Thursday, April 8, 2010

Snohomish County Average Home Prices March 2010

Snohomish County average homes prices for March 2010 were $308,299. Average home prices so far this year are:

January $310,883
February $312,299
March $308,299

Prices look like they are "bouncing around the bottom". However, prices remain under pressure with bank sales and short sales. We will need to watch how the expiration of the home buyer credits, increased interest rates and more foreclosures coming on the market affect prices in the coming months

Keep in mind that these statistics are all about homes that are selling. Home sale averages are weighted heavily by sales under the $400,000. This doesn't necessary mean that home prices are still falling... it means more homes are selling in the lower price ranges.

By looking at the chart below you can see that the majority of home sales are under $300K. With so many home sales in the lower price range and few homes sold above $500K, will drag down the average.

Those looking to sell a home above $500K will find few buyers.

No comments: