What’s Your Home Worth?
Instant Online Home Value Report
Click here for a current- at a glance look at the Snohomish County Real Estate Housing Forecast… continue reading for our expanded report…
October NWMLS brokers are reporting a RETURN of some creative financing methods as motivated home buyers and sellers grapple with higher mortgage rates. Despite that, and the seasonal slowdown in activity, hopeful homebuyers succeeded in having sellers accept their offers to purchase in October. Buyers are benefiting from more choices in inventory and less competition, while sellers are more negotiable when it comes to contingencies. We are seeing more 2/1 buydowns and adjustable-rate mortgages with buyers planning to refi when the rates come back down.
The latest Northwest MLS showed 6,435 pending sales last month, and about the same volume (6,464) of closed sales. Both figures were down from the year-ago totals, with pending sales dropping about 39% and closings dropping around 35%.
Median sales prices still rose year-over-year in most of the 26 counties on the report. Area-wide, the median price on last month’s completed sales of single-family homes and condominiums was $595,000. That was an increase of about 3.5% from twelve months ago, but a decline of approximately 9% from May when prices peaked at $660,000.
There is no doubt that the market has changed with higher interest rates being the main culprit. Some buyers are waiting to see if rates and home prices drop. My fear is that buyers who take this approach may miss out on the perfect home as some fantastic properties have come on the market that have sellers who are determined to sell and move on.
Brokers added 7,260 new listings during October, down about 21% from the same month a year ago. At month end, the selection included 14,214 active listings of single-family homes and condos system-wide. That was more than double the year-ago inventory of 6,588.
We are continuing to move into a more traditional market. Buyers are out looking and watching the market, they have more time to make informed choices with help of seasonal brokers. Unlike in the past, where buyers encountered multiple offer situations and not being able to get into a property because they were outbid, the question for them now is affordability in neighborhoods where they want to live.
We’re seeing buyers find opportunities, with sellers offering good pricing. Lifestyle decisions continue to drive sales. Even though interest rates make it more difficult for some buyers, pent-up demand continues.
Listings that come on the market are sitting for several weeks and others come on and immediately get multiple offers or above asking price offers. It is extremely important to rely on your real estate broker’s expertise in determining the value of the home in today’s market. Sellers need to stay laser-focused on price and condition, what your neighbor got six months ago has very little bearing on the value of your home today. We are in a balanced market, the new normal was 2-4 months’ worth of inventory and system-wide we are at 2.2 months’ worth of inventory. This is the new normal until rates go down.
Snohomish County reported 992 new listings, 1,748 active listings,901 pending sales, and 957 closed sales. 1.83 months of inventory and a median price of $700,000. This means there is just under two months of inventory in Snohomish County. As interest rates climb we will keep a close eye on these numbers, for now, you can still expect strong offers, traditional contingencies added to the contract, and some waived contingencies at the median price point and in desired locations. Homes may sit on the market a little longer than the prior months of the housing frenzy. Sellers need to price competitively to get their homes sold. Sellers that are not pricing their homes accurately, will result in their home sitting.
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 homes are tapering off so sellers need to be reasonable in this more balanced market. Buyers are now having increased 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 November 2022 (all reports and stats are from the prior month of October 2022). Last month there were 2.2 months of supply system-wide. Interest rates are still a concern for buyers, 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 frenzied market we have experienced the last few years.
We continue to see price appreciation over last year. Potential sellers should act now as this is still a good 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 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!
A look at Snohomish County Housing Statistics
June began with:
- 992 New Listings
- 1.83 months worth of Inventory
- Median home price of $700,000
Let’s break it down per city:
| CITIES | MEDIAN SALES PRICE | % CHANGE OVER LAST YEAR | MONTHS OF INVENTORY |
| BOTHEL | $949.950 | 8.57% | 1.69 |
| LYNNWOOD | $752,500 | 2.85% | 1.83 |
| EVERETT | $670,000 | 2.60% | 1.83 |
| SNOHOMISH | $647,167 | 6.01% | 1.86 |
| LAKE STEVENS | $724,950 | 22.05% | 2.34 |
| MARYSVILLE | $593,500 | 3.67% | 2.08 |
What Does This Data Mean?
Inventory levels continue to be an issue in some places. Most places currently have under a 2-month’s supply available, we are still very much in a seller-based market, however, we are moving to a balanced 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 more inventory available, you don’t have to act as quickly, buyers are out there and very serious, driving up prices in some cases. Sellers will be accepting contingencies again. Buyers looking for single-family homes and condos are seeing increases in prices, interest rates are 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 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
Month-by-Month Comparison and In-depth Market Reports
| JANUARY 2021 | JANUARY 2022 |
| FEBRUARY 2021 | FEBRUARY 2022 |
| MARCH 2021 | MARCH 2020 |
| APRIL 2021 | APRIL 2020 |
| MAY 2021 | MAY 2020 |
| JUNE 2021 | JUNE 2020 |
| JULY 2021 | JULY 2020 |
| AUGUST 2021 | AUGUST 2020 |
| SEPTEMBER 2021 | SEPTEMBER 2020 |
| OCTOBER 2021 | OCTOBER 2020 |
| NOVEMBER 2021 | NOVEMBER 2020 |
| DECEMBER 2021 | DECEMBER 2020 |
5 Things You Can Do To Make Your House Stand Out
How To Prepare Your Snohomish County House For Sale Post Pandemic
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
