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 MLS report summarizing June activity showed there were about six weeks of supply (1.55 months), with twelve of the 26 counties having less than two months of inventory. The latest report shows the number of active listings of single-family homes and condominiums systemwide is down nearly 21% from June 2022. For single-family homes (excluding condos), year-over-year inventory is down about 22.4%.
Pending sales for June totaled 7,759. That is a decline from both May’s total of 8,120 (down about 4.4%) and from a year ago total of 8,937 (down about 13.2%).
Closed sales marked the largest number of closings since September, but compared to June 2022 the volume was down about 24%.
In real estate, it’s all about the supply and demand principle. In the current housing market environment, in the more affordable and mid-price ranges where 80% of transactions are occurring, we are observing a virtually “Sold Out” market which has been sending prices higher.
On a brighter note for buyers, NWMLS members added 9,481 new listings to inventory during June. That’s the highest total since August 2022 when brokers replenished inventory with 9,914 new listings. Demand continues to keep the existing and new inventory in check as buyers compete over low inventory, driving the median price for single-family homes.
King County single-family homes have had a 19.7% increase in the median sold price year-to-date. San Juan County reported a median sales price of $1,096,000 for last month’s sales – a 14.2% increase from a year ago. Although at a lower velocity than in previous years, low inventory and high-interest rates keep the overall market in a more balanced state as sales keep pace with new and existing inventory. The most popular counties (King, Pierce, and Snohomish) all maintained less than 1.5 months of inventory.
It’s going to be a hot summer sales season, with low inventory and lifestyle changes driving the market. Multiple offers over listed prices are increasing for well-priced properties. Seventeen counties reported a sales price-to-list price ratio of 99% or higher for last month’s completed transactions of single-family home sales.
Sales prices in King and Snohomish counties rose for the fifth consecutive month and are only modestly lower than a year ago. It will be interesting to see if this trend can continue given the stubbornly high mortgage rates. The number of homes for sale in the Tri county (King, Pierce, and Snohomish) jumped nearly 16.6% from May. With that said, the number of homes for sale in the Central Puget Sound area in June was down 48% from the same month in 2019 (pre-pandemic). I believe much of the reason for this is that almost 33% of in-state homeowners have mortgage rates at or below 3%, and 87% of owners have rates below 5%. There is little incentive to list your home for sale if you don’t have to.
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 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 2023 (all reports and stats are from the prior month of June 2023). Last month there were 1.55 months of supply system-wide. Interest rates are still a concern for buyers, but 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. 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 summer.
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
May began with:
- 1,198 New Listings
- 1.01 months’ worth of Inventory
- Median home price of $749,950
Let’s break it down per city:
| CITIES | MEDIAN SALES PRICE | % CHANGE OVER LAST YEAR | MONTHS OF INVENTORY |
| BOTHEL | $1,030,000 | -7.83% | .76 |
| LYNNWOOD | $810,000 | -3.91% | .99 |
| EVERETT | $661,475 | -8.45% | .81 |
| SNOHOMISH | $675,000 | -3.57% | 1.47 |
| LAKE STEVENS | $680,500 | -0.29% | 1.44 |
| MARYSVILLE | $629,990 | 0.80% | 1.15 |
What Does This Data Mean?
Inventory levels continue to be an issue in some places. Most places currently have under a 2-month 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 the Greater Seattle area, I would expect to see a slow to robust real estate market going through 2023. Short term we will see prices soften but in the next few years I believe prices will continue 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 are accepting contingencies again. Buyers looking for single-family homes and condos are seeing price increases, 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 are 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
Buyers are eager and shopping if you are selling a home in Snohomish County. 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
| 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
