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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…
Severe shortages of inventory, record-low temperatures and snow restrained December housing activity beyond expected seasonal slowdowns, according to the Northwest Listing Service.
Last month’s reports show that there were 8,017 closed sales during December (system-wide a drop of nearly 1,000 transactions from a year ago of 9,008). Pending sales were 5,850 and new listings were at 4,617, with a system-wide median price of $572,900 (up from $488,000 from 12 months ago). New listings dropped 12.3% during December compared with same moth a year earlier. Year-over-year inventory, pending sales, and closed sales all fell by double digits. Only prices rose -up 17.4% for homes and condominiums across all 26 counties reported in the NWMLS.
Although prices have rose overall last year, the prices remained FLAT for December signaling a leveling off in appreciation while demand is still high. The Fed (Federal Reserve System) signaling interest rate increases has caused some sellers to be somewhat more aggressive in getting their homes sold.
Snohomish County reported 682 new listings, 232 active listings, 776 pending sales, and 1,165 closed sales. .20 months of inventory and a median price of $679,950. This means there is under a week’s worth of inventory in Snohomish County. Snohomish County had the most acute shortage of all counties reported in the NWMLS. 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.
The Puget Sound Region is in dire need of more housing units which would function to slow price growth, however costs continue to limit building activity, and that is unlikely to change significantly this year. With the inventory being “drastically low” the buyer pressure is bidding up values, and there is an inordinate amount of institutional cash buyers in our market. Experts do expect the pace of price growth to slow due to rising mortgage rates and affordability constraints. Some experts predict high single digit rise in home prices (system wide) for 2022 with Snohomish County increasing more than 10%.
Let’s take a look at King County for a moment. King County prices, currently at $749,000 (median home price). Total active listings were at 1,387, total active listings 693, pending sales 1,724, closed sales 2,592 with a .27 months of inventory.
Overall 2021 had a total of 107,354 closed sales. That marked the first time the annual sales volume surpassed 100,000 transactions. Last year’s completed sales were valued at more than $75 billion, eclipsing 2020’s figure by nearly $18.9 billion for year-over-year gain of almost 33.6%. Last year buyers paid an average of 104.7% of the listing price (106% in Snohomish County).
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 through 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 January 2022 (all reports and stats are from the prior month of December 2021). Last month there was only 0..40 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. For the most part we have seen 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
January began with:
- 558 New Listings
- .22 months worth of Inventory
- Median home price of $700,000
Let’s break it down per city:
| CITIES | MEDIAN SALES PRICE | % CHANGE OVER LAST YEAR | MONTHS OF INVENTORY |
| BOTHEL | $1,050,000 | 49.25% | 0.34 |
| LYNWOOD | $856,500 | 22.53% | 0.10 |
| EVERETT | $710,000 | 25.22% | 0.11 |
| SNOHOMISH | $635,000 | 18.03% | 0.44 |
| LAKE STEVENS | $639,995 | 22.17% | 0.28 |
| MARYSVILLE | $590,000 | 24.22 | 0.17 |
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.
-Amy Wagner
425.239.2723
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Month-by-Month Comparison and In-depth Market Reports
| JANUARY 2021 | JANUARY 2020 |
| FEBRUARY 2021 | FEBRUARY 2020 |
| 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 |
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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
