’s market now persists throughout all of Snohomish County, and he offered additional tips for both buyers and sellers for success.
“Buyers are becoming much more geographically flexible, hoping to find available and affordable homes to purchase,” he said. “In most areas, multiple-buyer offers are generally received within just a few days after going onto the market.
“Still, the best approach to attract the most qualified buyers is for sellers to prepare their property’s condition to make positive impressions,” Speer continued. “Sellers should set listing prices at market value and plan for a significant number of inquiries and property showings. The best approach for buyers to succeed in a multiple-offer scenario is to work with their real estate broker to prepare and present a well-prepared and complete offer that depicts their wherewithal to finance their home purchase.”