SNOHOMISH COUNTY REAL ESTATE MARKET TRENDS

Market Insights, Statistics, Graphs, And Infographs

WATCH OUT FOR A MORE ACTIVE THAN USUAL WINTER FOR THE SNOHOMISH COUNTY HOUSING MARKET

The Snohomish County Real Estate Market Analysis For October 2019 Stays Fairly Consistent with September

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

Interest Rates Are Only 3.67% According To Mortgage News DailyClick To Tweet

  • Average sales price stays hovering above the $500k mark
  • Homes in the $250-$500 price range are still in a frenzy market
  • The inventory remains at over 2 months supply for the 5th consecutive month at 2.2 months supply
  • Pending Sales have been consistently around 1,400 for the last 7 months.
  • There are 400 less homes for sale than last year.
  • The average days on market crossed the 30 day mark.
  • The percentage of sold price to list price continued to dip down to 99.5%

While activity is not really dipping but average price and percentage of list price to sold price is sagging a bit, there appears to be plenty of buyers out there but they have a better negotiation position than they have had the last couple of years.

We are in the middle of the fall market and heading into the winter market in Snohomish County the housing market remained in a surge status.  That means that 55% of new listings sold in the first 30 days on the market.

The number of new listings that came on the market in June was 18,29, July was 1,794, August was 1,732 and September was 1,581  As we are still 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 low level inventory the last couple of months the Snohomish County real estate market should remain in the surge status through 2020.

If you are selling the average sales price is at all time highs, and 55% of homes are selling in the first 30 days.

If you are buying the interest rates have never been lower and there are 3 important steps you should take to get ready.

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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FALL TRANSITION CREATES OPPORTUNITIES FOR BUYERS

Now that we are in the midst of the transition into the fall housing market, there are fewer buyers in the market, as well as fewer new resale listings and unsold inventory. Currently, its a great time for buyers in the local market, as they face less competition, have a greater selection of homes and benefit from low interest rates.

in the fall and winter, sales activity intensity is typically lower for new resale listings, however this year it appears we are headed toward a more intense winter market than last year. This is due to fewer unsold listings on the market than we usually see at this point in time; the number of unsold listings will continue to go down once the winter clean-up of inventory begins.J Lennox Scott

Snohomish County Real Estate Data

SALES ACTIVITY AND INVENTORY


activity

With only 1.4 months of supply if no other homes were listed in the next 1.4 months we would run out of houses to buy.  This is considered a 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 2.4-4.5 months.Homes over 750k are much less common and sit on the market much longer.

New listings dipped a bit in September

1,316 homes were sold in Snohomish County last month. That is down 125 from last month, up 125 from last year, and  up 208 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


How fast they sell

The average home in Snohomish County is selling in 32 days. In contrast, 5 years ago the average days on market for Snohomish County was 44. Homes are selling 12 days faster today than just 5 years ago.

In addition, 55% 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 $513,296. A sharp decrease from last month.

In comparison 5 years ago the average sales price was $329,036. That is a 26% increase over just 5 years ago.

The average sales price to list price percentage dipped to 99.5%.

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 3.67% (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 traditionally at the end of the buying season.

However, as we see from the stats and Lennox Scott discusses in his quote, we are seeing an extension of the buying season this year.

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 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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The Snohomish County Real Estate Market Analysis INFOGRAPHIC


https://www.themadronagroup.com/the-gelms-share-their-home-buying-experience-with-the-madrona-group/

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 October 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:

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Snohomish County Market Stats


STATS BY INFOSPARKS:

  • $513,296 was the average sold price for listings in the Snohomish County
  • 1,581 new listings were added to the MLS for Snohomish County
  • 2,660 homes were for sale in Snohomish County
  • 1,385 home were in pending status
  • 1,316 homes sold in the county
  • 2.2 months of inventory available in Snohomish County
  • 32 was the average days on market for a home to sell in the county
  • 99.5% was the average listing price vs. sales price percentage
  • $262 was the average price per square foot in Snohomish County
  • $674,984,443  was the total closed sales volume for the county
  • 3.55% was the average interest rate (source: Mortgage Daily News)
  • 59% of homes sold in the first 30 days in Snohomish County

Summary


The total inventory saw 1,581 new listings, 2660 homes remained for sale, while 1,316 homes sold in September in Snohomish County.

The average days on market increased slightly to 32 days, the percentage of sale price to listing price decreased slightly to 99.5%, and the average sales price increased slightly.  The percentage of homes that sold in the first 30 days decreased to 55%.  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 frenzy to surge over the last couple months and the inventory increase to a shortage.

We should continue to see a surging 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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