SNOHOMISH COUNTY HOUSING MARKET FORECAST
Market Insights, Statistics, Graphs, And Infographs
IT’S SUMMER HOT AND THE INTENSITY IS GLARING
COVID-19 continues to affect our industry in many ways, but it does not seem to be having a lasting impact on residential real estate sales.
Read About How We Are Navigating Business with COVID-19
Along with following all state mandated safety guidelines and taking extra precautions we are focusing on delivering Virtual Real Estate Services.
The Snohomish County Real Estate Market Forecast For August 2020
Here are a few of the things that really stuck out to me while compiling all the stats for the Snohomish housing market report this month.
That home sellers are feeling safe about putting their home on the market and there are plenty of buyers that are still waiting for more.
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 4 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 103.7 of 100, while the Seattle/Bellevue/Tacoma market is sitting at 116.8 of 100.
We are seeing spring like sales activity late into summer.
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.
Realtor.com® Seattle Housing Market Recovery Index
WEEK ENDING JUNE 27, 2020
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 81.7% of homes are selling in the first 30 days. The average home is selling in just 22 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 VALUECONTACT US
Need more information, curious what your home would sell for, or need help finding your next home.
CONTACT JOE & JASONDREAM HOME SEARCH
Use our complete list of NWMLS search tools to find your Snohomish County Dream Home
SEARCH FOR HOMESHOW MUCH CAN YOU AFFORD
Use one of our 3 Mortgage Calculator tools to figure out how much home you can buy.
MORTGAGE CALCULATORSNEW LISTING ALERT
Use our NWMLS powered home search tool to receive the newest listings.
CREATE YOUR ALERTSeattle to Snohomish County
Community Guides for neighborhoods and cities in the Puget Sound area.
REAL ESTATE GUIDESIT’S SUMMER HOT AND THE INTENSITY IS GLARINGThe housing market in Snohomish County is hot this summer, with historically low interest rates bringing out buyers. We are virtually sold out, and the number of homes going under contract is strong. These conditions create higher intensity for each new listing, making it feel like “Multiple-Offer Everything” in the local market.
Overall, unsold inventory is at an extreme shortage, and sales activity intensity is at an extreme frenzy. The Luxury market in Snohomish County is also very active during this time.
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 increased in August.
If you are looking for homes over 1 million you are seeing a little more inventory with 1.3 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.
1,545 homes were sold in Snohomish County last month. That is up 96 from the previous month, up 5 from last year, and up 92 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% 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 $564,219. In comparison 5 years ago the average sales price was $355,275.
In addition the average home is selling for .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 2.87% a decrease AGAIN from last month (source: Mortgage News Daily)
There are plenty of buyers that are in the market.
TIMING
According to both Zillow and John L Scott’s massive data set we are typically in a wind down portion of the season. 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.
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 Employment Security Department
EMPLOYMENT NUMBERS PRIOR TO THE COVID-19 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 August.
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
- $564,219 was the average sold price for listings in Snohomish County.
- 1,856 new listings went on the market this month.
- 1,445 homes were for sale during the month.
- 1,822 homes went pending in Snohomish County.
- 1,545 homes sold this month
- .5 months of inventory available in Snohomish County.
- 22 was the average days on market for a home to sell in Snohomish County.
- 100.7% was the average listing price vs. sales price percentage
- $281 was the average price per square foot in Snohomish County.
- $871,154,451 was the total closed sales volume for Snohomish County.
- 2.87% was the interest rate
- 81.7% of homes sold in the first 30 days in Snohomish County.
Snohomish County Housing Market Summary
The Snohomish County Housing Market saw 1,856 new listings, 1,445 homes were for sale, while 1,545 homes sold in August in Snohomish County.
The average days on market decreased to 22 days, the percentage of sale price to listing price increased slightly to 100.7%, and the average sales price increased. The percentage of homes that sold in the first 30 days is 81%. 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 2 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.Â
Please Visit:
The Madrona Group Featured Communities
Be sure to subscribe to our newsletter to get updated information about the Snohomish County.