SNOHOMISH COUNTY REAL ESTATE MARKET TRENDS

Market Insights, Statistics, Graphs, And Infographs

GET READY: 2020 HOUSING MARKET IS HOT

THE HOUSING MARKET SNOHOMISH COUNTY Analysis For January 2020 Feels Like A Spring Market Just Without The Number of Listings

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

Despite only having 635 New Listings in Snohomish County, there were 1,182 Closed Sales.Click To Tweet

  • Interest Rates remain at an amazingly low 3.72% (Mortgage News Daily)
  • Homes in the $250-350k price range are in an extreme frenzy market.
  • Inventory dipped below 1 months supply again
  • Unsold inventory is down 49% from last year
  • The average sales price dipped below $500k
  • Despite shortage the percentage of sold price to list price dropped again to 99.1%
  • Snohomish County stays in a surging market with a severe shortage of inventory

What that story tells me is that people are not putting their homes on the market right now, and buyers are buying all the left over inventory.

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.

We are deep into the winter market in real estate and the Snohomish County housing market is almost in a Frenzy market.  That means that at least 75% of new listings went pending in the first 30 days on the market.

The number of new listings that came on the market in August was 1,732, September was 1,581, October was 1,388 and December was 959 and January was 635. We are now seeing more pending sales than new listings.

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 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 63% 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 to find the deals.

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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The housing market in Snohomish County is already at FRENZY sales activity intensity in the more affordable and mid-price ranges as we begin the new decade. Homes priced up to $500,000 (61% of sales activity) are at an extreme shortage of unsold inventory. We anticipate that homes priced up to $750,000 (90% of total sales activity) will reach extreme frenzy sales activity in Spring.

Local buyers are feeling the squeeze, as overall unsold inventory at the beginning of the year was down 49% from last year. Some relief will be on the way as the weather warms up and sellers choose to put their homes on the market.J Lennox Scott

Snohomish County Real Estate Data

SALES ACTIVITY AND INVENTORY


activity

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.  Homes in the 350k-500k price range sold the fastest.

If you are looking for homes above $1m you are seeing more inventory with 3.8 months. Homes over 750k are much less common and sit on the market much longer.

New listings dipped sharply again in December.

1,182 homes were sold in Snohomish County last month. That is up 105 from last month, up 153 from last year, and  up 243 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 condition

The average home in Snohomish County is selling in 38 days. In contrast, 5 years ago the average days on market for Snohomish County was 58. Homes are selling 20 days faster today than just 5 years ago.

In addition, 63% 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 $511,734. A slight increase from last month.

In comparison 5 years ago the average sales price was $330,607. That is a 65% increase over just 5 years ago.

The average sales price to list price percentage dipped to 99.1%.

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 3.72% (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 just about to start the busy season.

However, as we see from the stats  we are seeing an extension of the buying season this year.

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 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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HOUSING MARKET SNOHOMISH COUNTY INFOGRAPHIC


January Housing Market Snohomish County

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 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:

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Snohomish County Market Stats


STATS BY INFOSPARKS:

  • $511,734 was the average sold price for listings in the Snohomish County
  • 635 new listings were added to the MLS for Snohomish County
  • 1,358 homes were for sale in Snohomish County
  • 912 home were in pending status
  • 1,182 homes sold in the county
  • 1.1 months of inventory available in Snohomish County
  • 38 was the average days on market for a home to sell in the county
  • 99.1% was the average listing price vs. sales price percentage
  • $265 was the average price per square foot in Snohomish County
  • $604,358,303 was the total closed sales volume for the county
  • 3.72% was the average interest rate (source: Mortgage Daily News)
  • 63% of homes sold in the first 30 days in Snohomish County

Summary


The total inventory saw 635 new listings, 1,358 homes remained for sale, while 1,182 homes sold in January in Snohomish County.

The average days on market increased slightly to 38 days, the percentage of sale price to listing price decreased slightly to 99.1%, and the average sales price increased slightly.  The percentage of homes that sold in the first 30 days decreased to 63%.  Showing that with the job growth rate remaining high and interest rates low, people are hungry for new listings.  We have seen the market stay steady in a surge status over the last couple months and the inventory decreased to a severe shortage.

We should continue to see a surging to frenzy market through the year 2020.

Now is still an amazing time 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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