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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…
Home sellers really need to re-think their expectations. Last month’s NWMLS report showed a significant increase in active listings compared to a year ago, a slowdown in sales, and prices still rising. Multiple offers and “waived inspections” are trending behind us. The market is becoming more balanced and not so crazy & that’s a GOOD thing. Buyers are getting a little relief- not much, but a little as we’re slowly easing back into the kind of market we had pre-COVID.
Last month NWMLS members added 13,075 new listings to inventory, up 9.7% from a year earlier and the highest monthly number since June 2021. By the end of May, buyers could choose from 8,798 ACTIVE listings system-wide (23 counties), up a whopping 59% from a year ago when there were only 5,533 properties in the database. That is the largest selection since September 2020. Snohomish County more than doubled its number of active listings from a year ago where it jumped from 500 to 1,182 (up 136.4%).
Other notable counties that nearly doubled their inventory were Douglas, Cowlitz, Island, and Walla Walla.
The significant increase in the number of homes for sale has some speculating that the market is about to implode, but that is very unlikely. What is more likely to occur is that the additional supply will lead us toward a more balanced market, which after years of such lopsided conditions, is much needed. Even with the uptick in inventory, there is still less than one month of supply area-wide (.097 months). The tightest inventory (.85 months or less) is in the four-county Puget Sound region. As the unsold inventory is ticking upward locally, this gives buyers an increased selection of desirable properties to choose from as they hunt for their new home. There is a steady backlog of buyers in the market, the increase in inventory means each home will receive fewer offers and may not go pending in the first weekend. All of this means sellers will be more willing to work with buyers on finance and inspection contingencies and buyers have more time and inventory to choose from.
Last month home sales fetched 105.7% of the asking price, down from April when it was 107.7% and March when it was 108.2%.
Both pending sales (mutually accepted offers) and closed sales during May were down from a year ago, but up from the previous month. Pending sales declined about 11.7% from twelve months ago but increased 8.2% compared to April. April’s figures of 9,760, but down from the year-ago total of 11,969. The additional supply of homes is giving buyers more choices, which is something they haven’t had in several years. Things have changed, we are headed back to more of a balanced market. Remember, a balanced market is said to be 4-6 months of inventory. Puget Sound overall is a very hot real estate market.
Snohomish County reported 1,973 new listings, 1,182 active listings, 1,571 pending sales, and 1,394 closed sales. .85 months of inventory and a median price of $782,800. This means there is just over three weeks’ 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 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 June 2022 (all reports and stats are from the prior month of May 2022). Last month there were only .97 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
January began with:
- 1,973 New Listings
- .85 months worth of Inventory
- Median home price of $782,800
Let’s break it down per city:
| CITIES | MEDIAN SALES PRICE | % CHANGE OVER LAST YEAR | MONTHS OF INVENTORY |
| BOTHEL | $1,175,000 | 23.68% | 1.02 |
| LYNWOOD | $923,000 | 12.55% | 0.92 |
| EVERETT | $810,000 | 16.50% | 0.77 |
| SNOHOMISH | $785,000 | 34.19% | 1.04 |
| LAKE STEVENS | $740,000 | 17.46% | 1.09 |
| MARYSVILLE | $638,500 | 15.05% | 0.78 |
What Does This Data Mean?
Inventory levels continue to be an issue in some places. Most places currently have 1 month’s 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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Month-by-Month Comparison and In-depth Market Reports
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| MARCH 2021 | MARCH 2020 |
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| JUNE 2021 | JUNE 2020 |
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| 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
