SNOHOMISH COUNTY REAL ESTATE MARKET TRENDS
Market Insights, Statistics, Graphs, And Infographs
THE SNOHOMISH COUNTY HOUSING MARKET IS POISED FOR ANOTHER GREAT YEAR
The Snohomish County Real Estate Market Analysis For May 2019 Shows That The Selling Season Has Sprung.
A few things that really stuck out to me as I was compiling the May stats.
Average Price per Square Foot is higher than it has ever been @ $269 in Snohomish County.Click To Tweet- Average Price per Square Foot is higher than it has ever been @ $269 in Snohomish County.
- Percentage of sales price to list price is over 100% for the first time since August.
- Average days on market is back to 30 days.
- We have an extreme shortage of listings priced from $250k – $500k.
- We had more new listings in April this year than we have had since 2010.
- Interest rates continue to hover in the 4’s.
What this story tells me is that there are still plenty of buyers waiting to find invest in property in Snohomish County.
The market has heated back up. Not to the levels that we experienced last year, perhaps because we are seeing more listings on come on. The Snohomish County housing market remains in a frenzy status. That means that 65% of new listings sell in the first 30 days on the market.
The number of new listings that came on the market in February was 988 in March was 1,706 and April 1,873. As we are 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 decrease in inventory the last couple of months the Snohomish County real estate market should remain frenzy for the next few months.
If you are selling the average sales price is still at all time highs, and 70.3% of homes are selling in the first 30 days.
If you are buying there are 3 important steps.
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.
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CONTACT JOE & JASONAnother Great Year in Real EstateWe just experienced a strong spring market in Snohomish County.
Inventory in Snohomish County is virtually sold out up to $500,000, which is
where 63 percent of sales activity occurs. This price range is at an extreme frenzy
level of sales activity intensity, and unsold inventory is at an extreme shortage.
For homes priced $500,000 to 750,000, there is a severe shortage of unsold inventory.More listings are on the way over the summer, but with frenzy market conditions
up to $750,000 and strong sales activity intensity from $750,000 to $1.5 million,
buyers need to be Buyer Ready, Day One to secure their home of choice. J Lennox Scott
Snohomish County Real Estate Data
SALES ACTIVITY AND INVENTORY
With only .9 months of supply if no other homes were listed in the next .9 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 1.7-3.6 months.Homes over 750k are much less common and sit on the market much longer.
New listings increased again in April.
1,310 homes were sold in Snohomish County last month. That is up 172 from last month, up 63 from last year, and up 240 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
The average home in Snohomish County is selling in 30 days. In contrast, 5 years ago the average days on market for Snohomish County was 51. Homes are selling 21 days faster today than just 5 years ago.
In addition, 70.3% 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 Frenzy 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 $501,716. A slight increase from last month.
In comparison 5 years ago the average sales price was $312,405. That is a 39.5% increase over just 5 years ago.
The average sales price to list price percentage increased to over 100% again for the first time since August.
INTEREST RATES
In order for it to be a sellers market there must be buyers.
The interest rates have dropped slightly to an amazing 4.3% (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
According to both Zillow and John L Scotts massive data set we are 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’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)
(Courtesy ofSeattle Times)
According to the US Census Bureau Seattle the fastest growing city of the decade in the country.
The Snohomish County Real Estate Market Analysis INFOGRAPHIC
The Snohomish County Housing Market Analysis INFOGRAPHIC
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Download The Snohomish County Housing Market Report Infographic For May 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:
Snohomish County Market Stats
- $501,716 was the average sold price for listings in the Snohomish County
- 1,873Â new listings were added to the MLS for Snohomish County
- 2,107 homes were for sale in Snohomish County
- 1,586 home were in pending status
- 1,310 homes sold in the county
- .9 months of inventory available in Snohomish County
- 30 was the average days on market for a home to sell in the county
- 100.4% was the average listing price vs. sales price percentage
- $269 was the average price per square foot in Snohomish County
- $656,746,738 was the total closed sales volume for the county
- 4.3% was the average interest rate (source: Mortgage Daily News)
- 70.3% of homes sold in the first 30 days in Snohomish County
Summary
The total inventory saw 1,873 new listings, 2,107 homes remained for sale, while 1,310 homes sold in April in Snohomish County.
The average days on market decreased sharply, the percentage of sale price to listing price increased to over 100%, and the average sales price increased slightly. The percentage of homes that sold in the first 30 days decreased to 70.3%. 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 strong to frenzy over the last couple months and the inventory go from shortage to severe shortage.
After our slight correction everything points to a frenzy market through the Spring into 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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