SNOHOMISH COUNTY REAL ESTATE MARKET TRENDS

Market Insights, Statistics, Graphs, And Infographs

THE SNOHOMISH COUNTY HOUSING MARKET REMAINED IN A FRENZY PACE AS THE JOB MARKET SPIKES

The Snohomish County Real Estate Market Analysis For March 2018 Shows That Buyers Continue To Hunger For More Listings

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

  • The Average Sales Price continues to rise to new all time highs.
  • There were over 500 more new listings this month than last month.
  • Even with a significant gain in new listing percentage the months of inventory only increased by .1 months.
  • There was a .9% in average list price to sales price indicating that more listings are getting bid up.
  • The percentage of 1 million dollar plus homes that sold in the first 30 days increased 17.7%.
Over 500 more new listings in Snohomish County, still only 1 months supplyClick To Tweet

  • Interest rates leveled off after a few months of steady rise.

What this story tells me is that there are more buyers than sellers and people want to invest in real estate.

The unprecedented shortage of listings is forcing buyers to continue to pay more for listings and forcing them to make the decision to buy much faster.

Even with a significant increase in listings there remains a backlog of buyers. The number of new listings that come on the market in February was 1,176 in March 1,696.  We are showing no signs of slowing down for the rest of the spring market.

“Following years of solid growth, 2017 was much of the same, with the state’s Economic and Revenue Forecast Council estimating the number of jobs in Washington grew by 3 percent last year.” (Seattle Times)  “In 2018, the ERFC expects the rate of job growth to decrease slightly to 2.4 percent. ”

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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JOB GROWTH SPURT REIGNITES FRENZY HOUSING MARKET

THE ARRIVAL OF DAYLIGHT SAVINGS TIME TRIGGERS A BURST IN NEW LISTINGS. AND, MORE LISTINGS LEAD TO MORE SALES. IN REAL ESTATE ITS ALL ABOUT THE NEW LISTING.

The winter market is now officially over. Patterns in the winter market are: more sales than new listings and reduced inventory. This causes a home price appreciation boost during the first part of the year in the more affordable and mid price ranges. Over the second half of the year, as more listings come on the market, home price appreciation tends to flatten out.

Home mortgage interest rates are up from the first of the year leading to slightly higher monthly payments, but they have not put a damper on the market. Right now, we are experiencing a mini power surge of buyer demand.J Lennox Scott

Snohomish County Real Estate Data

INVENTORY


Inventory

With only 1 months of supply if no other homes were listed in the next 1 month we would run out of houses to buy.  This is considered a severe shortage.

We increased a bit last month as more people are putting their house on the market with the start of spring.

If you are looking for homes above $1 million you are not seeing this shortage and those homes are sitting 3 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 28 days. In contrast, 5 years ago the average days on market for Snohomish County was 63. Homes are selling 35 days faster today than just 5 years ago.

In addition, 84% 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 $487,038. Even with more homes coming on the market there is still a backlog of buyers and we saw prices rise again this last month.

In comparison 5 years ago the average sales price was $280,055. That is a 58% increase over just 5 years ago.

For the 2nd consecutive month the average sales price to list price percentage has increased.

INTEREST RATES


Interest Rates

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

The interest rates decreased slightly to an amazing 4.51% (source: Freddie Mac). Leaving plenty of buyers that are still in the market.

With the already well above average job growth rate in the state increasing again the buyers are coming out in flocks.  We saw average days on market decrease and the average sales price increased.

SALES ACTIVITY


Sales Activity

1,272 homes were sold in Snohomish County last month. That is up 352 from last month, down 14 from last year, and  up 399 from 5 years ago.

As you can see in Snohomish County homes in the 350-750K price range are the most commonly listed and sold.  However, homes in the 250k-350k price range sell the fastest.

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. March is the start of the “Hot Season”.

Now is the best time to list your home.  There are tons of buyers and a severe shortage of inventory.

If your a buyer you want to hop in ASAP before interest rates increase any further and listings are starting to hit the market in bigger numbers.

JOB AND POPULATION GROWTH


WA STate Employment forecast

According to the Washington State Economic and Revenue Forecast Council,“Washington employment is expected to grow 2.2% this year, which is slightly lower than the 2.4% expected in the November forecast. As in November, we expect growth to decelerate gradually as the recovery matures. We expect employment growth to average 1.6% per year in 2019 through 2021, which is slightly more than the 1.4% average rate in the November forecast.”

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 Housing market march

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 March 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


  • $487,038 was the average sold price for listings in the Snohomish County in March of 2018
  • 1,696 new listings were added to the MLS for Snohomish County in March of 2018
  • 1,384 homes were for sale during the month of March in Snohomish County
  • 1,476 home were in pending status
  • 1,272 homes sold in the county in March
  • 1 month of inventory available in Snohomish County
  • 28 was the average days on market for a home to sell in the county
  • 102.5% was the average listing price vs. sales price percentage
  • 257 was the average price per square foot in Snohomish County
  • $619,025,873 was the total closed sales volume for the county in March
  • 4.51% was the average interest rate (source: Freddie Mac)
  • 84% of homes sold in the first 30 days in Snohomish County in March of 2018

Summary


Even with total inventory seeing a significant 69% increase, the average days on market decreased slightly, the percentage of sale price to listing price rose again above 102%, and the average sales price increased along with it.  The percentage of homes that sold in the first 30 days increased as well.  Showing that a high number of buyers are ready to buy listings when they hit the market.

The projections and prognosticators are telling us that we should see a another year of frenzy and surging market.

Now is The Best time to sell your home as history shows price always increases with the start of spring.

If you are considering a move up, a move down, or just want to sell your home… Months of 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.

For more information about the Snohomish County Communities including; Homes For Sale, Detailed School Information, Detailed Park Information, Livability Reports, Maps, Restaurants, Grocery Stores, Government Offices, Churches, and Things To Do. 

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