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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…
September’s activity proves we are getting back to a balanced, more normal market and many view it as a welcomed change. Buyers are finally getting some relief, listings have nearly doubled from a year ago, and pending sales declined more than 31%, but prices in most counties are still rising.
We are technically still in a “seller’s market” it is, however, more favorable to buyers than it has been in a decade. Buyers are seeing the building of inventory, lengthening market time, and a slowdown in price increases as factors. System-wide we are at 2 months’ worth of inventory. This is an improvement from a year ago when there were only about three weeks (0.75 months) of supply, but still, we are still well below the four-to-six months of inventory real estate analysts use as a measure of a balanced market.
Brokers added 9,422 new listings (system-wide) to inventory during September. Compared to the same month a year ago, the volume of new listings has dropped 17%. Compared to August, new listings dipped by about 5%. The inventory of single-family homes (excluding condos) nearly doubled from a year ago, jumping from 6,679 to 13,266 (up 98.6%). Condo listings jumped about 62% from a year ago figure of 1,078 to 1,742. Closed sales during September, down 27% from a year ago.
Pending sales (mutually accepted offers) of single-family homes & condos declined from a year ago, shrinking from 11,318 to 7,764, a drop of more than 31%. Last month’s spending also fell from August (down 18.7%). Uncertainty about the direction of mortgage rates is prompting buyer hesitancy. Buyers are holding off, for sellers, correct pricing remains critical if they want to capture buyers who are currently in the marketplace. Motivated sellers are reducing prices to attract showings as the increase in mortgage rates is reducing purchasing power. September showed about the same number of new listings as we did pre-pandemic, but with less intensity and a lower percentage of homes going under contract.
Home prices remain positive compared to a year ago, I don’t expect that to change through the end of 2022. Sellers are still realizing nice gains! However, moving into Spring, It’s likely that year-over-year prices will start to trend negative. With that being said, I firmly believe that this will only be a short period of correction, so homeowners in the Puget Sound area shouldn’t be too concerned, especially given that 64% of them are sitting on OVER 50% equity.
80 percent of sales activity is taking place in the more affordable, mid-price range, and upper-end price points. Area-wide, the median price on last month’s single-family homes (excluding condos) rose 4.75%, from $589,000 to $617,000. Condo prices surged 9.2% from a year ago, rising from $435,000 to $475,000. We are still experiencing pent-up buyer demand in King, Snohomish & Pierce counties. Buyers are getting deals to offset the interest rates and we are still experiencing some cash buyers. This type of market brings a ton of opportunities.
Smart purchasers understand home ownership is a good hedge against inflation.
Current inventory levels in King and Snohomish counties are still around 13% lower than they were in September 2019 prior to the pandemic-induced market shift. System-wide the MLS report, there were 15,008 active listings at the end of September. That’s a jump of more than 93% from a year-ago total of 7,757 active listings. Overall, September showed signs of a more traditional market with a natural slowdown of pending sales during this time of year.
Snohomish County reported 1,300 new listings,1,873 active listings, 1,153 pending sales, and 1,146 closed sales. 1.63 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. Overall we are getting back to a balanced market.
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 October 2022 (all reports and stats are from the prior month of September 2022). Last month there were only 2.0 months of supply system-wide. Interest rates are still in the bottom 10% of low rates looking back over the last 50 years. 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 as well as the all-too-common shortage of inventory in certain locations. But 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 into Fall.
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 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:
- 1,300 New Listings
- 1.63 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 | $998,000 | 1.84% | 1.62 |
| LYNNWOOD | $850,000 | 8.83% | 1.36 |
| EVERETT | $735,000 | 13.08% | 1.84 |
| SNOHOMISH | $625,000 | -1.57% | 1.69 |
| LAKE STEVENS | $679,975 | 7.93% | 1.97 |
| MARYSVILLE | $605,000 | 5.22% | 2.05 |
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
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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
