NWMLS Snohomish County Market Update – October 2023

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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…

As we head into the fall season, the number of transactions in Washington counties continues to decline, with limited growth in year-over-year median prices.

  • When compared to the same month last year, September 2023 experienced a -20% change in active property listings on the market in Washington counties covered by the NWMLS.
  • Most counties covered by the NWMLS (23 of 26) saw a decrease in the number of homes sold, with changes ranging from -2% to -50% year over year with an average decline of -24% and one county going unchanged. 
  • The median price of homes sold increased in 15 out of 26 counties, declined in 9 counties, increased in 15 and remained unchanged in 2 counties relative to September 2022.

The real estate market typically slows down in the fall and winter months. However, the high-interest rate environment has further decreased the purchasing power of prospective buyers leading to a continued decline in year-over-year transaction volume with overall median prices stagnating. While continued mortgage rate increases will make additional home price gains much more challenging, the demand for listings will have sellers thinking positively about their options by next year.

The combination of low inventories and pent-up demand suggests that home price pressures will continue to mount and drive home prices up some 5% by next September, with optimism about further market stability in the near future, noting that in addition to increased interest rates, experts also observed growth in home values over the last several years. I see this as a transition period, post pandemic, after a year of steep inflation and rising interest rates. It suggests there may be a more balanced market coming in the near to mid-term future. Take a look at the following data/graphs of all 26 counties in the NWMLS showing year-to-date data.

Active Listings

Inventory of residential and condominium properties listed for sale (that have not yet accepted an offer).

New Listings

Residential and condominium properties added to the inventory during the reporting period (included in active listing totals).

Pending Sales

Residential and condominium properties where the purchase and sale agreement has been signed by buyer and seller, 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 went back on the market during the same period.

Closed Sales

Residential and condominium sale transactions that have closed (the final procedures in a real estate sale during which ownership of a 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.)

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).

Median Price

The “middle” price, meaning that there are an equal number of sold units at a higher and lower value, 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.

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, 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

Here is my Northwest MLS Market Report for the month of October 2023 (all reports and stats are from the prior month of September 2023).  Last month there were 2.1 months of supply system-wide.   Interest rates are still a concern for buyers, but 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 fierce market we have experienced the last few years.

We continue to see price appreciation from January in most areas. Potential sellers should act now as this is still 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 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 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!

Take a look at Snohomish County Housing Statistics

May began with:

  • 1061 New Listings
  • 1.3 months’ worth of Inventory
  • Median home price of $715,000

Let’s break it down per city:

LAKE STEVENS$710,0008.56%71
Data is for residential homes

What Does This Data Mean?

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

Inventory levels continue to be an issue in some places. Most places currently have under a 2-month supply available, we are still very much 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 the Greater Seattle area, I would expect to see a slow to robust real estate market going through 2023. Short term we will see prices soften but in the next few years I believe prices will continue 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 are accepting contingencies again. Buyers looking for single-family homes and condos are seeing price increases, interest rates have been rising with signs of stabalizing. Make sure you bring an expierenced 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

Buyers are eager and shopping if you are selling a home in Snohomish County.  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


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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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