SNOHOMISH COUNTY REAL ESTATE MARKET TRENDS
Market Insights, Statistics, Graphs, And Infographs
THE SNOHOMISH COUNTY HOUSING MARKET DROPPED INTO A SURGING MARKET AS INVENTORY INCREASES
The Snohomish County Real Estate Market Analysis For July 2018 Shows That The Buyer Pool Continues to Disperse.
A few things that really stuck out to me as I was compiling the July stats.There was a decrease in most major statistical real estate category in Snohomish County in July 2018Click To Tweet
- There was a decrease in most major statistical real estate category in Snohomish County in July 2018
- The 1 mil+ price range is now a buyer’s market
- The average sales price dropped back down below the $500k mark.
- The number of homes still for sale continued to increas.
- For the 3rd straight month we have seen a high number of new listings hit the market.
- Interest rates remain below 5%.
What this story tells me is that the significant increase in listings has put a big dent in the buyers pool.
While buyers continue to see relief in the increase of listings, the lowering of prices, listings sitting a little longer, and fewer and fewer multiple bid situations.
The overall shortage of listings is still forcing buyers to make the decision to buy faster. As the end of summer nears we are likely to see fewer new listings hit the market.
Even with a significant number of listings again this month, there remains a backlog of buyers. The number of new listings that came on the market in June was 2,094 in July 1,876. 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.
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MORE HOMES FOR SALE IN MID TO HIGH-END PRICE RANGES
WHILE WE WERE SEEING RECORD SALES ACTIVITY THIS YEAR IN THE PRICE RANGES ABOVE $500k, WE ARE ALSO EXPERIENCING A RECORD NUMBER OF NEW LISTINGS COMING ON THE MARKET.
Additionally, the sales activity intensity for new listings coming on the market remains at a frenzy pace below $500,000. This is higher than 1 year ago although down from the spring market.J Lennox Scott
Snohomish County Real Estate Data
With only 1.3 months of supply if no other homes were listed in the next 1.3 months we would run out of houses to buy. This is considered a severe shortage.
We decreased a bit last month as more people are putting their house on the market as we hit the slightly slower summer months.
If you are looking for homes above $750k you are not seeing this shortage and those homes are sitting 2.8-10.4 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 35. Homes are selling 15 days faster today than just 5 years ago.
In addition, 63% 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.
We have already seen where a low inventory should drive up prices. The average sale price for Snohomish County residential homes is $497,896. Even with more homes coming on the market there is still a backlog of buyers and we dipped back under the $500k mark.
In comparison 5 years ago the average sales price was $301,340. That is a 61% increase over just 5 years ago.
The average sales price to list price percentage continues to decrease.
In order for it to be a sellers market there must be buyers.
The interest rates increased again to an amazing 4.72% (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 still out there.
1,539 homes were sold in Snohomish County last month. That is down 95 from last month, down 7 from last year, and up 348 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 0-350k price range sold the fastest.
Homes over 750k are much less common and sit on the market much longer.
According to Zillows massive data set we are into the slow down season.
Now is still a good time to list your home. There are tons of buyers and a severe shortage of inventory.
With the listings coming we have seen a bit of an inventory bump for buyers.
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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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
- $497,896 was the average sold price for listings in the Snohomish County in July of 2018
- 1,876 new listings were added to the MLS for Snohomish County in July of 2018
- 2,627 homes were for sale during the month of July in Snohomish County
- 1,471 home were in pending status
- 1,539 homes sold in the county in July
- 1.3 months of inventory available in Snohomish County
- 20 was the average days on market for a home to sell in the county
- 101% was the average listing price vs. sales price percentage
- 265 was the average price per square foot in Snohomish County
- $765,265,545 was the total closed sales volume for the county in July
- 4.72% was the average interest rate (source: Freddie Mac)
- 63% of homes sold in the first 30 days in Snohomish County in July of 2018
The total inventory saw 1,876 new listings, the average days on market increased slightly, the percentage of sale price to listing price decreased to 101%, and the average sales price decreased. The percentage of homes that sold in the first 30 days decreased to 63%. Showing that the high number of buyers are seeing some relief in this sellers 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 still a good 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 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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