SNOHOMISH COUNTY REAL ESTATE MARKET TRENDS

Market Insights, Statistics, Graphs, And Infographs

THE SNOHOMISH COUNTY HOUSING MARKET IS SEEING AN INCREASE IN INVENTORY

The Snohomish County Real Estate Market Analysis For August 2019 Shows That We Are Seeing An Leveling Of The Market.

A few things that really stuck out to me as I was compiling the August stats.

Interest Rates Are Only 3.77% According To Mortgage News DailyClick To Tweet

  • After peaking at $520k the average sales price dipped back down to $501k
  • Homes in the $250-$350 price range are still in an extreme frenzy market
  • The inventory remains at over 2 months supply for the 3rd consecutive month at 2.3 months supply
  • Pending sales usually peak in May or June but continued to spike in July to 1,556 units.
  • The average list price to sales price is an even 100%.
  • The average days on market stayed under 30 days again at 25 days.
  • Homes priced over $1 mil are in a healthy market.

What this story tells me is that with the interest rates as low as they have ever been, there are still plenty of buyers looking to purchase in the $250k-750k price range in Snohomish County.

Spring is the peak selling market and we now head into the hot summer market. This spring was not to the levels that we experienced last year, but this summer is starting off a bit more active.  The Snohomish County housing market dipped to a surge status.  That means that 61% of new listings sell in the first 30 days on the market.

The number of new listings that came on the market in April was 1,797 in May was 2,180 June was 1,829 and July was 1,794.  As we are still seeing more new listings than pending sales it is still a good time to buy.

Washington’s employment growth was expected to slow in 2018, but the state’s overall growth and competitiveness improved significantly, ranking the fifth-highest in the nation compared to the seventh spot in the previous year, according to Economic and Revenue Forecast Council data. ERFC economists predict the state’s rate of job growth will hold steady at 2.4 percent for 2019.” (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 months the Snohomish County real estate market should remain in the surge status for the next few months.

If you are selling the average sales price is at all time highs, and 62% of homes are selling in the first 30 days.

If you are buying the interest rates have never been lower and there are 3 important steps you should take to get ready.

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:

  1. Up-to-date with current market intensity and pricing
  2. Get pre-approved or fully underwritten through a lender,
  3. 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.

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IT’S NOT THE LAZY DAYS OF SUMMER FOR HOUSING

Summer is here, which is when the highest number of homes go under contract. However, it can feel like the market slows down over the summer, due to the greatest number of new listings coming on the market, which creates disbursed buyer energy. When comparing July 2019 to July 2018, sales activity intensity and homes under contract are both higher, while new listings are down in Snohomish County. Unsold inventory in July 2019 is similar to the year prior.

With Interest rates in the upper threes, strong job growth and fantastic weather, being buyer ready day one is key to ensure success in the active market, especially for homes up to $500k.J Lennox Scott

Snohomish County Real Estate Data

SALES ACTIVITY AND INVENTORY


Activity

With only 1.3 months of supply if no other homes were listed in the next 1.3 months we would run out of houses to buy.  This is considered a severe shortage.

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.

If you are looking for homes above $750k you are more inventory with inventory of 2.4-5.7 months.Homes over 750k are much less common and sit on the market much longer.

New listings stayed strong in July.

1,433 homes were sold in Snohomish County last month. That is down 27 from last month, down 39 from last year, and  up 172 from 5 years ago.

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.

Average Percentage of new listings that go pending in the first 30 days


Market Status

The average home in Snohomish County is selling in 25 days. In contrast, 5 years ago the average days on market for Snohomish County was 40. Homes are selling 15 days faster today than just 5 years ago.

In addition, 62% of homes are going pending 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.

We are currently in what is called a Surge Real Estate Market.

PRICE


We have already seen where a low inventory should drive up prices. The average sale price for Snohomish County residential homes is $501,098. A sharp decrease from last month.

In comparison 5 years ago the average sales price was $330,014. That is a 34% increase over just 5 years ago.

The average sales price to list price percentage leveled out at 100%.

INTEREST RATES


Interest Rates

In order for it to be a sellers market there must be buyers and to have buyers there needs to be financing.

The interest rates have dropped slightly to an amazing 3.77% (source: Mortgage News Daily). 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.

TIMING


6 Phases to yearly housing cycleZillow-Best-Time-To-Sell-Your-Home

According to both Zillow and John L Scotts massive data set we are still in buying season.

If your 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


Washington economic forecast

“Washington’s employment growth was expected to slow in 2018, but the state’s overall growth and competitiveness improved significantly, ranking the fifth-highest in the nation compared to the seventh spot in the previous year, according to Economic and RevenueForecast Council data. ERFC economists predict the state’s rate of job growth will hold steady at 2.4 percent for 2019.”

“The growth rate is extremely consistent,” Vance-Sherman says. “I’m still seeing a lot of strength in sectors that I use in leading indicators, so I expect 2019 to be a year, again, with strong growth.” (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.

SNOHOMISH COUNTY HOMES FOR SALE


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The Snohomish County Real Estate Market Analysis INFOGRAPHIC


August 2019 Snohomish County Housing Market Report Infograph

The Snohomish County Housing Market Analysis INFOGRAPHIC


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Download The Snohomish County Housing Market Report Infographic For June 2019

PAST MONTHS REPORTS

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

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Snohomish County Market Stats


  • $501,098 was the average sold price for listings in the Snohomish County
  • 1,794 new listings were added to the MLS for Snohomish County
  • 2,734 homes were for sale in Snohomish County
  • 1,556 home were in pending status
  • 1,433 homes sold in the county
  • 1.3 months of inventory available in Snohomish County
  • 25 was the average days on market for a home to sell in the county
  • 100% was the average listing price vs. sales price percentage
  • $267 was the average price per square foot in Snohomish County
  • $718,073,904  was the total closed sales volume for the county
  • 3.77% was the average interest rate (source: Mortgage Daily News)
  • 62% of homes sold in the first 30 days in Snohomish County

Summary


The total inventory saw 1,794 new listings, 2,734 homes remained for sale, while 1,433 homes sold in July in Snohomish County.

The average days on market increase slightly, the percentage of sale price to listing price decreased slightly to 100%, and the average sales price decreased sharply.  The percentage of homes that sold in the first 30 days decreased to 62%.  Showing that while the job growth rate remains high and interest rates low, buyers are out there.  We have seen the market go from a frenzy to surge over the last couple months and the inventory stay at a severe shortage.

We should continue to see a surging market through the summer.

Now is an amazing 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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