SNOHOMISH COUNTY REAL ESTATE MARKET TRENDS

Market Insights, Statistics, Graphs, And Infographs

THE SNOHOMISH COUNTY HOUSING MARKET IS SEEING AN INCREASE IN INVENTORY

The Snohomish County Real Estate Market Analysis For September 2019 Sees a Continuing of the Leveling Off Trend.

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

Interest Rates Are Only 3.55% According To Mortgage News DailyClick To Tweet

  • 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 4th consecutive month at 2.2 months supply
  • 323 more pending sales this month than last year
  • The average list price to sales price dipped down to 99.7%
  • The average days on market stayed under 30 days again at 28 days.
  • More homes closed this month than last month.

What this story tells me is that with the interest rates as low as they have ever been, there are still plenty of buyers looking to purchase in the $250k-750k price range in Snohomish County.

The summer market is coming to an end and we start heading into the slightly cooler fall market. The Snohomish County housing market remained in a surge status.  That means that 59% of new listings sold in the first 30 days on the market.

The number of new listings that came on the market in May was 2,180, June was 1,829, July was 1,794 and August was 1,732  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 for the next few months.

If you are selling the average sales price is at all time highs, and 59% 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.

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FALL REAL ESTATE MARKET MAKES AN ENTRANCE

As we enter the fall housing market, both interest rates and job growth in Puget Sound are extremely positive. The next 2 months – September and October – are historically the best for selection and availability for the next 6 months.

Overall, the local market is in great shape, with fewer new resale listings and unsold inventory, but more pending listings. There is a severe shortage of unsold inventory up to $500,000, with sale activity intensity at a frenzy. For homes priced $500,000 to $1,000,000, sales activity intensity is strong, with a shortage of unsold inventory. These price ranges comprise 99% of the market activity in Snohomish County.J Lennox Scott

Snohomish County Real Estate Data

SALES ACTIVITY AND INVENTORY


activity

With only 1.4 months of supply if no other homes were listed in the next 1.4 months we would run out of houses to buy.  This is considered a shortage.

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 sold the fastest.

If you are looking for homes above $750k you are more inventory with inventory of 2.1-6.8 months.Homes over 750k are much less common and sit on the market much longer.

New listings stayed strong in August.

1,466 homes were sold in Snohomish County last month. That is up 16 from last month, up 25 from last year, and  up 307 from 5 years ago.

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.

Average Percentage of new listings that go pending in the first 30 days


sales activity indicator

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 41. Homes are selling 13 days faster today than just 5 years ago.

In addition, 59% of homes are going pending in less than 30 days. That number is usually closer to 30%.

The average days on market over the last 10 years is approximately 66 days.

We are currently in what is called a Surge Real Estate Market.

PRICE


We have already seen where a low inventory should drive up prices. The average sale price for Snohomish County residential homes is $502,205. A sharp decrease from last month.

In comparison 5 years ago the average sales price was $326,374. That is a 26% increase over just 5 years ago.

The average sales price to list price percentage dipped to 99.7%.

INTEREST RATES


interest rates

In order for it to be a sellers market there must be buyers and to have buyers there needs to be financing.

The interest rates have dropped slightly to an amazing 3.55% (source: Mortgage News Daily). Leaving plenty of buyers that are still in the market.

With the strong job growth rate in the state and amazing interest rates the buyers are still out there.

TIMING


6 Phases to yearly housing cycleZillow-Best-Time-To-Sell-Your-Home

According to both Zillow and John L Scotts massive data set we are coming to the end of the buying season.

If your a buyer you will want to position yourself to create a buyer advantage when competing with other buyers and walk in confidence when making an offer. We can consult with you to be up-to-date with current market intensity and pricing, get pre-approved or fully underwritten through a lender, and 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 and make sure you are Buyer Ready Day One.

Sellers should be Market Ready Day One.

JOB AND POPULATION GROWTH


Washington economic forecast

“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 RevenueForecast Council data. ERFC economists predict the state’s rate of job growth will hold steady at 2.4 percent for 2019.”

“The growth rate is extremely consistent,” Vance-Sherman says. “I’m still seeing a lot of strength in sectors that I use in leading indicators, so I expect 2019 to be a year, again, with strong growth.” (Seattle Times)

Seattle Population Increase

(Courtesy ofSeattle Times)

According to the US Census Bureau Seattle the fastest growing city of the decade in the country.

SNOHOMISH COUNTY HOMES FOR SALE


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The Snohomish County Real Estate Market Analysis INFOGRAPHIC


snohomish county housing market

The Snohomish County Housing Market Analysis INFOGRAPHIC


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Download The Snohomish County Housing Market Report Infographic For June 2019

PAST MONTHS REPORTS

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

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Snohomish County Market Stats


  • $502,205 was the average sold price for listings in the Snohomish County
  • 1,732 new listings were added to the MLS for Snohomish County
  • 2,711 homes were for sale in Snohomish County
  • 1,539 home were in pending status
  • 1,466 homes sold in the county
  • 1.4 months of inventory available in Snohomish County
  • 28 was the average days on market for a home to sell in the county
  • 99.7% was the average listing price vs. sales price percentage
  • $262 was the average price per square foot in Snohomish County
  • $735,730,917  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

Summary


The total inventory saw 1,732 new listings, 2,711 homes remained for sale, while 1,466 homes sold in August in Snohomish County.

The average days on market increase dslightly, the percentage of sale price to listing price decreased slightly to 99.7%, and the average sales price increased slightly.  The percentage of homes that sold in the first 30 days decreased to 59%.  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 fall.

Now is an amazing time of year 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.

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