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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…
Housing statistics from the Northwest Multiple Listing Service for June show signs of a shifting market, creating buyer opportunities. Brokers reported a healthy JUMP in inventory, double-digit drops in both pending and closed sales, and the smallest year-over-year increase in prices since June 2020. We have reached 1.48 months of supply by the end of June. While we have seen an increase in the market time to almost a month and a half, there is a long way to go for the market to reach a neutral level, which is typically found between four and six months of inventory, we are still not in a “buyers market”.
The changes we are seeing indicate (in general terms) more houses on the market, longer market times, stabilizing home prices, fewer showings and open house visitors, fewer offers at one time, and more price adjustments.
It’s nice to see a more balanced market for buyers, more listings available, price reductions, favorable mortgage interest rates, and the return of financing and inspection contingencies. These all create buying opportunities. the market is simply trending back to some sense of normalcy. The increase in listings has started to slow the rapid pace of gains that we experienced. This is a GOOD thing, not a cause for concern. With higher interest rates and more inventory, we are seeing sellers become more flexible in what terms they will accept. Now is the time to get creative, be sure to work with an experienced agent that can guide you when submitting an offer. We are starting to see sellers stack closing costs, ask for buyer buy-downs (to reduce monthly payments), etc. Creative financing options are becoming more available to help with buyer affordability.
Both rising mortgage rates and home prices hurt affordability for many buyers. With affordability concerns and persistent inventory shortages, more people are being forced into the rental market. Rents are rising sharply. Buyers need to ask themselves, “who’s mortgage do I want to pay, mine or theirs”?
Last month brokers added 14,223 new listings of single-family and condos to inventory during June, up from both May, when added 13,075 homes system-wide. A year ago brokers added 13,111 properties to the database. Last month’s total was the highest volume of new listings since May 2019 when brokers tallied 14,689 new listings.
At the end of June, there were 13,405 ACTIVE listings of single-family homes and condominiums in the Northwest MLS database, which includes 26 of the state’s 39 counties. That’s more than DOUBLE the inventory of a year ago (6,358) and the best selection since October 2019 when buyers could choose from 14,379 listings.
Both pending sales (mutually accepted offers) and closed sales declined from a year ago. MLS members reported 8,937 pending sales during June, down 27.5% from a year-ago total of 12,328 and down 3.8% from May. Closed sales also fell from a year earlier (down about 17.2%), but last month’s total of 9,047 completed transactions nearly matched May’s volume of 9,096.
While there was a decrease in closed and pending sales in June, there is no reason to panic as we continue to move toward a more balanced market. Having the standing active inventory rise above the closed and pending categories in June means we are FINALLY building inventory, which is healthy for the marketplace. It slows down the steep price appreciation we have been seeing and provides a bit more time for buyers to look at more properties.
The latest MLS report shows that Y-O-Y (year over year), area-wide prices rose about 10.4%, from a median price of $589,000 to $650,000. Seven counties had YOY price hikes of 19% or more for last month’s sales of single-family homes and condos: Douglas, Ferry, Jefferson, Kitsap, Lewis, Mason, and Whatcom. San Juan County had the highest median price jump last month ($940,000) with King County having the second-highest.
Things are “leveling out” but we are still not in a buyer’s market. Some of the slowdown in pending and closed sales is simply part of a seasonal cycle this region experiences in June and July once school is out and people begin to travel. In fact, travel is hitting peak numbers this summer as the world continues to open.
Snohomish County reported 2,085 new listings, 1,831 active listings, 1,263 pending sales, and 1,366 closed sales. 1.34 months of inventory and a median price of $750,500. This means there is just under a month and a half worth 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 July 2022 (all reports and stats are from the prior month of June 2022). Last month there were only 1.48 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:
- 2,085 New Listings
- 1.34 months worth of Inventory
- Median home price of $750,500
Let’s break it down per city:
| CITIES | MEDIAN SALES PRICE | % CHANGE OVER LAST YEAR | MONTHS OF INVENTORY |
| BOTHEL | $1,194,975 | 26.79% | 1.32 |
| LYNWOOD | $915,000 | 7.65% | 1.28 |
| EVERETT | $785,000 | 12.14% | 1.43 |
| SNOHOMISH | $715,000 | 8.17% | 1.57 |
| LAKE STEVENS | $700,000 | 12.00% | 1.49 |
| MARYSVILLE | $630,000 | 9.57% | 1.31 |
What Does This Data Mean?
Inventory levels continue to be an issue in some places. Most places currently have under 1 and a half 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 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 the 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
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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
