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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…
Rising interest rates and inflation, coupled with a slight improvement in inventory, may bring some normalcy to Western Washington’s frenzied housing market. The Puget Sound market has shifted down several levels of hotness in most areas and is in alignment with the strong market we saw pre-pandemic. In April we saw a slight increase in “unsold” properties. Not all homes are selling within the first week on the market. Multiple offers will not be as common as they have been in the last two years.
We are seeing premium pricing (above asking price) softening as well. “Normal seasonality” in the real estate market will be pronounced, bringing a bit of normalcy to buyers and sellers. Last month (April) we saw single-family homes and condos across 26 counties in the report had a list price ratio of 107.8%, which was down from March when it reached a 12-month peak of 108.2%. A year ago, the ratio was 106.6%. The latest NWMLS report is showing a mix of positive and negative numbers.
Last month area-wide brokers added 11,681 new listings of single-family and condominiums to the market during April, the highest number since last July. This is happy news for buyers. The number of new listings (11,681) surpassed the number of pending sales (9,760), to help boost inventory. Pending sales were down about 7.8% from a year ago and down 3% from March.
Unfortunately for King County buyers, the area is still desperate for inventory and competition is fierce as ever.
Owning real estate is a hedge against inflation. Even with rising mortgage rates, inflation, and high gas prices, the housing market remains strong with prices continuing to increase. Brokers are reporting brisk activity and are not seeing prices ease much. The NWMLS reported .78 months worth of inventory in April, which is the highest level in nearly 18 months. The inventory of single-family homes is up 27% from a year earlier. One thing that has not been impacted by rising financial costs is home price growth, we have double-digit gains in nearly every county, including a whopping 27% in Snohomish County, the highest by far in the four-county Puget Sound region. Demand continues to create multiple offers on homes in key locations and on median-priced properties. More inventory gives buyers more choices and makes sellers a little more flexible in considering financing options and inspection contingencies. All this news gives buyers more opportunities instead of being shut out of the previous market. The rise in interest rates may have a positive side for buyers being able to find a home. There is always a bright side!
Snohomish County reported 1,804 new listings, 822 active listings, 1,489 pending sales, and 1,284 closed sales. .64 months of inventory and a median price of $800,000. This means there is just over two weeks’ worth of inventory in Snohomish County. Snohomish County had the second most acute shortage of all counties reported in the NWMLS. Historically this number indicates what we can expect for our Spring market. We do NOT have enough inventory! As interest rates climb we will keep a close eye on these numbers, for now, you can still expect multiple offers, over asking prices, and waived contingencies at the median price point and in desired locations. Other higher-priced homes may sit on the market a little longer than the prior months in the housing frenzy.
Not everyone shares a rosy outlook, some analysts report that affordability “greatly worsened” in the first quarter of 2022, pointing to sustained price appreciation and higher mortgage rates. Some expect a pullback in housing demand as mortgage rates take a heavier toll on affordability. Declining affordability is always the most problematic to first-time homebuyers who have no home leverage, and it remains challenging for moderate-income potential buyers as well. We have 140 millennials & Gen Z moving into the rental market & starter homes. Puget Sound has strong job growth bringing this generation to the area and the real estate market.
Where do we go from here?
Now is a great time to sell your home as the sellers have the upper hand due to continued low inventory and firm prices. We are seeing a shift. Inventory is increasing giving buyers some options. Buyers have more homes to choose from and we are seeing contingencies and finance options return. I don’t recommend postponing purchasing, home values are expected to continue. 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 May 2022 (all reports and stats are from the prior month of April 2022). Last month there were only .78 months of supply system-wide. Multiple offers still exist, however, we are seeing a softening as buyers are challenged due to the inventory being down, especially in the median price range. Interest rates are still in the bottom 10% of low rates looking back the last 50 years. For the most part, we have seen month-over-month gains in pending sales and closed sales, and prices are “very significant” and indicators of a housing market that is “very robust”. Listings are few and buyers are plenty.
We continue to see price appreciation over last year as well as the all too common shortage of inventory. B Potential sellers should act now as this is 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 Spring & 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:
- 1,804 New Listings
- .64months worth of Inventory
- Median home price of $800,000
Let’s break it down per city:
| CITIES | MEDIAN SALES PRICE | % CHANGE OVER LAST YEAR | MONTHS OF INVENTORY |
| BOTHEL | $1,295,000 | 43.90% | 0.72 |
| LYNWOOD | $900,000 | 16.13% | 0.56 |
| EVERETT | $897,000 | 33.88% | 0.59 |
| SNOHOMISH | $739,500 | 18.32% | 0.67 |
| LAKE STEVENS | $710,000 | 16.39% | 0.88 |
| MARYSVILLE | $685,000 | 24.55% | 0.72 |
What Does This Data Mean?
Inventory levels continue to be an issue. Most places currently have less than 1 month’s supply available, we are still very much in a seller-based 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 a little more inventory available, you must act quickly, buyers are out there and very serious, driving up prices. 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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| JUNE 2021 | JUNE 2020 |
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| AUGUST 2021 | AUGUST 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
