SNOHOMISH COUNTY HOUSING MARKET FORECAST
Home Prices, Market Trends, Graphs Video and Infographics
JULY 2021: NEW LISTINGS REACHED THE HIGHEST LEVEL IN SNOHOMISH COUNTY SINCE MAY 2019 AND WE ARE STILL EXPERIENCING AN EXTREME SHORTAGE
The Snohomish County Housing Market Analysis INFOGRAPHIC
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TABLE OF CONTENTS
The Snohomish County Housing Market Forecast For JULY 2021
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.
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- Inventory
- 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 2,060 new listings in June the most since May of 2019, we are still seeing only .3 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 see a slight loosening up for buyers this last month as many of our clients were able to win bids. There were fewer bids on each home and we even saw a few home inspections.
That being said the total number of homes for sale is still only at 934. We are usually in the 2,000's in June.
People have had plenty of time to think about what they want their home to be and have decided they need to make adjustments. In addition, many people have converted to working from home and no longer need to be commuting distance from Seattle or Bellevue.
Both of the these factors have driven people to the more affordable and more space that is available in Snohomish County.
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.
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.
SELLING?
If you are selling the average sales price is at an all time high, and 87.5% of homes are selling in the first 30 days. The average home is selling in just 12 days.
BUYING?
If you are buying the interest rates are at unbelievably low rates which means your buying power has never been higher. We have seen more listings hit the market the last 6 months.
INSTANT HOME VALUATION
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ESTIMATED HOME VALUEDREAM HOME SEARCH
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SEARCH FOR HOMESNEW LISTING ALERT
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CREATE YOUR ALERTIt’s All About Each New Listing! The Snohomish County market is virtually sold out up to $2 million, which places extra focus on each new resale listing as it comes onto the market. We expect this extremely high intensity will continue in most price ranges locally into the spring of 2022, due to historically low interest rates creating a large backlog of buyers looking to purchase a home. Sales Activity Intensity™ in Snohomish County is at uber frenzy up to $1 million (93 percent of sales take place in this range). In the $1 to $1.5 million price range, Sales Activity Intensity™ is extreme frenzy. There is very strong luxury sales activity in the $1.5 to $3 million range.J Lennox Scott
Snohomish County Real Estate GRAPHS AND Data
With only .3 months of supply if no other homes were listed in the next 9 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 .7 months supply.
1,813 homes were sold in Snohomish County last month. That is up 348 from the previous month, up 355 from last year, and up 216 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. However, homes in the 250K-750k price range sold the fastest.
DAYS ON MARKET
88% of homes are selling in less than 30 days in Snohomish County. That number is usually closer to 30%.
Houses in the 2502K-350K price range are selling 91.7% 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.
PRICE
AVERAGE SALES PRICE: $688,702
AVERAGE SALES PRICE SINGLE FAMILY RESIDENTIAL: $758,416
AVERAGE SALES PRICE CONDOS: $514,176
We have already seen where a low inventory should drive up prices. The average sale price for Snohomish County homes is $688,702. In comparison 5 years ago the average sales price was $404,290 that is a 59% increase in equity.
In addition the average home is selling for 7.7% higher than it is listed as.
According to both Zillow and John L Scott’s massive data set we are in the heart of 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
CURRENT UNEMPLOYMENT RATES
WA Employment Security Department
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)
Snohomish County Market Stats
STATS PROVIDED BY: INFOSPARK
- $688,702 was the average sold price for listings in Snohomish County.
- 2,060 new listings went on the market this month.
- 934 homes were for sale during the month.
- 1,868 homes went pending in Snohomish County.
- 1,813 homes sold this month
- .3 months of inventory available in Snohomish County.
- 12 was the average days on market for a home to sell in Snohomish County.
- 107.7% was the average listing price vs. sales price percentage
- $3579 was the average price per square foot in Snohomish County.
- $1,246,182,181 was the total closed sales volume for Snohomish County.
- 3.18% was the interest rate
- 88% of homes sold in the first 30 days in Snohomish County.
Snohomish County Housing Market Summary
The Snohomish County Housing Market saw 2,060 new listings, 934 homes were for sale, while 1,813 homes sold in June in Snohomish County.
The average days on market increase to 12 days, the percentage of sale price to listing price decreased to 107.7%, and the average sales price increased to an all time high. The percentage of homes that sold in the first 30 days is 88%. 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 12 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.
Please Visit:
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