NWMLS Snohomish County Market Update – November 2021

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Brokers are detecting indecisiveness by some buyers who are getting mixed “work from home” messages from their employers.

The Northwest Multiple Listing Service (system-wide) reported 10,620 pending sales last month, a drop of 3.8% from a year ago and a decline of 6.2% from September. Pending sales volume fell in 13 of the 26 counties in the MLS report, but tight inventory could be hampering the ability of buyers to find their dream home.

Last month’s reports show that there were 9,983 closed sales during October. That was 823 fewer completed transactions than a year ago (down 7.6%) and 306 fewer than September (down about 3%). As a whole, we saw a little less activity system-wide.

Snohomish County reported 1,251 new listings, 549 active listings, 1,548 pending sales, and 1,510 closed sales. .36 months of inventory and a median price of $664,950. This means there is little over a week’s worth of inventory in Snohomish County. Historically this number indicates what we can expect for our Spring market. Simply put…NOT enough inventory! If interest rates remain low we can expect another crazy to the frenzy style market. Expect multiple offers, over asking prices, and waived contingencies.

Cooler activity may be the result of several factors but also express some optimism. The overall slow down is seasonal and can also attribute to people being priced out of the market, as well as a slight uptick in interest rates, supply chain issues experienced with the construction materials late this summer are beginning to normalize. It could also be an impact of employees being hesitant to buy as they are getting mixed “work from home messages” from their employers. There are questions about how much house they will need for a home office or whether they will be working from a centralized location. Many of our region’s top employers are in the process of changing policies and creating indecisiveness for some buyers, while others buyers are moving forward to the secondary home markets, choosing the quality of life over the need to be near an urban core – betting that the “work from home” option is here to stay. As the weather cools, the housing intensity heats up for each new listing. Buyers are looking to lock in those great rates.

House hunters were able to select from 9,219 new listings to the NWMLS last month. That was 1,209 fewer than the same month a year ago for a drop of 11.6% compared to September, new listings activity shrunk nearly 19%.

This means we are down to less than three-week supply area-wide (0.66). Eleven counties, including eight in the Puget Sound region, had less than one month’s supply. Inventory remains very tight! Brokers report solid activity even though inventory is sparse. The intensity of activity in the Puget Sound area is either approaching or already at the Spring 2021 levels. As we approach our seasonal low in inventory, each year potential home sellers wait until the new year to put their homes on the market. In reality, a home listed now will have higher viewership since the buyer pool has gone down.

Where do we go from here?

Buyers are still looking and will continue to constrain inventory until March of 2022. With the pace of this market, a correctly priced home offered now would probably be off the market by Thanksgiving, allowing the seller to have a quiet holiday. All in All, it is a great time to purchase and sell your home.

Northwest MLS Market Report

Here is my Northwest MLS Market Report for the month of November 2021 (all reports and stats are from the prior month of October 2021).  Last month there was only 0.66 months supply system-wide. Multiple has been back with a vengeance as buyers are challenged due to the inventory being down, especially in the median price range.  Historically low-interest rates and lifestyle changes are fueling housing activity around Washington state.  Month-over-month gains in pending sales 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.  Buyers are wisely taking advantage of record-low interest rates.  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 Winter.

Let’s go get coffee, chat on the phone, or simply 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 certain 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

September began with:

  • 1035 New Listings
  • .39 months worth of Inventory
  • Median home price of $695,000

Let’s break it down per city:

LAKE STEVENS$595,00015.82%0.48
Data is for residential homes

mortgage rate chart for November 2021

What Does This Data Mean?

a man smoking a pipe with a magnigying glass up to his eye

Inventory levels continue to be low. Most places currently have less than 1 months 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 2021 and into 2022. Prices are continuing to increase in the North Sound Region, especially along the I-5 corridor.

a key with a house key chain being shown agaisnt the backdriop of the sky

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 sparse amount of 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 at historic lows, and holding for the time being.  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


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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!

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