SNOHOMISH COUNTY REAL ESTATE MARKET TRENDS
Market Insights, Statistics, Graphs, And Infographs
INTENSITY REMAINS STRONG FOR NEW LISTINGS DESPITE THE COVID-19 CRISIS
THE HOUSING MARKET SNOHOMISH COUNTY Analysis For May 2020
COVID-19 has affected the market the last 2 months but not as much as we may have expected.
What we did see is 39% fewer listings go on the market this April compared to last April. However, the listings that did go on the market sold quickly.
Our commitment to our clients is that we will take every precaution to ensure your safety. We can all agree that buying and selling a house is a major decision in our lives, however it pales in comparison to our health and our families health.
We ask that you bare with us as we try to figure this out. Things are changing everyday and we are doing everything in our power to stay current and compliant.
We have had to modify the way we operate our services, meetings, and the way we interact with our clients and each other as real estate professionals.
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A few things that really stuck out to me as I was compiling the May stats.
Despite the Shelter-in-Place order Snohomish County remained in a EXTREME status with 65% of listings going pending in the 1st 30 daysClick To Tweet- Despite the Shelter-in-Place order Snohomish County remained in a EXTREME status with 65% of listings going pending in the 1st 30 days
- The Average Sales Price remained at a high point of $527,988.
- 500 Fewer New Listings this April, 1,270, than last April, 1,770.
- 3% Higher percentage of homes pending than in April 2019
- 9 Fewer days on market than last month.
- We remain in a severe housing shortage.
What that story tells me is
Despite the COVID-19 Crisis buyers are still hungry for new listings.
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.
If you are selling the average sales price is at all time highs, and 65% of homes are selling in the first 30 days.
If you are buying the interest rates have never been lower and this is typically the time of year when more listings start coming on the market.
There are 3 important steps you should take to get ready to buy.
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:
- Up-to-date with current market intensity and pricing
- Get pre-approved or fully underwritten through a lender,
- 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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CONTACT JOE & JASONINTENSITY REMAINS STRONG FOR NEW LISTINGSIn Snohomish County, we are seeing buyer demand coming forward. Yet given the historically low interest rates, the local market needs additional listings to meet pent-up demand from the back-log of buyers.
Due to the COVID-19 situation, there were fewer new listings in April vs April 2019, which leads to fewer homes going under contract as well. However, the sales activity intensity of homes selling within the first 30 days is aligned with last year’s high level for homes priced up to $750,000. in this range, sales activity intensity is Extreme (vs intense last year) and you still need to be Buyer Ready to get a home in today’s market!J Lennox Scott
Snohomish County Real Estate Data
SALES ACTIVITY AND INVENTORY
With only 1 months of supply if no other homes were listed in the next 30 days we would run out of houses to buy. This is considered a severe shortage.
As you can see in Snohomish County homes in the 350-750K price range are the most commonly listed and sold. Homes in the 250k-500k price range sold the fastest.
If you are looking for homes above $1m you are seeing more inventory with 4.9 months supply. Homes over 750k are much less common and sit on the market longer.
New listings decreased in May.
854 homes were sold in Snohomish County last month. That is 237 less than last month, 402 less than last year, and 482 less than 5 years ago.
As you can see from the table above the number of months supply, anything below 4.5 a 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
The average home in Snohomish County is selling in 22 days. In contrast, 5 years ago the average days on market for Snohomish County was 47. Homes are selling 25 days faster today than just 5 years ago.
In addition, 66% 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 an EXTREME 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 $527,464. A slight decrease from last month.
In comparison 5 years ago the average sales price was $352,577. That is a 67% increase over just 5 years ago.
The average sales price to list price percentage increased to 1001%.
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 are flirting with the 2’s but have remained securely in the low 3’s (source: Mortgage News Daily). Leaving plenty of buyers that are still in the market.
With the the job growth rate in question, the amazing interest rates are keeping the buyers out there.
TIMING
According to both Zillow and John L Scott’s massive data set we are in 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
1 million claims are expected to be filed this week (employment security deparment)
EMPLOYMENT NUMBERS PRIOR TO THE COVID-19 CRISES
“After another year of employment stability, Washington economists predict more of the same in 2020.”
“Over the past year, Washington’s ranking in economic growth and competitiveness rose from fifth highest to fourth highest in the nation, according to a September study prepared by the Washington State Economic and Revenue Forecast Council. Separate ESD data reported that Washington added 52,500 jobs between October 2018 and October 2019, with 41,600 of those jobs in the Seattle metro area.” (Seattle Times)
(Courtesy of Seattle Times)
According to the US Census Bureau Seattle the fastest growing city of the decade in the country.
HOUSING MARKET SNOHOMISH COUNTY INFOGRAPHIC
The Snohomish County Housing Market Analysis INFOGRAPHIC
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Download The Snohomish County Housing Market Report Infographic For May 2020
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
STATS BY INFOSPARKS:
- $527,988 was the average sold price for listings in the Snohomish County
- 1,270Â new listings were added to the MLS for Snohomish County
- 1,676 homes were for sale in Snohomish County
- 1,065 home were in pending status
- 854 homes sold in the county
- 1 months of inventory available in Snohomish County
- 22 was the average days on market for a home to sell in the county
- 101% was the average listing price vs. sales price percentage
- $279 was the average price per square foot in Snohomish County
- $449,317,920 was the total closed sales volume for the county
- 3.19% was the average interest rate (source: Mortgage Daily News)
- 65% of homes sold in the first 30 days in Snohomish County
Summary
The Snohomish County Housing Market saw 1,273 new listings, 1,692 homes were for sale, while 861 homes sold in May in Seattle.
The average days on market decreased sharply to 22 days, the percentage of sale price to listing price increased slightly to 101%, and the average sales price stayed level. The percentage of homes that sold in the first 30 days is 66%. Showing that despite the crisis, with interest rates low, buyers are out there. We have seen the market go to an Extreme Surge status over the last month 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.
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