SNOHOMISH COUNTY HOUSING MARKET FORECAST
Home Prices, Market Trends, Graphs Video and Infographics
What's happening in the Snohomish County housing market in September 2021?
This article will be about the current and future state of the Snohomish County housing market. We’ll start with an infographic and some quick stats we think are important, then we’ll dive into what story the statistics are telling us.
Then you can check out my 60 second video pointing out the 3 key indicators and how they affect the market. Next we will hear from the 24th most influential person in real estate, Lennox Scott and what he sees happing in the Snohomish County market.
We will do a short breakdown on Sales Activity, Days on Market, Price, Interest Rates, Timing and Job and Population Growth. A complete list of the MLS Infospark stats for Snohomish County.
Lastly, don't forget to check out the newest Snohomish County homes for sale.
TABLE OF CONTENTS
- Average Sales Price INCREASED by $13K ($698K)
- Pending Sales INCREASED to 1,887 (+246 than last month)
- New Listings DECREASED to 1,857
- Homes For Sale DECREASED to 1,127
- % Sold Price/List Price DECREASED to 104.7%
- Interest Rates INCREASED to an Unbelievable 2.92%
- Home Inventory DECREASED to .4 Months of Supply
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.
- 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…
Even after we received a total of 9,440 new listings the last 5 months, the highest 5 month total we have seen since 2010, we are still seeing only .4 months of inventory which is considered an Extreme Shortage. That means that the demand for resale residential real estate remains sky high in Snohomish County.
We did continue to see a slight loosening up for buyers again this last month as many of our clients were only competing with a couple offers and often times no other offers. There were fewer bids on each home and we have started to see home inspections come back.
That being said the total number of homes for sale is still only at 1,127. We are usually in the mid to hight 2,000's in Augst.
An article in the Puget Sound Business Journal indicated that 9% of Seattle's work force was in the Tech sector, the 2nd highest percentage to only San Francisco. With tech jobs you will generally see a higher average income.
We are seeing the huge increase in tech workers spill over into the Snohomish County market. That is bringing more home buyers at higher price points. Our inventory, or the number of houses for sale, can not keep up with. We have more demand than we have supply.
When you add the large number of high income tech workers with the unbelievable low interest rates and the desire for people to move into larger homes that accommodate all the at home activities that people have gotten used to it is easy to see how all those new listings continue to sell.
We are also seeing new investors enter the market as a popular new trend of turning rentals into VRBO's and Air BnB's continue to grow.
Both of the these factors have driven people to the more affordable and more space that is available in Snohomish County.
With the low interest rates, and a low level of inventory the last couple of years in the Snohomish County real estate market it should remain in the surge to frenzy status through the Spring of 2022.
Although WA has essentially opened back up we continue to follow all state mandated safety guidelines and take extra precautions. We are focusing on delivering Virtual Real Estate Services to the Snohomish County housing market.
Extreme Real Estate Market Continues
As we start heading toward the first of the year, the housing market intensity for each new listing will start tightening back up again in Snohomish County. Approximately two months of good selection and availability of new listings remain in the local market before the winter market arrives. In Snohomish County, the market is virtually sold out of homes priced up to $2 million. Homes priced up to $1 million (92 percent of sales activity) have predominantly uber-frenzy Sales Activity Intensity.™
The $1 to $1.5 million price range in Snohomish County has extreme frenzy Sales Activity Intensity,™ and the $1.5 to $2 million price range has surge Sales Activity Intensity.™ There is very strong luxury sales activity above $2 million. J Lennox Scott
CEO of John L. Scott Real Estate
Snohomish County Real Estate GRAPHS AND Data
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 over 1mil you are seeing a little more inventory with .9 months supply.
1,696 homes were sold in Snohomish County last month. That is up 4 from the previous month, up 201 from last year, and up 103 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.
84% of homes are selling in less than 30 days in Snohomish County. That number is usually closer to 30%.
Houses in the 350K-500K price range are selling 87% 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.
AVERAGE SALES PRICE: $698,078
AVERAGE SALES PRICE SINGLE FAMILY RESIDENTIAL: $751,501
AVERAGE SALES PRICE CONDOS: $527,422
We have already seen where a low inventory should drive up prices. The average sale price for Snohomish County homes is $698,078. In comparison 5 years ago the average sales price was $401,486 that is a 74% increase in equity.
In addition the average home is selling for 4.7% higher than it is listed as.
As you can see from the John L. Scott 6 phases to a yearly house cycle chart we should start to see the slow down a bit over the next month.
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.
WHILE WE ARE NOT SURE HOW THE EMPLOYMENT NUMBERS WILL END UP HERE IS THE CURRENT UNEMPLOYMENT SITUATION
CURRENT UNEMPLOYMENT RATES
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)
STATS PROVIDED BY: INFOSPARK
- $698,078 was the average sold price for listings in Snohomish County.
- 1,857 new listings went on the market this month.
- 1,127 homes were for sale during the month.
- 1,887 homes went pending in Snohomish County.
- 1,696 homes sold this month
- .4 months of inventory available in Snohomish County.
- 11 was the average days on market for a home to sell in Snohomish County.
- 104.7% was the average listing price vs. sales price percentage
- $363 was the average price per square foot in Snohomish County.
- $1,182,543,556 was the total closed sales volume for Snohomish County.
- 2.92% was the interest rate
- 84% of homes sold in the first 30 days in Snohomish County.
The Snohomish County Housing Market saw 1,857 new listings, 1,127 homes were for sale, while 1,696 homes sold in August in Snohomish County.
The average days on market decreased to 11 days, the percentage of sale price to listing price decreased to 104.7%, and the average sales price increased to an all time high. The percentage of homes that sold in the first 30 days is 84%. 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 14 months and the inventory to a severe shortage.
We should continue to see a surging to frenzy market for through the Spring of 2022.
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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