SNOHOMISH COUNTY REAL ESTATE MARKET TRENDS

Market Insights, Statistics, Graphs, And Infographs

THE SNOHOMISH COUNTY HOUSING MARKET HITS A FRENZY LEVEL WITH THE START OF SPRING

The Snohomish County Real Estate Market Analysis For April 2019 Shows That Buyers are Back Out Looking For Homes.

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

After dipping to $451,975 in January the average sales price has increased back to $494,846. Click To Tweet

  • After dipping to $451,975 in January the average sales price has increased back to $494,846.
  • Despite a sharp increase in new listings to 1,697 homes for sale decreased to 1,892.
  • Pending sales is above average at 1,550.
  • We are back to a Severe Shortage of Inventory for homes priced 0-$750k.
  • The percentage of homes that sold in the first 30 days jumped up to 72%.
  • Interest rates dropped again to 4.22%
  • Average days on market dropped back below 50 days.

What this story tells me is that the buyers are back but people have not started to list their homes for the hot season.

We are starting to see the market heat back up.  Not to the levels that we experienced last year, but a healthier seasonal increase. The Snohomish County housing market hit the frenzy status.  That means that 65% of new listings sell in the first 30 days on the market.

The number of new listings that came on the market in January was 1,180 in February was 980 and March 1,697.  As we are 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 decrease in inventory the last couple of months the Snohomish County real estate market should remain frenzy for the next few months.

If you are selling the average sales price is still at all time highs, and 72% of homes are selling in the first 30 days.

If you are buying I ask you when is the best time to plant a tree?

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THE FRENZY MARKET RETURNS

The frenzy market has returned in the more affordable and mid-price ranges (up to $750,000), where 94% of the sales activity takes place!

The sales activity intensity in this range is at a frenzy level, with an extreme shortage of unsold inventory. It’s crucial to be buyer ready if you are looking to purchase in this price range, and buyers may appreciate that there will be more listings on the way as the weather heats up.

Above $750,000 we are at strong sales activity intensity in Snohomish County. Properties at $1,000,000 and above are at healthy sales activity intensity.J Lennox Scott

Snohomish County Real Estate Data

SALES ACTIVITY AND INVENTORY


April INventory

With only .8 months of supply if no other homes were listed in the next .8 months we would run out of houses to buy.  This is considered a severe shortage.

New listings increased sharply in March.

If you are looking for homes above $750k you are more inventory with inventory of 2.3 – 5.3 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.

1,118 homes were sold in Snohomish County last month. That is up 139 from last month, down 108 from last year, and  down 8 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 sold the fastest.

Homes over 750k are much less common and sit on the market much longer.

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


Market Status

The average home in Snohomish County is selling in 43 days. In contrast, 5 years ago the average days on market for Snohomish County was 55. Homes are selling 12 days faster today than just 5 years ago.

In addition, 72% 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 Frenzy 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 $494,846. A sharp decrease from last month.

In comparison 5 years ago the average sales price was $335,003. That is a 35% increase over just 5 years ago.

The average sales price to list price percentage dropped to its lowest point in almost 2 years at 98.6%, signaling that people are pricing their listings to high.

INTEREST RATES


Interest Rates

In order for it to be a sellers market there must be buyers.

The interest rates have dropped slightly to an amazing 4.22% (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


According to Zillows massive data set we have entered the buying season.

If your a buyer you will want to take advantage of the amazing interest rates 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.

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The Snohomish County Real Estate Market Analysis INFOGRAPHIC


April 2019 Snohomish County Housing Market

The Snohomish County Housing Market Analysis INFOGRAPHIC


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If you would like to download the image:

Download The Snohomish County Housing Market Report Infographic For April 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:

Snohomish County Market Stats


  • $494,846 was the average sold price for listings in the Snohomish County
  • 1,697 new listings were added to the MLS for Snohomish County
  • 1,892 homes were for sale in Snohomish County
  • 1,550 home were in pending status
  • 1,118 homes sold in the county
  • .8 months of inventory available in Snohomish County
  • 43 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
  • $258 was the average price per square foot in Snohomish County
  • $553,732,144 was the total closed sales volume for the county
  • 4.22% was the average interest rate (source: Mortgage Daily News)
  • 72% of homes sold in the first 30 days in Snohomish County

Summary


The total inventory saw 1,697 new listings, 1, 892 homes remained for sale, while 1,118 homes sold in March in Snohomish County.

The average days on market decrease slightly, the percentage of sale price to listing price remained below 100%, and the average sales price increase sharply.  The percentage of homes that sold in the first 30 days increase to 72%.  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 strong to frenzy over the last couple months and the inventory go from shortage to severe shortage.

After our slight correction everything points to a frenzy market through the Spring.

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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