SNOHOMISH COUNTY REAL ESTATE MARKET TRENDS

Market Insights, Statistics, Graphs, And Infographs

THE SNOHOMISH COUNTY HOUSING MARKET STAYS STRONG AS WE PREPARE FOR NEW LISTINGS TO HIT THE MARKET

The Snohomish County Real Estate Market Analysis For January 2019 Shows That The market adjusted towards buyers.

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

Interest rates continued to drop contrary to popular media reports. Click To Tweet

  • Average Sales Price decreased slightly to $492,431 staying well below the $500k mark we hit last spring.
  • There were 458 less homes put on the market this month than last month.
  • The average sales price to list price dropped to 98.7% the lowest it has been in nearly 2 years.
  • The average days on market went above 40 days for the first time in 22 months.
  • The percentage of homes that sold in the first 30 days increased stayed even at 47%.
  • Active listings decreased by 608 homes over last month.  .

What this story tells me is that the buyer pool has been thinned out.  We stayed at an even inventory despite a significantly lower number of new listings.  Due to the winter season.

We continue to see a slight correction in the market that most people, except maybe retiring home sellers, feel was necessary.  It is important to note that a correction is not a crash.  In fact the Snohomish County housing market remains in a Strong status.  That means that 47% of new listings sell in the first 30 days on the market.

The number of new listings that came on the market in September was 1,26 in October was 1,056 and November 600.  As we are now seeing an more pending sales than new listings it is a great time to get your home on the market.

“Following years of solid growth, 2017 was much of the same, with the state’s Economic and Revenue Forecast Council estimating the number of jobs in Washington grew by 3 percent last year.” (Seattle Times)  “In 2018, the ERFC expects the rate of job growth to decrease slightly to 2.4 percent. ”

According to the Seattle Times and US Census Bureau Seattle is the fastest growing city in the country.

With still amazingly low interest rates, strong job growth, more people moving to Seattle than anywhere else in the country, and an increase in inventory the last couple of months the Snohomish County real estate market should remain strong for many months to come.

If you are selling the average sales price is still at all time highs, and 47% of homes are selling in the first 30 days.

If you are a buyer we finally have some inventory to shop and are seeing contingencies back on the table, seller concessions, and price-drops.

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FAVORABLE MARKET RETURNS FOR HOME BUYERS

Two key factors have moved affordability in a positive direction for potential home buyers; interest rates, which have lowered down to the mid-4 range from the low-5 percentage range, and premium home pricing adjusted off the spring 2018 high back down to current market price.

Although unsold inventory of homes for sale is still considered a shortage, the larger number of unsold homes, combined with new listings, will moderate the price increases in the more affordable and mid-price ranges in 2019.

For the luxury market, we will see strong sales intensity up to 1.5 million, then selective buyer activity above that.J Lennox Scott

Snohomish County Real Estate Data

SALES ACTIVITY AND INVENTORY


sales activity

With only 1.7 months of supply if no other homes were listed in the next 1.7 months we would run out of houses to buy.  This is considered a shortage.

New listings slowed down to a crawl in December.

If you are looking for homes above $750k you are seeing plenty of inventory with homes sitting 3.3 – 9.3 months.

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.

1,083 homes were sold in Snohomish County last month. That is down 50 from last month, down 163 from last year, and  up 181 from 5 years ago.

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.

Homes over 750k are much less common and sit on the market much longer.

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


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

The average home in Snohomish County is selling in 46 days. In contrast, 5 years ago the average days on market for Snohomish County was 50. Homes are selling 4 days faster today than just 5 years ago.

In addition, 47% 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 Strong 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 $492,431. A slight decrease from last month.

In comparison 5 years ago the average sales price was $307,333. That is a 38% increase over just 5 years ago.

The average sales price to list price percentage dropped to its lowest point in almost 2 years at 98.7%, signaling that people are pricing their listings to high.

INTEREST RATES


interest rates

In order for it to be a sellers market there must be buyers.

The interest rates have dropped slightly to an amazing 4.61% (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 Zillows massive data set we are about to explode onto the busy season.

If your a buyer you want may still want to hop in ASAP before interest rates increase any further and the market starts heating up with the new season.

Sellers should be about ready to go on the market.

JOB AND POPULATION GROWTH


WA STate Employment forecast

According to the Washington State Economic and Revenue Forecast Council,“Washington employment is expected to grow 2.2% this year, which is slightly lower than the 2.4% expected in the November forecast. As in November, we expect growth to decelerate gradually as the recovery matures. We expect employment growth to average 1.6% per year in 2019 through 2021, which is slightly more than the 1.4% average rate in the November forecast.”

Seattle Population Increase

(Courtesy of Seattle Times)

According to the US Census Bureau Seattle was again the fastest growing city in the country.

SNOHOMISH COUNTY HOMES FOR SALE


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The Snohomish County Real Estate Market Analysis INFOGRAPHIC


January Housing 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 January 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


  • $492,4314 was the average sold price for listings in the Snohomish County
  • 600 new listings were added to the MLS for Snohomish County
  • 2,054 homes were for sale in Snohomish County
  • 1,071 home were in pending status
  • 823 homes sold in the county
  • 1.7 months of inventory available in Snohomish County
  • 46 was the average days on market for a home to sell in the county
  • 98.7% was the average listing price vs. sales price percentage
  • 253 was the average price per square foot in Snohomish County
  • $533,303,048 was the total closed sales volume for the county
  • 4.61% was the average interest rate (source: Mortgage Daily News)
  • 47% of homes sold in the first 30 days in Snohomish County

Summary


The total inventory saw 600 new listings, 2,054 homes remained for sale, while 1,083 homes sold in December in Snohomish County.

The average days on market increased slightly, the percentage of sale price to listing price remained below 100%, and the average sales price decreased.  The percentage of homes that sold in the first 30 days increased to 47%.  Showing that while the job growth rate remains high and interest rates low, buyers are taking a rest.  We have seen the market go from a Frenzy to surging  to strong over the last couple months and the inventory go from severe shortage to shortage.

While we have seen a slight correction everything points to a normalizing market heading into the hot spring market.

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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