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 are at Historic Low of 3.23% (source: Mortgage News Daily)Click To Tweet

  • 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:

  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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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


Sales Activity

With only .6 months of supply if no other homes were listed in the next .6 months we would run out of houses to buy.  This is considered a extreme shortage.

As you can see in Snohomish County homes in the 350-750K price range are the most commonly listed and sold.  Homes in the 350k-500k price range sold the fastest.

If you are looking for homes above $1m you are seeing more inventory with 2.8 months supply. Homes over 750k are much less common and sit on the market longer.

New listings increased in February.

882 homes were sold in Snohomish County last month. That is 57 more than last month, 5 less than last year, and  78 more than 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 Condition

The average home in Snohomish County is selling in 35 days. In contrast, 5 years ago the average days on market for Snohomish County was 64. Homes are selling 29 days faster today than just 5 years ago.

In addition, 85% 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 an EXTREME 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 $510,889. A slight decrease from last month.

In comparison 5 years ago the average sales price was $333,141. That is a 65% increase over just 5 years ago.

The average sales price to list price percentage increased to 100.2%.

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 again slightly to a historical low 3.23% (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 cycleBest time to sell your house

According to both Zillow and John L Scotts massive data set we are just about to start the busy season.

Although, as we mentioned above this season is starting earlier than usual.

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


Washington Job Growth Rate

“After another year of employment stability, Washington economists predict more of the same in 2020.”

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)

Seattle Population Increase

(Courtesy of Seattle Times)

According to the US Census Bureau Seattle the fastest growing city of the decade in the country.

SNOHOMISH COUNTY HOMES FOR SALE


VIEW ALL SNOHOMISH COUNTY HOMES FOR SALE

HOUSING MARKET SNOHOMISH COUNTY INFOGRAPHIC


march snohomish county market report

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 Google+.

If you would like to download the image:

Download The Snohomish County Housing Market Report Infographic For March 2020

PAST MONTHS REPORTS

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

Download Market Report

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

Summary


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.

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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