SNOHOMISH COUNTY HOUSING MARKET FORECAST

Home Prices, Market Trends, Graphs Video and Infographics

The Snohomish County Real Estate Market Intensity Is Extreme

  • Average Sales Price increased by $8K ($573,194)
  • Pending Sales Decreased to 1,698 (2nd highest total in 15 years, to last month)
  • New Listings Decreased to 1,670 (1,804)
  • Homes For Sale Dropped to 1,149 ( The Lowest Total in 15 Years)
  • Percentage of Sold Price to List Price Increased to 101.6%
  • Interest Rates Decreased a tick to a ridiculous 3.0%
  • Home Inventory Increased to .5 Months of Supply

At only 1,149 homes for sale in Snohomish County that is the lowest total in 15 years.

The Snohomish County Housing Market Forecast For NOVEMBER 2020


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.

  • 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…

We are starving for inventory in Snohomish County.

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.

The majority of national economists have suggested that it will be the real estate market that pulls up the economy, and so far it is playing out.

As I have been reporting for the last 7 months that buyer indicators have never really declined, and we are continuing to see the seller indicators hit all time highs.

According to the Realtor.com Seattle Housing Market Recovery Index the US market is sitting at a 109.4 of 100, while the Seattle/Bellevue/Tacoma market is sitting at 126.1 of 100.

We are still seeing spring like sales activity deep into winter.

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.

The stay at home order continues to affect our industry in many ways, but it does not seem to be having a lasting impact on the Snohomish County housing market and residential real estate sales.

Read About How We Are Navigating Business During The Crisis.

Along with following all state mandated safety guidelines and taking extra precautions we are focusing on delivering Virtual Real Estate Services.



Realtor.com® Seattle Housing Market Recovery Index

The index then compares the current status “to the last week of January 2020 market trend, as a baseline for pre-COVID market growth. The overall index is set to 100 in this baseline period. The higher a market’s index value, the higher its recovery and vice versa”, according to Realtor.com.

Selling?

If you are selling the average sales price is at all time highs, and 81% of homes are selling in the first 30 days. The average home is selling in just 19 days.

Buying?

If you are buying the interest rates have never been lower! We have seen a high number of listings hit the market the last couple months.

Enjoy My Snohomish County Market Report Video


INSTANT HOME VALUATION

Use this tool to get an instant estimation of the value of your home.

ESTIMATED HOME VALUE

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Seattle to Snohomish County

Community Guides for neighborhoods and cities in the Puget Sound area.

REAL ESTATE GUIDES
The Real Estate Market Intensity Is Extreme

The Real Estate Market Intensity Is Extreme
Real estate market activity in Snohomish County continues to rise, even as temperatures fall. It’s like the whole market is watching for each new listing! We are nearly virtually sold out of homes priced up to $1.5 million locally. This price range, which comprises 96 percent of sales activity locally, has sales activity intensity that ranges from frenzy to extreme frenzy.

There is a shortage of unsold inventory in the luxury price range of $1.5 to $2 million, and surge sales activity intensity. For homes priced above $2 million, buyer activity is selective. J Lennox Scott

Snohomish County Real Estate GRAPHS AND Data

SALES ACTIVITY AND INVENTORY


sales activity

With only .5 months of supply if no other homes were listed in the next 14 days we would run out of houses to buy.

New listings are starting to decrease.

If you are looking for homes over 1 million you are seeing a little more inventory with 1.4 months of inventory.

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.

1,677 homes were sold in Snohomish County last month. That is up 29 from the previous month, up 375 from last year, and up 514 from 5 years ago.

As you can see in Snohomish County homes in the 350K-750K price range are the most commonly listed and sold.  However, homes in the 350K-500K price range sold the fastest.

DAYS ON MARKET

days on market

83% 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 87.2% 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

We have already seen where a low inventory should drive up prices. The average sale price for Seattle homes is $573,194. In comparison 5 years ago the average sales price was $354,572.

In addition the average home is selling for 1.6% higher than it is listed as.

INTEREST RATES

interest rates

In order for it to be a sellers market there must be buyers. With the interest rates at the Absurd rate of 3.0% a .04% decrease from last month (source: Mortgage News Daily)

There are plenty of buyers that are in the market.

TIMING

6 Phases to yearly housing cycle Best time to sell your house

According to both Zillow and John L Scott’s massive data set we should be showing severe signs of slowing down by now. Because we started the season a few months late, perhaps it will run a few months late.

Buyers are still gobbling up everything that is put on the market.

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 unemployment rates

WA Employment Security Department

EMPLOYMENT NUMBERS PRIOR TO THE HEALTH CRISES

Washington Job Growth Rate

“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)

Seattle Population Increase

(Courtesy ofSeattle Times)

According to the US Census Bureau Seattle the fastest growing city of the decade in the country.

The Snohomish County Housing Market Analysis INFOGRAPHIC


If you like our infographic or know someone that may like it please don’t hesitate to share it on your Pinterest, Facebook, Twitter, or Instagram. If you would like to download the image: Download The Snohomish County Market Report Infographic For November.

PAST MONTHS REPORTS

We put this list together every month. If you are interested in seeing past months you can access the archive below:

Download Market Report

Snohomish County Market Stats


STATS PROVIDED BY: INFOSPARK

  • $573,194 was the average sold price for listings in Snohomish County.
  • 1,670 new listings went on the market this month.
  • 1,149 homes were for sale during the month.
  • 1,698 homes went pending in Snohomish County.
  • 1,677 homes sold this month
  • .5 months of inventory available in Snohomish County.
  • 19 was the average days on market for a home to sell in Snohomish County.
  • 101.6% was the average listing price vs. sales price percentage
  • $296 was the average price per square foot in Snohomish County.
  • $960,673,123 was the total closed sales volume for Snohomish County.
  • 3.0% was the interest rate
  • 83.3% of homes sold in the first 30 days in Snohomish County.

SNOHOMISH COUNTY HOMES FOR SALE


Snohomish County Housing Market Summary


The Snohomish County Housing Market saw 1,670 new listings, 1,149 homes were for sale, while 1,677 homes sold in October in Snohomish County.

The average days on market remained even at 19 days, the percentage of sale price to listing price increased slightly to 101.6%, and the average sales price increased. The percentage of homes that sold in the first 30 days is 83%.  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 5 months 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.

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:

The Madrona Group Featured Communities

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