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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…
Interestingly, as we reflect on 2023, the market beat our expectations on price appreciation and hit our expectations for inventory, closed sales, and days on the market.
The market ended the year with a bang, proving that RATES matter. As rates peaked at about 8.2% in late October and have come down into the mid 6s, we saw a spike in buyer activity in late December, spilling over into a strong start to January. Listings that had been sitting for months sold, and inventory plummeted.
- There were 7,617 active listings on the market at the end of December 2023, a decrease of 19.6% compared to December 2022 (9,475). The total volume of homes for sale has declined, with 15 out of 26 counties seeing a year-over-year decrease.
- There were 4,098 total residential units & condo units under contract in December 2023, an increase of 2% compared to December 2022 (4,017).
- NWMLS brokers reported 4,018 closed sales in December 2023, an 11.2% drop from closed sales in December 2022 (4,524). This month’s total value of closed sales for residential homes was $2,661,716,924 and $298,646,210 for condominiums.
- Most industry experts consider A balanced market to be 4 to 6 months. At the current sales rate, selling every home active in the NWMLS inventory would take almost two months. The four counties with the lowest months of inventory in December 2023 were Snohomish (0.9), King (1.42), Thurston (1.54), and Kitsap (1.75).
- Overall, the median price for residential homes and condominiums sold in December 2023 was $597,975, up 4.9% compared to December 2022 ($570,000). The median sales price increased year-over-year in 16 of the 26 counties, with the highest median sales prices in San Juan ($1,450,000), King ($775,000), and Snohomish ($675,000) counties.
Active Listings
Inventory of residential and condominium properties listed for sale (that have not yet accepted an offer).
New Listings
Residential and condominium properties added to the inventory during the reporting period (included in active listing totals).
Pending Sales
Residential and condominium properties where the purchase and sale agreement has been signed by buyer and seller, but the transaction has not closed (pending arrangements for financing, home inspection, sale of buyer’s home, or other reasons). Figures include all transactions that became “pending” during the period unless the listing went back on the market during the same period.
Closed Sales
Residential and condominium sale transactions that have closed (the final procedures in a real estate sale during which ownership of a property transfers from seller to buyer in accordance with a contract), documents are executed and/or recorded, and funds are available to the seller. NWMLS monthly statistical reports use the “Status Date” (the date that the listing status was changed to “Sold” in Matrix.)
Months of Inventory
The ratio of active listings to closed sales (derived by dividing the total number of active listings on the market by the total number of closed sales).
Median Price
The “middle” price, means that there are an equal number of sold units at a higher and lower value, the middle value being the median. Example: If you wanted to find the median sales price for 5 listings with sales prices of $100,000, $200,000, $250,000, $300,000, and $600,000 – the price in the middle of the list is $250,000.
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 a slight increase in 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 January 2024 (all reports and stats are from the prior month of December 2023). Last month there were .90 months of supply system-wide. Interest rates are not as much of 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 in most areas. 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 winter heading into 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
October began with:
- 385 New Listings
- .90 months’ worth of Inventory
- Median home price of $675,000
Let’s break it down per city:
| CITIES | MEDIAN SALES PRICE | % CHANGE OVER LAST YEAR | MONTHS OF INVENTORY |
| BOTHEL | $964,990 | 9.97% | .65 |
| LYNNWOOD | $750,000 | 2.39% | .71 |
| EVERETT | $644,995 | -3.04% | .78 |
| SNOHOMISH | $554,990 | -3.48% | 1.07 |
| LAKE STEVENS | $675,000 | .75% | 1.16 |
| MARYSVILLE | $603,245 | 6.67% | 1.10 |
What Does This Data Mean?
Inventory levels continue to be an issue in some places. Most places currently have under a months 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 Greater Seattle, I expect a slow to robust real estate market going through 2023. We have seen prices holding steady to a slight soften, but I believe prices will continue to increase in the North Sound Region as we move through 2024, 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 will see a pinch in inventory; you may have to act as quickly; buyers are out there and very serious, driving up prices in some cases. Buyers looking for single-family homes and condos are seeing price increases. Interest rates have come down to a somewhat more attractive level, increasing buyer activity. Be sure you are working with an expierenced and knowledgable agent when forming an offer and guiding through negotiations.
As of January 1st, 2024, buyers and agents need to be in a “signed” Buyers Brokerage Services Agreement before entering homes. This is a NEW Washington state law. This new agreement clarifies agent commissions and makes the buying process more transparent. As the designated broker of Keller Williams North Sound in Marysville, I’m on top of form revisions, real estate law & compliance.
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 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
What’s Your Home Worth?
Instant Online Home Value Report
Month-by-Month Comparison and In-depth Market Reports
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| 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
