SNOHOMISH COUNTY REAL ESTATE MARKET TRENDS

The Snohomish County Real Estate Market Analysis For October 2019 Stays Fairly Consistent with September

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

• Average sales price stays hovering above the $500k mark
• Homes in the $250-$500 price range are still in a frenzy market
• The inventory remains at over 2 months supply for the 5th consecutive month at 2.2 months supply
• Pending Sales have been consistently around 1,400 for the last 7 months.
• There are 400 less homes for sale than last year.
• The average days on market crossed the 30 day mark.
• The percentage of sold price to list price continued to dip down to 99.5%

While activity is not really dipping but average price and percentage of list price to sold price is sagging a bit, there appears to be plenty of buyers out there but they have a better negotiation position than they have had the last couple of years.

We are in the middle of the fall market and heading into the winter market in Snohomish County the housing market remained in a surge status.  That means that 55% of new listings sold in the first 30 days on the market.

The number of new listings that came on the market in June was 18,29, July was 1,794, August was 1,732 and September was 1,581  As we are still seeing more new listings than pending sales it is still a good time to buy.

“Washington’s employment growth was expected to slow in 2018, but the state’s overall growth and competitiveness improved significantly, ranking the fifth-highest in the nation compared to the seventh spot in the previous year, according to Economic and Revenue Forecast Council data. ERFC economists predict the state’s rate of job growth will hold steady at 2.4 percent for 2019.” (Seattle Times)

According to the Seattle Times and US Census Bureau Seattle is the fastest growing city of the decade.

With still amazingly low interest rates, strong job growth, more people moving to Seattle than anywhere else in the country, and a low level inventory the last couple of months the Snohomish County real estate market should remain in the surge status through 2020.

If you are selling the average sales price is at all time highs, and 55% of homes are selling in the first 30 days.

If you are buying the interest rates have never been lower and there are 3 important steps you should take to get ready.

Position yourself to create a buyer advantage when competing with other buyers and walk in confidence when making an offer.

The Madrona Group can consult with you to be:

1. Up-to-date with current market intensity and pricing
2. Get pre-approved or fully underwritten through a lender,
3. Receive email/text notification of newly listed properties

In today’s instant-response market, it’s key to ensure you’re ready to act when the timing is right.

The Snohomish County Housing Market Analysis INFOGRAPHIC

STATS BY INFOSPARKS:

• $513,296 was the average sold price for listings in the Snohomish County
• 1,581 new listings were added to the MLS for Snohomish County
• 2,660 homes were for sale in Snohomish County
• 1,385 home were in pending status
• 1,316 homes sold in the county
• 2.2 months of inventory available in Snohomish County
• 32 was the average days on market for a home to sell in the county
• 99.5% was the average listing price vs. sales price percentage
• $262 was the average price per square foot in Snohomish County
• $674,984,443  was the total closed sales volume for the county
• 3.55% was the average interest rate (source: Mortgage Daily News)
• 59% of homes sold in the first 30 days in Snohomish County

The total inventory saw 1,581 new listings, 2660 homes remained for sale, while 1,316 homes sold in September in Snohomish County.

The average days on market increased slightly to 32 days, the percentage of sale price to listing price decreased slightly to 99.5%, and the average sales price increased slightly.  The percentage of homes that sold in the first 30 days decreased to 55%.  Showing that while the job growth rate remains high and interest rates low, buyers are out there.  We have seen the market go from a frenzy to surge over the last couple months and the inventory increase to a shortage.

We should continue to see a surging market through the year 2020.

Now is still an amazing time to sell your home as we are still historically low on inventory and high on prices.

If you are considering a move up, a move down, or just want to sell your home… Months of inventory is still at well below average.  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. 

Please Visit:

The Madrona Group Featured Communities

Be sure to subscribe to our newsletter to get updated information about the Snohomish County.