SNOHOMISH COUNTY HOUSING MARKET FORECAST
Home Prices, Market Trends, Graphs Video and Infographics
Instant-Response Market Continues Into May 2021 in SNOHOMISH COUNTY
The Snohomish County Housing Market Analysis INFOGRAPHIC
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The Snohomish County Housing Market Forecast For May 2021
Every month we gather all the facts, data and statistics about the Snohomish County Housing Market and share them with you. We will discuss the 3 major factors in determining the strength of the market.
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- Inventory
- Percentage of Homes That Go Pending In First 30 Days
- Interest Rates
The data tells a story about the current state of our local residential real estate market.
What this story tells me is…
We desperately need more listings in Snohomish County, the same story for many months.
We saw the average sales price hit an all time high. We saw the percentage of sales price to listed price hit an all time high. While inventory remains in a severe shortage and homes continue to sell in the first 30 days 92% of the time. These are unprecedented selling conditions.
The number of homes for sale finally started to tick up, but still the 3rd lowest total in over 15 years, even after we have seen an increase in listings the last 4 months. There are just not enough houses to buy.
People have had plenty of time to think about what they want their home to be and have decided they need to make adjustments. In addition, many people have converted to working from home and no longer need to be commuting distance from Seattle or Bellevue.
Both of the these factors have driven people to the more affordable and more space that is available in Snohomish County.
The majority of national economists have suggested that it will be the real estate market that pulls up the economy, and so far it is playing out.
With still amazingly low interest rates, and a low level inventory the last couple of years the Snohomish County real estate market should remain in the surge to frenzy status for the foreseeable future.
The stay at home order continues to affect our industry in many ways, but it does not seem to be having a lasting impact on the Snohomish County housing market and residential real estate sales.
Read About How We Are Navigating Business During The Crisis.
Along with following all state mandated safety guidelines and taking extra precautions we are focusing on delivering Virtual Real Estate Services.
SELLING?
If you are selling the average sales price is at an all time high, and 92% of homes are selling in the first 30 days. The average home is selling in just 12 days.
BUYING?
If you are buying the interest rates are at unbelievably low rates which means your buying power has never been higher. We have seen more listings hit the market the last 4 months.
Enjoy My Snohomish County Market Report Video
INSTANT HOME VALUATION
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ESTIMATED HOME VALUEDREAM HOME SEARCH
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SEARCH FOR HOMESNEW LISTING ALERT
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CREATE YOUR ALERTInstant-Response Market Continues Into May Every May we see a nice uptick in the number of new resale listings coming on the market. This increased availability and selection will be present throughout the summer. However, there is still a large backlog of home buyers, keeping the market in a state of “instant response” for each new resale listing. In Snohomish County, the market is virtually sold out up to $3 million. Sales Activity Intensity™ locally is at uber-frenzy for homes priced up to $1.5 million, where 98 percent of sales take place. We are also seeing a very strong number of homes going under contract above the $1.5 million price point. J Lennox Scott
Snohomish County Real Estate GRAPHS AND Data
SALES ACTIVITY AND INVENTORY
With only .4 months of supply if no other homes were listed in the next 12 days we would run out of houses to buy.
If you are looking for homes under 250K you are seeing a little more inventory with .8 months supply.
1,369 homes were sold in Snohomish County last month. That is up 113 from the previous month, up 492 from last year, and up 33 from 5 years ago.
As you can see from the table above anything below 5 months is considered low. Low inventory means higher demand. Higher demand drives the price up.
In Snohomish County homes in the 350K-1mil price range are the most commonly listed and sold. However, homes in the 250K-1mil price range sold the fastest.
DAYS ON MARKET
92% of homes are selling in less than 30 days in Snohomish County. That number is usually closer to 30%.
Houses in the 2502K-350K price range are selling 95.3% of the time in the first 30 days.
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.
PRICE
AVERAGE SALES PRICE: $655,964
AVERAGE SALES PRICE SINGLE FAMILY RESIDENTIAL: $716,730
AVERAGE SALES PRICE CONDOS: $472,637
We have already seen where a low inventory should drive up prices. The average sale price for Snohomish County homes is $655,964. In comparison 5 years ago the average sales price was $379,565 that is a 72% increase in equity.
In addition the average home is selling for 8.4% higher than it is listed as.
INTEREST RATES
In order for it to be a sellers market there must be buyers.
With the interest rates at the Unbelievable rate of 3.12% a .27% decrease from last month (source: Mortgage News Daily), there are plenty of buyers that are in the market.
TIMING
According to both Zillow and John L Scott’s massive data set we are in the heart of the busy season.
If you’re 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
WHILE WE ARE NOT SURE HOW THE EMPLOYMENT NUMBERS WILL END UP HERE IS THE CURRENT UNEMPLOYMENT SITUATION
CURRENT UNEMPLOYMENT RATES
WA Employment Security Department
As you can see from the charts above unemployment is only slightly higher that it was prior to the event.
In 2019, "Snohomish County grew slightly faster than Washington as a whole. The state Office of Financial Management pegged Washington’s overall population at 7,546,410 this spring, an increase of 118,800 people, or 1.6%, over last year. Net migration accounted for 76% of the state’s population growth with natural increase making up the remainder." (Everett Herald)
Snohomish County Market Stats
STATS PROVIDED BY: INFOSPARK
- $655,964 was the average sold price for listings in Snohomish County.
- 1,921 new listings went on the market this month.
- 884 homes were for sale during the month.
- 1,614 homes went pending in Snohomish County.
- 1,369 homes sold this month
- .4 months of inventory available in Snohomish County.
- 12 was the average days on market for a home to sell in Snohomish County.
- 108.4% was the average listing price vs. sales price percentage
- $347 was the average price per square foot in Snohomish County.
- $896,046,438 was the total closed sales volume for Snohomish County.
- 3.12% was the interest rate
- 92% of homes sold in the first 30 days in Snohomish County.
SNOHOMISH COUNTY HOMES FOR SALE
Snohomish County Housing Market Summary
The Snohomish County Housing Market saw 1,921 new listings, 884 homes were for sale, while 1,369 homes sold in April in Snohomish County.
The average days on market decreased to 12 days, the percentage of sale price to listing price increased to 108.4%, and the average sales price increased to an all time high. The percentage of homes that sold in the first 30 days is 92%. Showing that despite the crisis, with interest rates low, buyers are out there.
We have seen the market remain in an Extreme Frenzy status over the last 10 months and the inventory to a severe shortage.
We should continue to see a surging to frenzy market for the foreseeable future.
Now seems to be an amazing time to sell your home as we are still seeing historically low inventory and high 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.
The jury is still out on the job market and population growth.
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.
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