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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.
Northwest MLS, the source for the most current, accurate market listing data in Washington state, today released its Market Snapshot for the month of September 2024.
Market Recap
The Federal Reserve’s further reduction of interest rates in September provided a positive end-of-summer boost to the market. Double-digit increases in active and new listings and single-digit increases in median home prices demonstrated a tentative balance between the ongoing seller’s market and newfound buyer confidence.
However, experts caution that housing affordability will remain out of reach for many would-be buyers without deeper cuts to interest rates. “Interest rates remain over double what they were just three years ago (6.08% at the end of September versus 3.01% at the same time in 2021 for 30-year fixed-rate mortgages). This continues to have a major impact on affordability. It seems unlikely that the volume of transactions will pick up substantially without some significant improvement in affordability.
September 2024 Key Takeaways
Median Sales Price
- Overall, the median price for residential homes and condominiums sold in September 2024 was $635,000, an increase of 5.8% when compared to September 2023 ($600,000).
- The three counties with the highest median sale prices were King ($859,995), San Juan ($829,000), and Snohomish ($760,000), and the three counties with the lowest median sale prices were Ferry ($209,500), Adams ($270,000) and Columbia ($325,000)
Active LActive and New Listings
- The number of homes for sale increased throughout the NWMLS coverage area, with 22 out of 26 counties seeing a double-digit year-over-year increase.
- The total number of properties listed for sale increased by 31.4%, with 15,748 active listings on the market at the end of September 2024, compared to 11,983 at the end of September 2023.
- NWMLS brokers added 8,508 new listings to the database in September 2024, an increase of 12.7% compared to September 2023 (7,551).
- The five counties with the highest increases in active inventory for sale were Douglas (+67.8%), Pacific (+42.2%), Clallam (+41.6%), Grant (+40.5%), and San Juan (+39.8%).
Closed Sales Transactions
- The number of closed sales increased by 1.9% year-over-year (5,828 in September 2024) compared to 5,722 in September 2023.
- The number of closed sales increased in 11 out of 26 counties year over year, while it decreased in 15.
Consumer and Broker Activity
NWMLS also provided insights into consumer activities during September 2024:
- NWMLS also provided insights into consumer activities during September 2024:
- The total number of property showings scheduled through NWMLS-provided software remained steady, with 119,927 showings in August 2024 and 119,900 in September 2024.
- In September 2024, 16,668 listed properties were eligible for NWMLS’s Down Payment Resource (DPR) program.
Active Listings
The total number of properties listed for sale increased by 31.4% year-over-year, with 15,748 active listings on the market at the end of September 2024, compared to 11,983 at the end of September 2023. Compared to last month, active inventory increased by 295 listings (1.9%), up from 15,453 in August 2024.
The number of homes for sale increased throughout the NWMLS coverage area, with 22 out of 26 counties seeing a double-digit year-over-year increase. The counties with the highest increases in active inventory for sale were Douglas (+67.8%), Pacific (+42.2%), Clallam (+41.6%), Grant (+40.5%), and San Juan (+39.8%).
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 8,508 new listings to the database in September 2024, an increase of 12.7% compared to September 2023 (7,551).
The six counties with the most significant increase in the number of new listings added to the NWMLS database last month were Grant (+42.5%), Douglas (+37%), Jefferson (+32.5%), Clallam (+28.6%), Island (+20.3%), and San Juan (+20%).
Below is a graph of Snohomish County & ALL pending sales in all 23 counties:
Pending Sales
There were 7,165 total residential and condo units under contract in September 2024, an increase of 13.5% compared to September 2023 (6,312). Compared to last month, pending sales decreased by 362 transactions (-4.8%), with 7,527 pending sales in August 2024.
19 out of 26 counties saw a year-over-year increase in the number of pending listings, with the highest year-over-year gains in Adams (+57.1%), Douglas (+41.7%), Clallam (+35.2%), Mason (+31.3%), and Pacific (+27.7%).
Below is a graph of Snohomish County & ALL pending sales in all 23 counties:
Closed Sales
The number of closed sales transactions increased by 1.9% year over year (5,828 in September 2024 compared to 5,722 in September 2023). 11 out of 26 counties saw an increase in the number of closed sales year over year, while 15 saw a decrease. The total dollar value of closed sales in September 2024 for residential homes was $4,177,145,470 and $414,383,323 for condominiums, an increase of 8.1% compared to September 2023.
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 rate of sales, it would take a little over two and a half months (2.70) to sell every home active in the NWMLS inventory. The six counties with the lowest months of inventory in September 2024 were Snohomish (1.62), Kitsap (1.93), Thurston (2), Pierce (2.34), Skagit (2.37), and Walla Walla (2.59).
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 September 2024 was $635,000, an increase of 5.8% when compared to September 2023 ($600,000). The median price decreased by 1.55% compared to last month, from $645,000 in August 2024. The three counties with the highest median sale prices were King ($859,995), San Juan ($829,000), and Snohomish ($760,000), and the three counties with the lowest median sale prices were Ferry ($209,500), Adams ($270,000), and Columbia ($325,000).
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, 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 1.62 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 due to low inventory. I will continue to follow the market trends and inform you each month as we move into 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 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.
June began with:
- 1,158 New Listings
- 1.62 months’ worth of Inventory
- Median home price of $760,000
Let’s break it down per city:
| CITIES | MEDIAN SALES PRICE | % CHANGE OVER LAST YEAR | MONTHS OF INVENTORY |
| BOTHEL | $1,055,000 | -5.38% | 1.73 |
| LYNNWOOD | $818,000 | 9.07% | 1.38 |
| EVERETT | $750,000 | 7.76% | 1.64 |
| SNOHOMISH | $760,000 | 4.54% | 1.89 |
| LAKE STEVENS | $650,000 | -8.45% | 2.25 |
| MARYSVILLE | $640,000 | 2.81% | 1.36 |
What Does This Data Mean?
Inventory levels continue to be an issue in some places. Most places have less than two months of 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, often driving up prices. Buyers looking for single-family homes and condos are also seeing price decreases. Interest rates continue to be uncertain. 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 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
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 for your home. Contact us for a comprehensive report. We work closely with sellers to create a marketing strategy that gets their listings in front of buyers who want to buy.
-Amy Wagner
425.239.2723
What’s Your Home Worth?
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Month-by-Month Comparison and In-depth Market Reports
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| DECEMBER 2021 | DECEMBER 2020 |
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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
