SNOHOMISH COUNTY REAL ESTATE MARKET TRENDS
Market Insights, Statistics, Graphs, And Infographs
THE SNOHOMISH COUNTY HOUSING MARKET REMAINED IN A FRENZY PACE WITH STEADY JOB MARKET
The Snohomish County Real Estate Market Analysis For April 2018 Shows That The Buyer Pool Is Still Looking For Listings
A few things that really stuck out to me as I was compiling the April stats.
The average home sales price for Snohomish County is up 13% from last year Click To Tweet- The Average Sales Price continues to rise to new all time highs.
- The average days on market dipped to a low 20 days
- Despite over 150 new listings over last month the price increased and days on market decreased.
- Interest rates continue to creep up yet we remain in a frenzy market.
- The 750K+ price ranges slowed down a bit.
- We are entering the Pre Summer market that is the hottest market of the year.
What this story tells me is that despite the interest rates going up there are still 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 again this month, there remains a backlog of buyers. The number of new listings that came on the market in March was 1,698 in April 1,814. We are showing no signs of slowing down until the summer of 2019.
“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 still 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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CONTACT JOE & JASONJOB GROWTH SPURT REIGNITES FRENZY HOUSING MARKETTHE 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
With only 1.1 months of supply if no other homes were listed in the next 1.1 months we would run out of houses to buy. This is considered a severe shortage.
We increased a bit again last month as more people are putting their house on the market as we hit the hot spring market.
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
The average home in Snohomish County is selling in 20 days. In contrast, 5 years ago the average days on market for Snohomish County was 45. Homes are selling 25 days faster today than just 5 years ago.
In addition, 82% 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
We have already seen where a low inventory should drive up prices. The average sale price for Snohomish County residential homes is $498,508. 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 $305,314. That is a 61% increase over just 5 years ago.
For the 3rd consecutive month the average sales price to list price percentage has increased.
INTEREST RATES
In order for it to be a sellers market there must be buyers.
The interest rates increased again to an amazing 4.63% (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
1,285 homes were sold in Snohomish County last month. That is on par with last month, up 90 from last year, and up 180 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
According to Zillows massive data set early May is the best time to list a home to maximize value. We are in the “Hot Zone”.
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 may still 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
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.”
(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
The Snohomish County Housing Market Analysis INFOGRAPHIC
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Download The Snohomish County Housing Market Report Infographic For April 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
- $498,508 was the average sold price for listings in the Snohomish County in April of 2018
- 1,814 new listings were added to the MLS for Snohomish County in April of 2018
- 1,611 homes were for sale during the month of April in Snohomish County
- 1,490 home were in pending status
- 1,285 homes sold in the county in April
- 1.1 month of inventory available in Snohomish County
- 20 was the average days on market for a home to sell in the county
- 103.1% was the average listing price vs. sales price percentage
- 262 was the average price per square foot in Snohomish County
- $640,583,346 was the total closed sales volume for the county in April
- 4.63% was the average interest rate (source: Freddie Mac)
- 82% of homes sold in the first 30 days in Snohomish County in April of 2018
Summary
Even with total inventory seeing a 116 unit increase, the average days on market decreased slightly, the percentage of sale price to listing price rose again above 103%, and the average sales price increased along with it. The percentage of homes that sold in the first 30 days remained at a frenzy 82%. 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, through the summer of 2019.
Now is the best time of year to sell your home as history shows price always increases through 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.
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