SNOHOMISH COUNTY REAL ESTATE MARKET TRENDS
Market Insights, Statistics, Graphs, And Infographs
THE SNOHOMISH COUNTY HOUSING MARKET CONTINUES TO SHIFT IN FAVOR OF HOME BUYERS
The Snohomish County Real Estate Market Analysis For September 2018 Shows That The market is continuing to lean back toward buyers.
A few things that really stuck out to me as I was compiling the August stats.We have not seen a decrease in average sales price for 4 consecutive months since Fall 2008 in Snohomish County WAClick To Tweet
- The average sales price dropped for the 4rd consecutive month to $486,457
- There are over 3,000 homes for sale for the first time since October 2015.
- There was $141,165,212 of total dollar volume closed this month than last month.
- We have not see a decrease in average sales price for 4 consecutive months since Fall 2008
- The percentage of homes that sold in the first 30 days dipped below the 50% mark taking us out of a Surging or Frenzied market.
- The percentage of sales price to list price dropped below 100% for the first time this year.
- Interest rates remain below 5%.
What this story tells me is that the significant increase in listings the last few months has thinned out the buyer 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 a little quicker than usual. As the winter market nears we should see the listings taper off.
Even with over 3,000 homes for sale we are still seeing above average sales states. The number of new listings that came on the market in July was 1,876 in August was 1,903 and September 1,680. We are showing signs of slowing down until the spring 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, strong job growth, more people moving to Seattle than anywhere else in the country, and an increase in inventory the last couple of months the Snohomish County real estate market should remain strong for many months to come.
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STRONG HOUSING MARKET
When looking at sales activity intensity in Snohomish County, we have gone down from extreme frenzy to surge in the $250 – $500k range, and there is strong sales activity in the $500k – $1m range. For listings above $1m there is selective luxury buyer activity.
85% of sales activity in Snohomish County takes place between $250 – $750K. When examining unsold inventory in this range compared to last year, unsold inventory is down 27% from $250 – $350k; up 25% from $350 – $500k; and more than double last year’s numbers within $500 – $750K. J Lennox Scott
Snohomish County Real Estate Data
With only 2 months of supply if no other homes were listed in the next 2 months we would run out of houses to buy. This is considered shortage.
We saw the inventory increase slightly but remains a shortage.
If you are looking for homes above $750k you are not seeing this shortage and those homes are sitting 3.5 – 9.5 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 28 days. In contrast, 5 years ago the average days on market for Snohomish County was 35. Homes are selling 7 days faster today than just 5 years ago.
In addition, 49% of homes are selling 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.
Because there is still an inventory shortage 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 $481,097. We have seen a 4 month trend of the average sales price dropping. Something that has not happened in Snohomish County since 2011.
In comparison 5 years ago the average sales price was $298,657. That is a 62% increase over just 5 years ago.
The average sales price to list price percentage dropped below 100% signaling that for the first time since last December buyers are paying less than listed price.
In order for it to be a sellers market there must be buyers.
The interest rates have been steadily creeping up but remained at an amazing 4.78% (source: Freddie Mac). 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.
1,227 homes were sold in Snohomish County last month. That is down 268 from last month, down 274 from last year, and up 173 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.
According to Zillows massive data set we are into the slow down season.
According to Homelight now is still a great time to list your home. According to their data homes that sell in October sell for the highest percentage gain.
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 start to decrease for the winter.
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
- $481,097 was the average sold price for listings in the Snohomish County
- 1,680 new listings were added to the MLS for Snohomish County
- 3,123 homes were for sale in Snohomish County
- 1,174 home were in pending status
- 1,227 homes sold in the county
- 2 months of inventory available in Snohomish County
- 28 was the average days on market for a home to sell in the county
- 99.8% was the average listing price vs. sales price percentage
- 259 was the average price per square foot in Snohomish County
- $590,306,142 was the total closed sales volume for the county in August
- 4.78% was the average interest rate (source: Freddie Mac)
- 49% of homes sold in the first 30 days in Snohomish County
The total inventory saw 1,680 new listings, 3,123 homes remained for sale, while 1,227 homes sold in September in Snohomish County.
The average days on market increased slightly, the percentage of sale price to listing price decreased below 100%, and the average sales price decreased. The percentage of homes that sold in the first 30 days decreased to 49%. Showing that while the job growth rate remains high and interest rates low, buyers are taking a rest. We have seen the market go from a Frenzy to surging to strong over the last couple months and the inventory go from severe shortage to shortage.
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 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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