SNOHOMISH COUNTY REAL ESTATE MARKET TRENDS

Market Insights, Statistics, Graphs, And Infographs

THE SNOHOMISH COUNTY HOUSING MARKET REMAINED IN A FRENZY PACE DURING THE INVENTORY STARVED JANUARY

The Snohomish County Real Estate Market Analysis For January 2018 Shows That Buyers Are Hungry For New Listings

A few things that really stuck out to me as I was compiling the January stats.

  • The number of homes for sale in January was the lowest number over the last 5 years by 391 units.
The number of homes for sale in January was the lowest number over the last 5 years by 391 unitsClick To Tweet

  • While the number of homes that sold was 11% less than last year the number of homes for sale was 19% less than last year.
  • Even though more homes sold in the first 30 days homes sat on the market an average 1 day longer.
  • The average sales price and the percentage of sales price paid to sales price listed both increased slightly.
  • Interest Rates stayed above 4%

What that story tells me is that most of the listings that came on market were bank owned, fixer uppers, and estate sales.  That when a good quality 250k -750k listing came on the market there were plenty of buyers ready to make an offer.

The number of new listings that come on in December was 639 in January 1,129.  Signaling that more listings are just around the corner, and that we should see higher sales volume again in February.

The Washington State Economic and Revenue Forecast Council showed strong local job growth in 2016 and projects another increase of 2.9 percent in 2017.

According to the Seattle Times and US Census Bureau Seattle is the fastest growing city in the country.

With amazingly low interest rates, increased job growth, more people moving to Seattle than anywhere else in the country, and an increase in listings in the coming months  the Snohomish County real estate market should stay in a surging or frenzy mode for many months to come.

If you want to stop and list your home right now we would not blame you. Just click the button below or reply to this email and we will come out and give you a market price valuation.

If you are a buyer it is more important than ever to pair up with a real estate agent, or team, that has a proven strategy to get your offer accepted.

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2018 HOUSING MARKET OFF TO A FRENZY START

IN THE MOST AFFORDABLE AND MID PRICE RANGES, WE ARE CURRENTLY EXPERIENCING A MULTIPLE-OFFER-EVERYTHING, VIRTUALLY SOLD OUT MARKET

Sellers are receiving premium pricing and home buyers are pouncing on each new listing. The month of March can’t come soon enough for home buyers. In March, the number of new listings will bump up substantially from the low number of new listings typical for winter months. Better selection and availability will start in March as we enter the Spring housing season.J Lennox Scott

Snohomish County Real Estate Data

INVENTORY


Inventory

With only .9 months of supply if no other homes were listed in the next .9 months we would run out of houses to buy.  This is considered a severe shortage.

We held steady with last month as less people are putting their house on the market during the holidays.

If you are looking for homes above 750K you are not seeing this shortage and those homes are sitting 3-6 months.

As you can see from the table above anything below 6 months is considered low.  Low inventory means higher demand.  Higher demand drives the price up.

DAYS ON MARKET


average days on market

The average home in Snohomish County is selling in 33 days. In contrast, 5 years ago the average days on market for Snohomish County was 65. Homes are selling 32 days faster today than just 5 years ago.

In addition, 73% of homes are selling in less than 30 days. That number is usually closer to 30%.

Because there are less homes for sale and there are still many buyers trying to buy… the homes that do list are usually selling faster than normal.

PRICE


average sales price

We have already seen where a low inventory should drive up prices. The average sale price for Snohomish County residential homes is $449,515. With less homes for sale again and a backlog of buyers we saw prices raise this last month.

In comparison 5 years ago the average sales price was $258,957. That is a 58% increase over just 5 years ago.

For the first time in 3 months homes are back to selling .5% above listing price on average.

INTEREST RATES


Interest Rates

In order for it to be a sellers market there must be buyers.

The interest rates increased just slightly to remain at an amazing 4.375% (source: Freddie Mac). Leaving plenty of buyers that are in the market.

With the new year the buyers are going to start coming out in flocks.  Get ready to see average days on market decrease with average price increasing.

SALES ACTIVITY


activity

876 homes were sold in Snohomish County last month. That is up 181 homes from 5 years ago, down 105 from last year.

As you can see in Snohomish County homes in the 350-750K price range are the most commonly listed and sold and they sell quicker than other price points.

Homes over 750k are much less common and sit on the market much longer.

1,267 homes were sold in Snohomish County last month. That is up 339 homes from 5 years ago, up 35 from last year.

As you can see in Snohomish County homes in the 350-500K price range are the most commonly listed and sold and they sell quicker than other price points.

Homes over 750k are much less common and sit on the market much longer.

TIMING


Zillow Best Time To Sell Your Home

According to Zillows massive data set early May is the best time to list a home to maximize value. January is the start of the seller’s market.

Now is a great time to list a home that needs a little work.  There is much less competition and the market is still buzzing along.

These next month is still a good time for buyers, as indicated by the increase of days on market and the lower percentage price paid.

But that trend will start turning as spring nears.

JOB AND POPULATION GROWTH


Wa state employment forecast

According to the Washington State Economic and Revenue Forecast Council Washington State should see in increase of job growth of 2.9% in 2017.  With a healthy projection for 2018.

Seattle Population Increase

(Courtesy of Seattle Times)

According to the US Census Bureau Seattle was again the fastest growing city in the country.

The Snohomish County Real Estate Market Analysis INFOGRAPHIC


Snohomish county real estate market report

The Snohomish County Housing Market Analysis INFOGRAPHIC


If you like our infographic or know someone that may like it please don’t hesitate to share it on your Pinterest, Facebook, Twitter, or Google+.

If you would like to download the image:

Download The Snohomish County Housing Market Report Infographic For January 2018

PAST MONTHS REPORTS

We put this list together every month. If you are interested in seeing past months you can access the archive below:

Snohomish County Market Stats


  • $449,515 was the average sold price for listings in the Snohomish County in January of 2018
  • 1,129 new listings were added to the MLS for Snohomish County in January of 2018
  • 1,204 homes were for sale during the month of January in Snohomish County
  • 1,132 home were in pending status
  • 876 homes sold in the county in January
  • .9 months of inventory available in Snohomish county
  • 33 was the average days on market for a home to sell in the county
  • 100.5% was the average listing price vs. sales price percentage
  • 238 was the average price per square foot in Snohomish County
  • $393,775,200 was the total closed sales volume for the county in January
  • 4.375% was the average interest rate (source: Freddie Mac)
  • 73% of homes sold in the first 30 days in Snohomish County in January of 2018

Summary


Inventory was ridiculously low again in January. The average days on market increased slightly, with the percentage of sale price to listing price again above 100%, and the average sales price increased along with it.  The percentage of homes that sold in the first 30 days increased.  Showing that a higher percentage of homes that went on the market were lower quality listings.  That when an average to high quality listing went to market there were many buyers waiting to jump on it.

The projections and prognosticators are telling us that everything is headed for back up after the winter season.

Now may be a great time to sell your home if it is not in perfect shape, as there is less competition but still a backlog of buyers.

If you are considering a move up, a move down, or just want to sell your home… Inventory is still at record lows.  Homes are selling at a rapid pace, the Interest Rates are still at below average lows, and the job market and population growth remains strong.

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