SNOHOMISH COUNTY REAL ESTATE MARKET TRENDS
Market Insights, Statistics, Graphs, And Infographs
THE SNOHOMISH COUNTY HOUSING MARKET REMAINED IN A SELLERS FRENZY STATUS FOR THE MONTH OF JUNE
A few things really stuck out to me as I was compiling June’s stats.
380 more homes sold this year that last month.
The average sales price per home only increased $5,433 over the last 2 months, in comparison, it increased $40,449 over the previous 2 months.
Even with more homes selling the average days on market continued to drop and has been since January.
The amount of Inventory for sale has continued to increase since march.
What that story tells me is that the selling market is still red hot and the buyers market is starting to pick up. With more homes being available to buy, or increased inventory, buyers are finally starting to see the bidding wars decrease.
Before we get into the meat and potatoes of what is going on.. if you would like to stop here and just schedule a time for us to come out and give you a professional home price consultation. We won’t mind at all… in fact that is our job. Just click the button below or reply to this email and we will come out and give you a market price valuation.
CUE THE FIREWORKS: MORE NEW LISTINGS LEAD TO RECORD JUNE HOME SALES IN CENTRAL PUGET SOUND
On a monthly basis, during this time of year we see more new listings coming on the market than pending sales, and June didn’t disappoint. The increase in the number of new listings, coupled with fewer offers for each individual property, means more choices and a little breathing room for the backlog of buyers who have been waiting to buy a home. For sellers, the sales activity remains at a Frenzy Level for new listings selling in the first 30 days, although slightly less intense for each property. Sellers need to be market-ready in order to get the best price.~ J Lennox Scott
Snohomish County Real Estate Data
With only .9 months of supply if no other homes were listed in the next 3.8 weeks we would run out of houses to buy.
Last month there was .7 months supply. We are starting to see this number increase each month.
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 19 days. In contrast, 5 years ago the average days on market for Snohomish County was 39. Homes are selling 20 days faster today than just 5 years ago.
In addition, 72% 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 very fast. Often times over the first weekend they are listed.
We have already seen where a low inventory should drive up prices. The average sale price for Snohomish County residential homes is $444,813. Although, we can see that the inventory is starting to increase and that has slowed the increase in price.
In comparison 5 years ago the average sales price was $296,149. That is a $148,664 increase over 5 years ago.
In addition the average home is selling for 2.3% higher than it is listed as. That means that people are offering more than the listing price to “win” the listing.
In order for it to be a sellers market there must be buyers.
The interest rates dropped from last month again to a ridiculous 3.88% (source: Freddie Mac). Leaving plenty of buyers that are in the market.
With the inventory starting to increase more buyers should enter back into the market, as is seen by the number of homes selling and the price still on the rise.
1,751 homes were sold in Snohomish County last month. That is up 556 homes from 5 years ago, and 157 from just last year.
It seems, as many homes come on the market they are still be sold quickly.
According to Zillows massive data set early May is the best time to list a home to maximize value. That means if you were to start getting your home for sale right now (July 27th) you would still be in the warm zone for selling!
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
- $444,813 was the average sold price for listings in the Snohomish County in June of 2017
- 2,258 new listings were added to the MLS for Snohomish County in June of 2017
- 2,314 homes were for sale during the month of June in Snohomish County
- 1,751 homes sold in the county in June
- .9 months of inventory available in Snohomish county in June
- 19 was the average days on market for a home to sell in the county
- 102.3% was the average listing price vs. sales price percentage
- 234 was the average price per square foot in Snohomish County
- $777,532,559 was the total closed sales volume for the county in June
- 3.88% was the average interest rate (source: Freddie Mac)
- 72% of homes sold in the first 30 days in Snohomish County in June of 2017
If you have been in the market trying to buy a house you may have experienced what is called buyers fatigue. With more inventory coming on you should start to see some relief.
If you are considering a move up, a move down, or just want to sell your home… there may never be a more perfect storm for selling.
Inventory is stil at record lows. Homes are selling at a rapid pace, homes are selling for a 2 percent higher than they are listed at, the Interest Rates are still at below average lows, and we are still in the high activity months to sell your home.
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