I hear from many of our agents that many of their buyers are waiting for the prices to plummet before they purchase a home. With unemployment at such a high level and so many people losing their small businesses, the housing market just has to go down.
Let’s look at the numbers in Snohomish County for the month of May. Out of the 701 homes that sold, 46.6% of them sold for OVER list price, with an average market time of 6 days. And another 32% sold at the listed price. That, my friends, is the definition of a hot market.
One of the best indicators of a real estate market is by looking at the pending sales. For the month of May, pending sales were up 7.9% to last year…and a whopping 61.6% higher than the month of April. While the number of listings are down, those that put there homes on the market are selling…and fast.