SNOHOMISH COUNTY HOUSING MARKET FORECAST
Market Insights, Statistics, Graphs, And Infographs
SPRING MARKET ACTIVITY DEEP INTO SUMMER
The Snohomish County Real Estate Market Forecast For September 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…
All those homes that did not go on the market in March and April have all come on the market this summer.
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 5 months that buyer indicators have never really declined, and now we are seeing the seller indicators hit all time highs.
According to the Realtor.com Seattle Housing Market Recovery Index the US market is sitting at a 106.2 of 100, while the Seattle/Bellevue/Tacoma market is sitting at 118.5 of 100.
We are seeing spring like sales activity deep into summer.
With still amazingly low interest rates, and a low level inventory the last couple of years the Seattle 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 Seattle 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 82% of homes are selling in the first 30 days. The average home is selling in just 21 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
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ESTIMATED HOME VALUECONTACT US
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REAL ESTATE GUIDESONE WORD: WOW!We are virtually sold out in Snohomish County up to $1million (96% of sales activity). Buyers will find the greatest selection and availability of new listings coming on the market during September and October, until next March. Additionally, as we head into the new year 2021, the intensity for each new listing will remain at a frenzy.
Additionally, luxury sales activity above $1 million is strong.J Lennox Scott
Snohomish County Real Estate GRAPHS AND Data
SALES ACTIVITY AND INVENTORY
With only .5 months of supply if no other homes were listed in the next 15 days we would run out of houses to buy.
New listings decreased slightly but remained high.
If you are looking for homes over 1 million you are seeing a little more inventory with 1.5 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.
1,513 homes were sold in Snohomish County last month. That is down 31 from the previous month, up 73 from last year, and up 82 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
82% 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 86.5% 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 $569,364. In comparison 5 years ago the average sales price was $336,129.
In addition the average home is selling for 1.7% higher than it is listed as.
INTEREST RATES
In order for it to be a sellers market there must be buyers. With the interest rates at the Absurd rate of 2.88% a .01% increase from last month (source: Mortgage News Daily)
There are plenty of buyers that are in the market.
TIMING
JOB AND POPULATION GROWTH
According to both Zillow and John L Scott’s massive data set we should be starting to slow down by now. Because we started the season a few months late, perhaps it will run a few months late.
The buyers are there and we are starting to see the listings numbers increase.
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
WA Employment Security Department
EMPLOYMENT NUMBERS PRIOR TO THE HEALTH CRISES
“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)
(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 September.
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
STATS PROVIDED BY: INFOSPARK
- $569,394 was the average sold price for listings in Snohomish County.
- 1,831 new listings went on the market this month.
- 1,334 homes were for sale during the month.
- 1,907 homes went pending in Snohomish County.
- 1,513 homes sold this month
- .5 months of inventory available in Snohomish County.
- 21 was the average days on market for a home to sell in Snohomish County.
- 101.7% was the average listing price vs. sales price percentage
- $292 was the average price per square foot in Snohomish County.
- $860,923,003 was the total closed sales volume for Snohomish County.
- 2.88% was the interest rate
- 82% of homes sold in the first 30 days in Snohomish County.
Snohomish County Housing Market Summary
The Snohomish County Housing Market saw 1,831 new listings, 1,334 homes were for sale, while 1,513 homes sold in August in Snohomish County.
The average days on market decreased to 21 days, the percentage of sale price to listing price increased slightly to 101.7%, and the average sales price increased. The percentage of homes that sold in the first 30 days is 82%. Showing that despite the crisis, with interest rates low, buyers are out there. We have seen the market go to an Extreme Frenzy status over the last 3 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.
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