Report: Third-quarter home sales reflect ‘normalization’ of housing markets

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While home inventory is increasing, it is still a seller’s market in the Puget Sound region, real estate brokerage firm Coldwell Banker Bain said in its third-quarter market report.

The report includes a variety of statistics for the sale of homes in neighborhoods and counties across Puget Sound, and reflects activity between July 1 and Sept. 30, 2018.

“We’re definitely seeing a ‘normalization’ or ‘evening out’ of the housing market in the Puget Sound region,” said Mike Grady, Coldwell Banker Bain president and COO.

In Seattle, inventory has increased 101 percent compared to the third-quarter of 2017, the report notes. Michelle Van Tassell, principal managing broker for Coldwell Banker Bain’s Edmonds and Lynnwood offices, said that while Snohomish County hasn’t experienced the same jump in inventory as its neighbors in King County, it did post double-digit percentage inventory increases over the same quarter last year. These included a 31 percent rise in inventory in Everett, 67 percent in Edmonds, and 75 percent in Lynnwood. Marysville inventory, by comparison, decreased 1.7 percent.

“Despite the shift in buyer/seller activities since the spring and summer months, it remains a market that favors sellers,” Van Tassel said. “Snohomish County area homes are still, on average, on the market for under one month, including condos. Even our area’s luxury properties, including single family, waterfront, and condo homes, are selling in roughly two months on average.

“We are encouraging sellers to be realistic about pricing considerations and proactive in preparing their homes for market. Our buyers who may have been priced out just a few months ago are finding they can take a bit more time to explore housing options, while still structuring strong offers for a competitive field.”

According to the report, the average selling price for a home in Edmonds in third quarter 2018 was $712,000. That’s a slight decrease from the $737,000 average sales price reported in second quarter 2018. In Lynnwood, the average sales price was $544,000, also a decrease from the $581,000 average price in the second quarter. Both of those were above the third-quarter average sales price of $528,000 reported across Snohomish County.

The report does not highlight prices or inventory for Mountlake Terrace specifically.

Average days on the market in Edmonds was 21 while Lynnwood was 20. Snohomish County overall was 23 days.

By comparison, the average sales price of a home in both Seattle and on the Eastside was just over $1 million.

As of second quarter 2018, Edmonds had a current inventory of 149 housing units on the market while Lynnwood had 219. Overall, inventory in Snohomish County was 38 percent higher in third quarter 2018 compared to the same time in 2017, the report said.

You can view the entire third quarter PDF Report Here

 

One Reply to “Report: Third-quarter home sales reflect ‘normalization’ of housing markets”

  1. “Inventory” isn’t the amount of houses, it’s just houses that would sell if they were sale. The real inventory of houses per capita in this area is a huge surplus compared to normal. This is not an normalization event. The Seattle area home value is easily 300% above the normal value, including adjustment in inflation. I’ve updated “A History of Home Values” by John J Schiller to reflect the Seattle Area Case-Schiller. The NYT used to publish an updated graph every quarter or so during the recession to let people know where the “normal” bottom was, but they stopped after the bubble got re-inflated. Normalization is a really misleading way to describe the market bend. The definition of the didn’t change since 10 years ago.

    Print this out and have a look at it:
    https://drive.google.com/file/d/11FXqfWCgcI3YDkv0-wOY8DJGAko3T98a/view?usp=sharing

    Ignored

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