SNOHOMISH COUNTY REAL ESTATE MARKET TRENDS
Market Insights, Statistics, Graphs, And Infographs
EXTREME FRENZY HOUSING MARKET
THE HOUSING MARKET SNOHOMISH COUNTY Analysis For March 2020
COVID-19 has affected the market this month but we do not have the numbers or enough facts to determine what affect it will have exactly. We will be adjust the report in the next few days to reflect the change.
We have adjusted our business practices to reflect the needs of our clients. Including; bringing gloves, disinfecting wipes and hand sanitizer to privately scheduled showings. Halting open houses. Using the Zoom platform to conduct virtual presentations and meetings. We have always used Matterport 3D virtual tours for every one of our listings so that people can tour the listing from home… wherever that may be.
Stay tuned for more information and stay safe and be healthy.
A few things that really stuck out to me as I was compiling the March stats.
- Interest Rates remain at a historic low of 3.23% (Mortgage News Daily)
- We have shifted into an EXTREME FRENZY Market
- Months of Inventory remain in a Severe Shortage with just .6 months supply.
- Unsold inventory is down 49% from last year
- The average sales price crept back up over $500k
- The number of homes for sale, 1,169 was the 2nd lowest total for a month in over 10 years.
- The number of Pending Sales 1,389, was almost double that of the same month last year
What that story tells me is that people are not putting their homes on the market right now, and buyers are hungry for new listings.
I have seen reports suggesting that people are staying in their houses longer and that some people are not selling their house when buying a second house. Many people just like to wait until the spring to sell.
Winter is the New Spring!
We are nearing the end of winter market in real estate and the Snohomish County housing market is in an Extreme Frenzy state. 85% of new listings went pending in the first 30 days on the market.
The number of new listings that came on the market in September was 1,581, October was 1,388, December was 959, January was 635, February was 1,176, and March was 1,235. We are now seeing more pending sales than new listings.
“After another year of employment stability, Washington economists predict more of the same in 2020.” (Seattle Times)
According to the Seattle Times and US Census Bureau Seattle is the fastest growing city of the decade.
With still amazingly low interest rates, strong job growth, more people moving to Seattle than anywhere else in the country, and a low level inventory the last couple of years the Snohomish County real estate market should remain in the surge to frenzy status through 2020.
If you are selling the average sales price is at all time highs, and 85% of homes are selling in the first 30 days.
If you are buying the interest rates have never been lower and this is typically the time of year when more listings start coming on the market.
There are 3 important steps you should take to get ready to buy.
Position yourself to create a buyer advantage when competing with other buyers and walk in confidence when making an offer.
The Madrona Group can consult with you to be:
- Up-to-date with current market intensity and pricing
- Get pre-approved or fully underwritten through a lender,
- 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.
QUICK MARKET UPDATE VIDEO
REAL ESTATE GUIDE
Learn more about Snohomish County and the opportunities to create your lifestyle.SNOHOMISH COUNTY REAL ESTATE GUIDE
INSTANT HOME VALUATION
Use this tool to get an instant estimation of the value of your home.ESTIMATED HOME VALUE
DREAM HOME SEARCH
Use our complete list of NWMLS search tools to find your Snohomish County Dream HomeSEARCH FOR HOMES
NEW LISTING ALERT
Use our NWMLS powered home search tool to receive an alert as soon as new listings hit the market.CREATE YOUR ALERT
HOW MUCH CAN YOU AFFORD
Use one of our 3 Mortgage Calculator tools to figure out how much home you can buy.MORTGAGE CALCULATORS
Need more information, curious what your home would sell for, or need help finding your next home.CONTACT JOE & JASON
EXTREME FRENZY HOUSING MARKET
It’s “Multiple-Offer Everything” in Snohomish County, with unsold inventory down 45% in Feb. 2020, compared to Feb. 2019. Inventory is at an extreme shortage up to $1million (97% of Sales Activity Takes Place in this Range), and sales activity intensity is at an Extreme Frenzy. Sales activity intensity over $1million is at a Surge.
Historically low interest rates should help the housing market sustain strong momentum during the coronavirus outbreak. Many buyers will look to take advantage of low rates; current homeowners who are not selling may consider refinancing to a lower rate.J Lennox Scott
Snohomish County Real Estate Data
SALES ACTIVITY AND INVENTORY
Average Percentage of new listings that go pending in the first 30 days
JOB AND POPULATION GROWTH
HOUSING MARKET SNOHOMISH COUNTY 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
STATS BY INFOSPARKS:
- $510,889 was the average sold price for listings in the Snohomish County
- 1,235 new listings were added to the MLS for Snohomish County
- 1,169 homes were for sale in Snohomish County
- 1,389 home were in pending status
- 882 homes sold in the county
- .6 months of inventory available in Snohomish County
- 35 was the average days on market for a home to sell in the county
- 100.2% was the average listing price vs. sales price percentage
- $267 was the average price per square foot in Snohomish County
- $450,604,229 was the total closed sales volume for the county
- 3.23% was the average interest rate (source: Mortgage Daily News)
- 85% of homes sold in the first 30 days in Snohomish County
The total inventory saw 1,235 new listings, 1,169 homes remained for sale, while 882 homes sold in March in Snohomish County.
The average days on market decreased slightly to 35 days, the percentage of sale price to listing price increased slightly to 100.2%, and the average sales price increased slightly. The percentage of homes that sold in the first 30 days increased to 85%. Showing that with the job growth rate remaining high and interest rates low, people are hungry for new listings. We have seen the market shift to a Frenzy status over the last couple months and to an Extreme Frenzy status this month and the inventory decreased to a Extreme shortage.
We should continue to see a surging to frenzy market through the year 2020.
Now is an amazing time to sell your home as we are seeing historically low inventory and high prices.
If you are considering a move up, a move down, or just want to sell your home… .6 Months of inventory is 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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