Good news for Lake Stevens real estate was reported in an article in The Herald Business Journal. Sellers will be pleased to know that the Snohomish County housing market is improving, with an increase in median sales prices as well as closed sales.
Lower pricing, lower interest rates and a tighter market as well as the return of local buyers and investors, have all created a market with brighter prospects. Rising consumer confidence and a lower inventory may help underwater sellers.
The return of the seller’s market is positive news, with closed sales reaching the highest number so far this year. It was reported by MLS brokers in the county that there were 1,057 closed sales of condos and single family homes in the month of August. This resulted in a rise of 15.4 percent, with the median price rising from $232,000 to $246,000, a 6 percent increase.
Inventory levels are presently low; it is now possible for sellers, who may be underwater in their homes, to enjoy the steady appreciation of home values and enter the market to sell their homes. With an expectation that the recovery is slow and steady and will continue into the fall months, it is projected that the slower pace will heighten the recovery and lead to more buying activity.
Since 2008, the recession had continued to erode the market; however, this year has shown an awaited turn-around.
Lake Stevens real estate will benefit from this slow recovery, as the low inventory and increased demand will make for a seller’s market. Now may be the time to list a property, as the future, it seems, holds better sales after a few years of sinking prices. The Snohomish County real estate market has much to look forward to, after this good news.