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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.
The real estate market has continued to pick up in accordance with typical seasonal patterns, with further increases in activity expected as we move fully into the summer months. The overall number of homes sold and the median sales price of those homes increased year-over-year. Interest rates have only slightly decreased over the past month, by 0.14 percentage points, to 7.03%. This means that prospective buyers’ purchasing power and prospective sellers’ willingness to give up their low-interest-rate mortgages continue to be constrained. However, for-sale inventory levels have increased dramatically year-over-year, which should help to stabilize home prices.
Important key takeaways from May’s data:
- Washington counties covered by NWMLS saw an overall increase of 7% in the median price of sold homes. The median sale price increased in 17 out of 26 counties, decreased in eight counties, and remained unchanged in one county (Grant) relative to May 2023.*
- The three counties with the highest median sale prices were King ($890,000), Snohomish ($785,000), and San Juan ($744,500). The three counties with the lowest median sale prices were Okanogan ($302,000), Columbia ($275,000), and Ferry ($171,500).
- Washington counties covered by NWMLS saw an overall increase of 6% in the number of closed sales transactions compared to May 2023. Twelve of the 26 counties covered by NWMLS in Washington saw an increase in the number of homes sold year over year, while 13 saw a decrease. Cowlitz County’s year-over-year sales were unchanged.*
- The number of homes on the market increased throughout Washington, with 24 out of 26 counties seeing a year-over-year increase. Overall, there was a 41% increase in active property listings in Washington counties covered by NWMLS.
- The total number of condominium units for sale has increased by 70% year-over-year, with 2,071 actively listed units at the end of May. The median sales price for the 942 condominiums sold during May 2024 was $529,475, an increase of 11.5% year over year.
*Unchanged refers to a less than 0.5% change in median price or transaction volume.
Consumer and Broker Activity
NWMLS also provided insights into consumer activities during May 2024:
- The total number of property showings scheduled through NWMLS-provided software increased by 5% from April 2024 (122,975 showings) to May 2024 (128,924 showings).
- Keyboxes located at listed properties were accessed 163,414 times in May 2024, a 7% increase from activity in April 2024 when they were accessed 152,999 times.
- 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 May 2024, 15,155 listed properties were eligible for this program.
Active Listings
Inventory of residential and condominium properties listed for sale (that have not yet accepted an offer).
There was a 41.4% increase in total number of properties listed for sale, with 12,837 active listings on the market at the end of May 2024, compared to 9,079 at the end of May 2023. The number of homes for sale increased throughout Washington, with 24 out of 26 counties seeing a year-over-year increase.
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 11,572 new listings to the database in May 2024, an increase of 25% compared to May 2023. The four counties with the largest increase in the number of new listings were Columbia (+150%), followed by Douglas (+79%), Lewis (+36%), and King (+34%).
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 8,220 total residential units & condo units under contract in May 2024, an increase of 1.2% when compared to May 2023 (8,120). The five counties with the largest increase in the number of pending sales were Douglas (+68%), Kittitas (+37%), Clark (+24%), Chelan (+17%), and Kitsap (+14%).
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.)
May 2024 saw a 6% increase in closed sales transactions year-over-year. The five counties with the largest increase were Okanogan (+41%), Douglas (+23%), King (+17%), Ferry (+14%), and Pacific (+14%). The total dollar value of closed sales for residential homes for this month was $5,032,984,796 and $584,625,883 for condominiums.
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).
Most industry experts consider a balanced market to last 4 to 6 months. At the current sales rate, selling every home active in the NWMLS inventory would take less than two months. The five counties with the lowest months of inventory in May 2024 were Snohomish (1.16), King (1.55), Pierce (1.67), Thurston (1.73), and Kitsap (1.81).
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 May 2024 was $660,000, up over 7% when compared to May 2023 ($615,000). The three counties with the highest median sale prices were King ($890,000), and Snohomish ($785,000), San Juan ($744,500), and the three counties with the lowest median sale prices were Okanogan ($302,000). Columbia ($275,000), and Ferry ($171,500).
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 .90 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 spring and 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.
May began with:
- 1,541 New Listings
- 1.16 months’ worth of Inventory
- Median home price of $785,000
Let’s break it down per city:
| CITIES | MEDIAN SALES PRICE | % CHANGE OVER LAST YEAR | MONTHS OF INVENTORY |
| BOTHEL | $1,100,000 | 13.05% | 1.06 |
| LYNNWOOD | $878.750 | 13.39% | 1.01 |
| EVERETT | $717,500 | 10.38% | 1.17 |
| SNOHOMISH | $726,000 | 11.25% | 1.00 |
| LAKE STEVENS | $745,000 | -10.77% | 1.58 |
| MARYSVILLE | $635,000 | 0.42% | 1.22 |
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
What’s Your Home Worth?
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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
