We have the lowest number of homes for sale in more than 20 years, combined with the lowest mortgage rates on record resulting in the “PERFECT STORM” of frustration for buyers, but they are still out there in FORCE!
The few homes that are on the market are being snapped up quickly, this excess of demand is causing record-high prices for single-family homes in the Puget Sound area.
Research noted that prices all along the I-5 corridor and the Puget Sound increased by double digits. As people continue to seek housing outside the urban centers with-in a two hour drive to Seattle. We have seen extraordinary increase in prices in Island and San Juan County. NWMLS reports show San Juan County experienced the most notable spike at 43.6%. Island County prices increased nearly 22% from twelve months ago.
We are seeing strong luxury sales activity too. The luxury market of residential properties priced at $2 million or more reached all-time highs in several areas during August. Both pending sales and closed sales over $2 million hit new records, new listings of $2 million-plus also set records.
Another metric cited by NWMLS representatives was the “sale fail rate”, which tracks the percentage of failed transactions as a part of total written transactions. What’s interesting is that it hasn’t changed throughout this entire year. COVID conditions have had little to no effect on buyers and sellers closed transactions.
Moving forward we expect the real estate market to continue to be very robust going into 2021!
Here is my NWMLS Market Report for the month of September 2020 (all reports and stats are from the prior month of August). Last month there was only .97 months supply system-wide. Multiple offers are back with a vengeance as buyers are challenged by the inventory being down 43% from a year ago, 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 shortages 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 into fall.
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 and 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 Housing Stats
August began with a total of Brokers adding 1,432 new listings to inventory during the month in Snohomish County
Currently, we have .7 months’ worth of inventory in Snohomish County & the median home price is $555,000. Let’s break it down per city.
Let’s Take A Look at Bothell, Lynnwood, Everett, Snohomish, Lake Stevens, and Marysville:
Bothell- Median sales price is $762,000 up 9.6% from August of last year. The average time on the market is 20 days down -45.9% compared to last year.
Lake Stevens- Median sales price is $506,500 up 15.1% from August of last year. The average time on the market is 26 days down -18.8% compared to last year.
Lynnwood- Median sales price is $637,500 up 15.9% from August of last year. The average time on the market is 17 days down -43.3% compared to last year.
Everett -Median sales price is $570,000 up 12.9% from August of last year. The average time on the market is 20 days down -9.1% compared to last year.
Snohomish- Median sales price is $509,494 up 1.9% from August of last year. The average time on the market is 23 days down -42.5% compared to last year.
Marysville- median sales price is $470,900 up 12.1% from August of last year. The average time on the market is 21 daysdown -34.4% compared to last year.
What Does This Data Mean?
Inventory levels continue to be low most places currently have less than 2 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 into 2021. 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 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.
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!
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 425.239.2723