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Click here for a current- at a glance look at the Snohomish County Real Estate Housing Forecast… continue reading for our expanded report…
The NWMLS data from May shows that buyers around Washington State found the largest selection of listings last month since December. Brokers at Northwest Multiple Listing Service welcomed the uptick in activity but say rising interest rates are crimping activity.
Brokers added 9,247 new listings during the month of May and reported 8,120 pending sales (manually accepted offers). The listing volume was well below the year-ago total of 13,075, but easily surpassed April’s figures (7,303) and was the highest monthly number since September 9,422 new listings.
The area median price of $615,000 is down 6.8% from a year-ago figure of $660,000, but it’s up nearly 10.4% since January when the median price was $557,250. 2023 has seen slow and steady growth in median prices. As an example, King county residential has had an increase of 16.5% YTD for 2023. Buyers waiting for prices to come down will be disappointed based on the current trends.
House hunters could choose from 9,079 active listings in the MLS database at the end of May, the highest level since December. Compared to a year ago, there are about 3.2% more listings. Despite the increase, inventory remains tight with only 1.44 months of supply.
The selection was even more limited across the four-county Puget Sound region, with Snohomish County reporting about 3.5 weeks of supply (0.88 months of inventory). Pierce County was slightly better at 1.09 months, followed by King (1.26 months) and Kitsap (1.3 months). Industry experts consider four-to-six months to be a balanced market.
Last month’s pending sales volume (8,120) was down 23% from a year ago, but up nearly 13.8% from April’s total (7,137). May’s pending sales of single-family homes and condominiums (combined) marked the highest monthly total since August when brokers notched 9,552 mutually accepted offers.
Good weather is bringing buyers out to tour homes, and some of them are lured by seller incentives such as pre-inspections and offers of homeowner warranties. We are seeing cash offers on well-priced homes!
Mortgage rates jumped last week, as a buoyant economy has prompted the price-in the likelihood of another Federal Reserve hike. Although there has been a steady flow of purchase demand around rates in the low to mid-six percent range, the demand is likely to weaken as rates approach seven percent. With the interest rates moving into the 7% range, we are seeing buyers locking in rates, buying down rates, and negotiating seller-paid closing costs to take some of the sting out of the interest rate volatility. Rates in the 7% range will put an estimate of 5.5 million households to be priced out of the market compared to a year ago. Although there are fewer buyers, more than one-third of properties are sold above their list price due to limited inventory. The NWMLS data shows that the system-wide sales price ratio on single-family homes that sold last month was 100.9%, with 9 counties reporting ratios of 100%, meaning buyers paid more than the asking price.
Snohomish County reported 1,170 new listings, 783 active listings, 1,112 pending sales, and 894 closed sales. .88 months of inventory and a median price of $720,000. This means there is just under a month’s worth of inventory in Snohomish County. As interest rates change we will keep a close eye on these numbers, for now, you can still expect strong offers, traditional contingencies added to the contract, and some waived contingencies at the median price point and in desired locations. Homes may sit on the market a little longer than in the prior months of the housing frenzy. Sellers need to price competitively to get their homes sold. Sellers not pricing their homes accurately, will result in their home sitting.
Where do we go from here?
Now is still a great time to sell your home as home values are holding strong and we do have pent-up buyer demand, the overpriced have tapered off, so sellers need to be reasonable in this more balanced market. Buyers now have increased inventory, giving them options. Buyers have more homes to choose from and we are seeing contingencies and finance options return. Although we are seeing some price adjustments I don’t recommend postponing purchasing, home values are expected to continue to rise in our area. If you think you are saving money by waiting, you should run the numbers. Economists and pundits in real estate all say buy now. The anticipated increase in equity across the next two-to-four years will be astonishing.
