What’s Your Home Worth?
Instant Online Home Value Report
Click here for a current- at a glance look at the Snohomish County Real Estate Housing Forecast… continue reading for our expanded report…
The Northwest Multiple Listing Service confirms reports of a shifting housing market, industry leaders are suggesting “all parties involved in a transaction today have to recalibrate”. All data in this report is collected from the month prior ending in July 2022. The NWMLS is made up of 26 counties (system wide).
Today buyers have their cups finally overflowing with options as residential inventory grows to about two months of supply.
Inventory of single-family homes and condominiums across 26 counties served by the NWMLS has not exceeded two months of supply since January 2019 when there were 2.3 months of supply.
The need to recalibrate and adjust to the many moving parts of the market is the skill set moving forward. Overpricing homes is not in the cards right now. Buyers still have to compete with other would-be homeowners that sat out during the housing frenzie, and depending on the property, some sellers are receiving offers over the asking price. Last month we still had nearly 30% of buyers waive inspection or appraisal contingencies. Buyer and seller expectations have changed. It feels like things are starting to normalize. Savvy sellers are making certain their homes are “priced right” to win the sale. Overpriced listings have missed the market. The market balance is in favor of buyers.
Last month brokers added 11,805 new listings of single-family homes and condos to inventory during July. Active listings have nearly doubled from a year ago, jumping from 7,948 to 15,381. Compared to June, the selection expanded by 1,976 listings (up 14.7%).
Evidence of slower activity appears in the sales figures. Pending sales retreated about 24% from a year ago, dropping from 11,567 to 8,775 mutually accepted offers. The NWMLS report shows a nearly 30% year-over-year decrease in closed sales.
Despite fewer sales, prices still rose, but at a slower rate. The median price increased 6.12% (system-wide) from a year ago.
In the 4 County, Puget Sound Region price changes ranged from a gain of about 2.7% in King County (from $789,000 to $810,000) to a jump of nearly 12.7% in Pierce County (from $501,500 to $565,000) Kitsap prices rose 5.4% while prices in Snohomish County increased 9.3%.
We are seeing builders moving their price points down and providing incentives to buyers in closing costs and buydowns to help buyers obtain lower interest rates. We are coming off the fevered pitch of a market that had tremendous velocity over the past few years. With listings starting to build again we are seeing a bit of natural slowdown, yet we are still very much in a seller’s market. Industry experts consider less than four months of inventory to be a “seller’s market”.
Overall, we are not seeing prices drop, they are simply slowing. Only two counties (Ferry & Island) had a median price drop year-over-year. This is typical for this time of year after the Spring market.
Snohomish County reported 1,843 new listings, 2,160 active listings, 1,320 pending sales, and 1,149 closed sales. 1.88 months of inventory and a median price of $737,500. This means there is just under two months of inventory in Snohomish County. As interest rates climb 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 the prior months in the housing frenzy. Overall we are getting back to a balanced market.
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 homes are tapering off so sellers need to be reasonable in this more balanced market. Buyers are now having 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 August 2022 (all reports and stats are from the prior month of July 2022). Last month there were only 2.01 months of supply system-wide. Interest rates are still in the bottom 10% of low rates looking back the last 50 years. For the most part, we are getting back to the “Pre-COVID” real estate market which was considered very strong just not like the frenzied market we have experienced the last few years.
We continue to see price appreciation over last year as well as the all too common shortage of inventory in certain locations. But Potential sellers should act now as this is still a good 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 Summer.
Let’s get coffee, chat on the phone, 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 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!
A look at Snohomish County Housing Statistics
June began with:
- 1,843 New Listings
- 1.88 months worth of Inventory
- Median home price of $737,500
Let’s break it down per city:
| CITIES | MEDIAN SALES PRICE | % CHANGE OVER LAST YEAR | MONTHS OF INVENTORY |
| BOTHEL | $1,050,000 | 21.39% | 1.74 |
| LYNNWOOD | $785,000 | 4.67% | 1.94 |
| EVERETT | $720,000 | 15.20% | 1.84 |
| SNOHOMISH | $640,000 | 7.11% | 2.18 |
| LAKE STEVENS | $699,995 | 7.69% | 1.95 |
| MARYSVILLE | $630,000 | 14.55% | 1.79 |
What Does This Data Mean?
Inventory levels continue to be an issue in some places. Most places currently have under a 2 month’s supply available, we are still very much in a seller-based market, however, we are moving to a balanced market. A balanced market is said to be 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 robust real estate market going through 2022 and into 2023. Prices are continuing 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 will be accepting contingencies again. Buyers looking for single-family homes and condos are seeing increases in prices, 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 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
If you are selling a home in Snohomish County buyers are eager and shopping. 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 on 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
What’s Your Home Worth?
Instant Online Home Value Report
Month-by-Month Comparison and In-depth Market Reports
| JANUARY 2021 | JANUARY 2022 |
| FEBRUARY 2021 | FEBRUARY 2022 |
| MARCH 2021 | MARCH 2020 |
| APRIL 2021 | APRIL 2020 |
| MAY 2021 | MAY 2020 |
| JUNE 2021 | JUNE 2020 |
| JULY 2021 | JULY 2020 |
| AUGUST 2021 | AUGUST 2020 |
| SEPTEMBER 2021 | SEPTEMBER 2020 |
| OCTOBER 2021 | OCTOBER 2020 |
| NOVEMBER 2021 | NOVEMBER 2020 |
| DECEMBER 2021 | DECEMBER 2020 |
5 Things You Can Do To Make Your House Stand Out
How To Prepare Your Snohomish County House For Sale Post Pandemic
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
