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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…
The real estate market has remained slow in accordance with typical seasonal patterns, with expected increases in activity as winter transitions to spring. Interest rates have increased by a quarter percent over the past month to 6.94%, continuing to inhibit prospective buyers’ purchasing power as well as prospective sellers’ willingness to give up low rate mortgages. For the Washington counties covered by NWMLS, February 2024 saw a nearly 2% decrease in closed sales transactions year-over-year, although median prices have continued to rise with year-over-year increase of nearly 6%.
Important key takeaways from February’s data:
- The median sales price of homes increased in 19 out of 26 counties and decreased in 7 counties relative to February 2023. The three counties with the highest median sale prices were King ($820,000), Snohomish ($715,000) and San Juan ($671,000). The three counties with the lowest median sales price were Grant ($300,425), Pacific ($236,025) and Columbia ($174,500).
- The number of homes on the market increased throughout Washington with 17 out of 26 counties seeing a year-over-year increase. Overall, there was a nearly 4% year-over-year increase in active property listings in Washington counties covered by NWMLS.
- Ten of the 26 counties included in the report saw an increase in the number of homes sold year-over-year. Two counties, King and Pacific, saw relatively no change in the number of year-over-year sales transactions.
- Condominium sales continue to show strong growth throughout the NWMLS service areas, with 636 units sold in February 2024, which is a year-over-year increase of more than 9%. The median sales price of condominiums increased more than 15% year-over-year, from $430,000 at the end of February 2023 to $496,500 in February 2024.
Although seller reluctance has continued to stifle inventory levels, year-over-year inventory levels have improved slightly – an increase of 4% – relative to February 2023. Despite the year-over-year transaction volume decline of 2% over February 2023, low levels of for-sale inventory have led to increased competition amongst buyers, producing a nearly 6% year-over-year increase in median home prices across the Washington counties covered by the NWMLS.”
Active Listings
Inventory of residential and condominium properties listed for sale (that have not yet accepted an offer).
There were 7,495 active listings on the market at the end of February 2024, an increase of nearly 4% compared to February 2023 (7,234). The volume of homes on the market increased throughout Washington with 17 out of 26 counties seeing a year-over-year increase. Below is a graph for Snohomish County:
New Listings
Residential and condominium properties added to the inventory during the reporting period (included in active listing totals).
NWMLS brokers added 6,513 new listings to the database in February 2024, an increase of nearly 25% compared to February 2023, when 5,231 new listings were added. The number of new listings added in King County increased more than 33% year-over-year. Below is a graph for Snohomish County:
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.
There were 5,945 total residential units & condo units under contract in February 2024, a decrease of 4.57% when compared to February 2023 (6,230).
Despite the overall decrease, there were 11 counties that had a year-over-year increase in the number of pending sales, in Okanogan (+35.29%), Kittitas (+34.04%), Adams (+33.33%), Douglas (+29.17%), Chelan (+23.4%), Columbia (12.5%), Clallam (+8.96%), Walla Walla (+7.84%), Clark (+4.41%), King (+3.78%), and Kitsap (+1.86%) counties. Below is a graph for Snohomish County:
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.)
February 2024 saw a 1.62% decrease in closed sales transactions year-over-year. The total dollar value of closed sales for residential homes for this month was $2,772,859,503 and was $$388,894,799 for condominiums.
Despite the nearly 2% decrease overall, there were 10 counties with a year-over-year increase in the number of closed sales, including Jefferson (+70.59%), Adams (+33.33%), Okanogan (+33.33%), Chelan (+21.88%), Kittitas (+14.29%), Walla Walla (+12.5%), Whatcom (+7.48%), Clark (+6.82%), Mason (+4.84%), Clallam (+4.55%). The number of year-over-year closed sales in King and Pacific counties remained unchanged. The graph below is for Snohomish county:
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 less than two months to sell every home that is active in the NWMLS inventory. The four counties with the lowest months of inventory in February 2024 were Snohomish (0.88), King (1.47), Pierce (1.60), and Thurston (1.71). The graph below is for Snohomish county:
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. Overall, the median price for residential homes and condominiums sold in February 2024 was $608,111, up nearly 6% when compared to February 2023 ($575,000). The median sales price increased year-over-year in 19 of the 26 counties, with the highest median sales prices in King ($820,000), Snohomish ($715,000), and San Juan ($671,000) counties. The graph below is for Snohomish county:
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
Here is my Northwest MLS Market Report for the month of March 2024 (all reports and stats are from the prior month of February 2023). Last month there were 1.8 months of supply system-wide. Interest rates are not as much of a concern for buyers, they are getting use to these current rates; 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 year-over-year 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
January began with:
- 931 New Listings
- .88 months’ worth of Inventory
- Median home price of $715,000
Let’s break it down per city:
| CITIES | MEDIAN SALES PRICE | % CHANGE OVER LAST YEAR | MONTHS OF INVENTORY |
| BOTHEL | $1,150,000 | 26.03% | .66 |
| LYNNWOOD | $820,000 | 16.31% | 1.01 |
| EVERETT | $684,975 | 9.60% | .89 |
| SNOHOMISH | $568,970 | -8.08% | .90 |
| LAKE STEVENS | $767,500 | 19.46% | 1.03 |
| MARYSVILLE | $644,975 | 13.65% | .85 |
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 2024. 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 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 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
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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
