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We did not see the soggy weather & the onset of the holidays approaching deter buyers and sellers in November. The numbers for new listings, pending sales, and closed sales were comparable to year-ago totals, while prices rose a little more than 15%.
In the so-called seasonal slowdown, we normally see serious buyers gain an advantage over casual buyers who take a break during the holidays. The difference this year is that there were fewer buyers taking a break and the demand remains high.
Last month’s reports show that there were 8,976 closed sales during November (system-wide). Pending sales were 8,571 which was nearly matching the year-ago total of 8,584 mutually accepted offers. The closed sales of 8,976 closed sales marked a slight improvement on twelve months ago at 8,875. Sellers still have the upper hand and buyers need to be very bold and very intentional with their offers.
Twenty out of 26 counties in the NWMLS report added more new listings during November than a year ago, but with demand outstripping supply, inventory was meager in many areas. Area-wide, there were 4,621 active listings of single-family homes and condominiums at month-end, down nearly 29% from a year ago when there were 6,505 listings.
Snohomish County reported 951 new listings, 325 active listings, 1,124 pending sales, and 1,339 closed sales. .24 months of inventory and a median price of $658,505. This means there is little under a week’s worth of inventory in Snohomish County. Historically this number indicates what we can expect for our Spring market. We do NOT have enough inventory! If interest rates remain low we can expect another frenzy-style market. Expect multiple offers, over asking prices, and waived contingencies.
Although inventory remains to be an issue moving into 2022, some analysts think that the price of home appreciation will start to slow significantly from levels seen this year. Some say that single-family prices will increase around 8% in King and Snohomish counties, and by almost 11% in Pierce County. Although still well above the long-term averages, affordability issues and modestly rising interest rates will take some of the steam out of the market in 2022.
Let’s take a look at King County for a moment. King County prices, currently at $740,000 (median home price), have been trending downward since July when this year’s price peaked at $789,000. Total active listings are spiraling downward as well, with King County supply down 60% from a year ago, this speaks to the continued inventory crunch. To put it into further perspective, King County had only 1,149 active listings at the end of November, this is a 90% decrease since November 2010 when there were 11,867 active listings. This is hampering existing sellers from moving up. Baby boomers find themselves in large homes and do not need the space, but they are hesitant to sell without a place to go should they want to stay in the region.
Where do we go from here?
Now is still a great time to sell your home as the sellers have the upper hand due to low inventory and strong prices. As we move into 2022, buyers can expect some relief in new financing options. There is talk about the “modern bridge loan”, which would give homeowners the ability to sell their current residence after they’ve found and purchased a new home. This will help buyers to be competitive when making offers and take the stress out of where they are going. We should see inventory increasing this Spring however the demand is expected to outpace the new inventory.
Northwest MLS Market Report
Here is my Northwest MLS Market Report for the month of December 2021 (all reports and stats are from the prior month of November 2021). Last month there was only 0.51 months supply system-wide. Multiple offers have been back with a vengeance as buyers are challenged due to the inventory being down, especially in the median price range. Historically low-interest rates and lifestyle changes are fueling housing activity around Washington state. Month-over-month gains in pending sales closed sales, and prices are “very significant” and indicators of a housing market that is “very robust”. Listings are few and buyers are plenty.
We continue to see price appreciation over last year as well as the all too common shortage of inventory. Buyers are wisely taking advantage of record-low interest rates. Potential sellers should act now as this is 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 Winter into Spring.
Let’s go get coffee, chat on the phone, or simply 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 certain 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
December began with:
- 951 New Listings
- .24 months worth of Inventory
- Median home price of $658,505
Let’s break it down per city:
|CITIES||MEDIAN SALES PRICE||% CHANGE OVER LAST YEAR||MONTHS OF INVENTORY|
What Does This Data Mean?
Inventory levels continue to be low. Most places currently have less than 1 months supply available, we are still very much in a seller-based 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 2021 and into 2022. 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 a sparse amount of inventory available, you must act quickly, buyers are out there and very serious, driving up prices. Buyers looking for single-family homes and condos are seeing increases in prices, interest rates at historic lows, and holding for the time being. 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.
What’s Your Home Worth?
Instant Online Home Value Report
Month-by-Month Comparison and In-depth Market Reports
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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