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Click here for a current- at a glance look at the Snohomish County Real Estate Housing Forecast… Please continue reading for our expanded report.
Washington counties covered by NWMLS continue to follow seasonal trends with respect to inventory levels yet divert from typical patterns with regard to transaction volume. With the 30-year fixed mortgage rate currently at 6.86% (as of late June 2024), the purchasing power of prospective buyers remains constrained relative to a few years ago. Year-over-year for-sale inventory levels have increased dramatically relative to June 2023 (up 35.7%). Year-over-year closed sales transactions decreased by 3.1%, signaling that despite recent decreases in interest rates, buyers may be slightly less active when compared to June 2023. Higher levels of for-sale inventory should have an impact in stabilizing price levels over the summer months.
June 2024 Key Takeaways
Median Sales Price
- The median price for residential homes and condominiums sold in June 2024 was $650,000, an increase of 4% compared to June 2023 ($625,000).
- The three counties with the highest median sale prices were San Juan ($950,000), King ($875,000), and Snohomish ($789,497). The three counties with the lowest median sale prices were Columbia ($274,000), Adams ($236,000) and Ferry ($175,000).
Active Listings
- There was a 35.7% increase in the total number of properties listed for sale, with 14,393 active listings on the market at the end of June 2024, compared to 10,607 at the end of June 2023.
- The number of homes for sale increased throughout Washington, with 22 out of 26 counties seeing a double-digit year-over-year increase.
- The six counties with highest increases in active inventory for sale were Douglas (+77.2%), Pierce (+48%), Clark (+46.9%), Snohomish (+46.2%), Lewis (+45.2%), and King (+43.3%).
Closed Sales Transactions
- For Washington counties covered by NWMLS, June 2024 saw a 3.1% decrease in closed sales transactions year-over-year, a reversal in trends from April and May 2024, which saw positive increases in year-over-year transaction volume (9.5% and 6%, respectively).
Months of Inventory
- Most industry experts consider a balanced market to last 4 to 6 months. At the current sales rate, it would take a little over two months (2.17) to sell every home active in the NWMLS inventory.
- The five counties with the lowest months of inventory in June 2024 were Snohomish (1.37), Thurston (1.55), Kitsap (1.60), King (1.94), and Pierce (2.00).
CoreLogic Chief Economist Selma Hepp says the Pacific Northwest housing market is moving slowly toward normalization. “While the increased inventory of homes on the market this spring offered potential home buyers more options, elevated mortgage rates put affordability at the forefront of housing market concerns,” Hepp said.
“Home prices did heat up again this spring in the Seattle metro area, putting the region among the strongest appreciating markets across the country. More inventory will slow pressure on home prices over time.”
Consumer and Broker Activity
NWMLS also provided insights into consumer activities during the month of June 2024:
- Keyboxes located at listed properties were accessed 163,536 times in June 2024, on par with activity in May 2024 when they were accessed 163,414 times.
- The total number of property showings scheduled through NWMLS-provided software decreased from May 2024 (128,924 showings) to June 2024 (119,775 showings).
- Brokers seeking to further assist consumers as they navigate the market are making special note of properties that are eligible for the Down Payment Resource (DPR) program offered by NWMLS. In June 2024, there were 16,015 listed properties that were eligible for this program, an increase of 15.3% over June 2023.
Active Listings
Inventory of residential and condominium properties listed for sale (that have not yet accepted an offer).
There was a 35.7% increase in total number of properties listed for sale, with 14,393 active listings on the market at the end of June 2024, compared to 10,607 at the end of June 2023. The number of homes for sale increased throughout Washington, with 22 out of 26 counties seeing a double-digit year-over-year increase. The six counties with highest increases in active inventory for sale were Douglas (+77.2%), Pierce (+48%), Clark (+46.9%), Snohomish (+46.2%), Lewis (+45.2%), and King (43.3%).
Below is a graph of Snohomish County & ALL pending sales in all 23 counties:
New Listings
Residential and condominium properties added to the inventory during the reporting period (included in active listing totals).
