SNOHOMISH COUNTY REAL ESTATE MARKET TRENDS
Market Insights, Statistics, Graphs, And Infographs
THE SNOHOMISH COUNTY HOUSING MARKET HOLDS STEADY ONCE AGAIN AT A SURGE LEVEL FOR THE MONTH OF NOVEMBER
A few things that really stuck out to me as I was compiling the November stats.
- For the first time this year the number of homes sold was higher at the same time last year.
- The average sales price rose sharply.
- The average days on market dropped while the percentage of homes that sell in the first 30 days increased.
- The percentage of sales price paid to sales price listed dropped below 100% for the first time since last January.
What that story tells me is that less people are listing their homes as the host and get prepared for the holidays. But that there are still buyers out their ready to buy.
We saw the number of home sales decrease to lower than last year, however, we have to keep that in perspective to the norms. Just 5 years ago we only sold 863 homes. That is a 66% increase.
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 ridiculously low interest rates, increased job growth, and more people moving to Seattle than anywhere else in the country, we expect to see this slight dip head back up by February.
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.
EXTREMELY ACTIVE PULSE IN THE WINTER HOUSING MARKET
Sales activity intensity is extremely strong for new listings coming on the market. While the overall volume of new listings and sales activity is lower this time of year, the majority of new listings are selling withing their first 30 days on the market. For residential sales in the four county area in November, new pending sales activity was 43% higher than the number of new listings. The typical pattern for the winter housing market is higher sales activity than new listings. Close to job centers, it impacts all price ranges. In surrounding counties, this is especially pronounced in the more affordable and mid price ranges. Market conditions are set for another robust market in the year 2018.~ J Lennox Scott
Snohomish County Real Estate Data
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.
We held steady with last month as less people are putting their house on the market during the holidays.
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
The average home in Snohomish County is selling in 29 days. In contrast, 5 years ago the average days on market for Snohomish County was 55. Homes are selling 26 days faster today than just 5 years ago.
In addition, 68% 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.
We have already seen where a low inventory should drive up prices. The average sale price for Snohomish County residential homes is $458,314. 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 $268,383. That is a $189,931 increase over just 5 years ago.
For the first time since last January the average home is selling for .01% lower than it is listed as. With the average sales price going up and that number coming down it is an indication we may be seeing more “fixer-uppers”.
We have already seen where a low inventory should drive up prices. The average sale price for Snohomish County residential homes is $435,384. Although, we can see with the changing of the seasons the prices are starting to dip.
In comparison 5 years ago the average sales price was $262,432. That is a $172,952 increase over just 5 years ago.
In addition the average home is selling for .03% higher than it is listed as. That means that people are still offering slighty more than the listing price to “win” the listing. Indicating that there is still a backlog of buyers.
In order for it to be a sellers market there must be buyers.
The interest rates increased just slightly to remain at a ridiculous 3.98% (source: Freddie Mac). Leaving plenty of buyers that are in the market.
With the the seasons changing there will be slightly fewer listings and more buyers should enter back into the market, as is seen by low average days on market.
In order for it to be a sellers market there must be buyers.
The interest rates increased just slightly to remain at a ridiculous 3.94% (source: Freddie Mac). Leaving plenty of buyers that are in the market.
With the the seasons changing there will be slightly fewer listings and more buyers should enter back into the market, as is seen by the number of homes selling.
1,302 homes were sold in Snohomish County last month. That is up 439 homes from 5 years ago, but down 2 from just last year.
As indicated with the sharp rise in average sales price, a higher percentage of higher priced homes came on the market and less homes sold.
According to Zillows massive data set early May is the best time to list a home to maximize value. November is the best time for buyers to maximize value.
Now is a great time to list a home that needs a little work. There is not much competition and the market is still buzzing along.
These next 2 months are the best time for buyers, as indicated by the increase of days on market and the lower percentage price paid.
JOB AND POPULATION GROWTH
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.
(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
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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
- $435,384 was the average sold price for listings in the Snohomish County in October of 2017
- 1,002 new listings were added to the MLS for Snohomish County in November of 2017
- 1,686 homes were for sale during the month of November in Snohomish County
- 1,248 home were in pending status
- 1,302 homes sold in the county in November
- .9 months of inventory available in Snohomish county
- 29 was the average days on market for a home to sell in the county
- 99.9% was the average listing price vs. sales price percentage
- 236 was the average price per square foot in Snohomish County
- $596,724,869 was the total closed sales volume for the county in November
- 3.98% was the average interest rate (source: Freddie Mac)
- 68% of homes sold in the first 30 days in Snohomish County in November of 2017
Inventory held steady and average days on market increased slightly, with the percentage of sale price to listing price dropping a bit, and the average sales price increasing sharply. Showing that a higher percentage of higher priced homes were selling in November.
The projections 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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