Northwest MLS Market Report
Here is my Northwest MLS Market Report for the month of June 2023 (all reports and stats are from the prior month of May 2023). Last month there were 1.44 months of supply system-wide. Interest rates are still a concern for buyers, creative financing has returned. For the most part, we are getting back to the “Pre-COVID” real estate market which was considered very strong just not like the fierce market we have experienced the last few years.
We continue to see price appreciation from January. Potential sellers should act now as this is still an excellent time to put your home on the market. I will continue to follow the market trends and inform you each month as we go through spring.
Let’s get coffee, chat, or email back and forth if you have any questions about selling or buying real estate. If you want to know what your home is worth, have an interest in a particular area, or want to simply be put on a search to follow the market and home prices just let me know. My team & I have many tools to help you make good investment decisions!
Take a look at Snohomish County Housing Statistics
May began with:
- 1,170 New Listings
- .88 months’ worth of Inventory
- Median home price of $720,000
Let’s break it down per city:
| CITIES | MEDIAN SALES PRICE | % CHANGE OVER LAST YEAR | MONTHS OF INVENTORY |
| BOTHEL | $973,000 | -11.14% | 1.09 |
| LYNNWOOD | $775,000 | -8.82% | .59 |
| EVERETT | $650,000 | -16.13% | .62 |
| SNOHOMISH | $652,601 | -12.40% | 1.08 |
| LAKE STEVENS | $834,950 | 15.88% | 1.20 |
| MARYSVILLE | $632,338 | 0.37% | 1.21 |
What Does This Data Mean?
Inventory levels continue to be an issue in some places. Most places currently have under a 2-month supply available, we are still very much in a seller-based market, however, we are moving to a balanced market. A balanced market is considered when we have approximately 4-6 months” worth of inventory. Due to the ongoing demand for real estate in the Greater Seattle area, I would expect to see a slow to robust real estate market going through 2023. Short term we will see prices soften but in the next few years I believe prices will continue to increase in the North Sound Region, especially along the I-5 corridor.
What Does This Mean If You Are Buying A Home in Snohomish County
If you are buying a home in Snohomish County you are going to see more inventory available, you don’t have to act as quickly, buyers are out there and very serious, driving up prices in some cases. Sellers are accepting contingencies again. Buyers looking for single-family homes and condos are seeing price increases, interest rates are unknown, and we are still in the 10% of low rates if you look back 50 years. Buyers need their financing in order, pre-approvals are available, and please, bring an experienced agent to the table when forming an offer and guiding through negotiations.
This is the perfect time to sign up and receive email notifications when a new home is listed in the Snohomish County real estate market. Email notifications and instant alerts give you an advantage over other buyers looking for homes. Fill out our form below so we can keep you ahead of the competition!
Ask Amy for an Email alert when a Snohomish County Home becomes available.
What Does This Mean If You Are Selling A Home In Snohomish County
Buyers are eager and shopping if you are selling a home in Snohomish County. This is still a seller’s market and most sellers are getting their asking price and commonly getting over their list price.
Competition means your home needs to be priced competitively. Double-check to make sure your property is in optimum selling condition.
Check the home valuation calculator to get an estimated value of your home. Contact us to get a comprehensive report. We work closely with sellers to create a marketing strategy that gets your listing in front of buyers wanting to buy.
-Amy Wagner
425.239.2723
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About Amy Wagner – Prime Listings Group
“When You Do What You Love…People Love What You Do”
As a real estate agent, investor and managing broker of Keller Williams North Sound, Amy particularly loves helping people sell their homes fast and teaching and helping people build wealth through real estate investments such as multi-family homes, land development and the fix & flip of houses. She founded Prime Listings Group on the principles of doing better and giving more. We have local experience on our side and we promise to give more than expected. You’ve come to the right place. At PLG you can expect better!
“Great service from the start until closing….”
Amy sold my house quick and for more than I expected. Her whole team was excellent. Great service from the start until closing 10 out of 10⭐️’s!!! Thank you 🙏🏽 Amy Wagner