NWMLS brokers added 9,984 new listings to the database in June 2024, an increase of 5.3% compared to June 2023. The six counties with the largest increase in the number of new listings were Walla Walla (+88.6%), Adams (+36.4%), Clallam (+25%), Cowlitz (+15.5%), Snohomish (+12.9%), and Pacific (12.2%).
Below is a graph of Snohomish County & ALL pending sales in all 23 counties:
Pending Sales
Residential and condominium properties where buyer and seller have signed the purchase and sale agreement, 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 returned to the market during the same period.
There were 7,650 total residential units & condo units under contract in June 2024, a slight decrease of 1.4% when compared to June 2023 (7,759). 10 out of 26 counties saw a year-over-year increase in the number of pending listings.
Below is a graph of Snohomish County & ALL pending sales in all 23 counties:
Closed Sales
Residential and condominium sale transactions that have closed (the final procedures in a real estate sale during which ownership of 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.)
June 2024 saw a 3.14% decrease in the number of closed sales transactions year-over-year (6,627 in June 2024 compared to 6,842 in June 2023). Although there was an overall decrease, 10 out of 26 counites saw an increase in the number of closed sales year-over-year, with Kittitas (+56.5%), Clark (+27.4%), Okanogan (+23.7%), and Snohomish (+8.4%) topping the list. The total dollar value of closed sales in June 2024 for residential homes was $4,939,005,285 and was $499,483,518 for condominiums, a 2.6% increase when compared to June 2023.
Below is a graph of Snohomish County & ALL pending sales in all 23 counties:
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).
A balanced market is considered to be 4 to 6 months by most industry experts. At the current rate of sales, it would take a little over two months (2.17) to sell every home that is active in the NWMLS inventory. The five counties with the lowest months of inventory in June 2024 were Snohomish (1.37), Thurston (1.55), Kitsap (1.60), King (1.94), and Pierce (2.00).
Below is a graph of Snohomish County & ALL pending sales in all 23 counties:
Median Price
The “median” price means an equal number of units sold at a higher and lower value, with 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.
Overall, the median price for residential homes and condominiums sold in June 2024 was $650,000, an increase of 4% when compared to June 2023 ($625,000). The three counties with the highest median sale prices were San Juan ($950,000), King ($875,000), and Snohomish ($789,497), and the three counties with the lowest median sale prices were Columbia ($274,000), Adams ($236,000). and Ferry ($175,000).
Below is a graph of Snohomish County & ALL pending sales in all 23 counties:
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 (somewhat), 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
Last month, there were 2.2 months of supply system-wide. Interest rates are still a concern for buyers; they are starting to get used to these current rates, and creative financing has returned. For the most part, we are returning to the “Pre-COVID” real estate market, which was considered very strong, just unlike the fierce market we have experienced in the last few years.
We continue to see price appreciation year-over-year in most areas. Potential sellers should act now, as this is still an excellent time to put their homes on the market. I will continue to follow the market trends and inform you each month as we move 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 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 sound investment decisions!
Take a look at Snohomish County Housing Statistics.
June began with:
- 1,353 New Listings
- 1.37 months’ worth of Inventory
- Median home price of $789,497
Let’s break it down per city:
| CITIES | MEDIAN SALES PRICE | % CHANGE OVER LAST YEAR | MONTHS OF INVENTORY |
| BOTHEL | $1,099,925 | 6.79% | 1.33 |
| LYNNWOOD | $851,000 | 5.06% | 1.30 |
| EVERETT | $730,000 | 10.36% | 1.23 |
| SNOHOMISH | $700,000 | 3.70% | 1.52 |
| LAKE STEVENS | $722,500 | 6.17% | 1.92 |
| MARYSVILLE | $700,000 | 11.11% | 1.31 |
What Does This Data Mean?
Inventory levels continue to be an issue in some places. Most places have under a month’s supply available; we are still 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 2024. We have seen prices holding steady to a slight softening, 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 quickly. Buyers are out there and very serious, driving up prices in many 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 experienced and knowledgeable agent when forming an offer and guiding through negotiations.
As of January 1st, 2024, buyers and agents must 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 and instant alerts give you an advantage over other buyers looking for homes. Please 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
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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
