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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…
The housing market for September 2021 remained very active to even frenzied around Washington. Year-over-year gains were reported in new listings, closed sales, and prices.
The Northwest Multiple Listing Service shows brokers added slightly more new listings last month (11,373) than a year ago (11,210). That volume, which includes single-family homes & condominiums, nearly matched the total for August (11,437), and barely outgained the number of pending sales (11,318) for the 26 counties in the NWMLS report.
Last month’s pending sales slipped about 6% compared to the same month a year ago. Despite that drop, the number of mutually accepted offers in the Puget Sound region (King, Kitsap, Pierce, and Snohomish counties) made last month, the MLS reported the second-best September, based on records going back to 2003. Last year’s 4 county total of 8,606 pending sales is the highest volume for that timeframe spanning nearly two decades!
The housing market for each new listing will continue its upward trajectory as the first of the year approaches. Low inventory continues to pose challenges for buyers. At month end, Northwest MLS members reported 7,757 total active listings system-wide. That marked a slight improvement from August when there were 7,425 active listings, but it was still a drop of nearly 14.8% from 12 months ago.
As of the end of September, there were about three weeks of supply (0.75 months), slightly better than August (0.70 months), but less than the same month a year ago (0.89 months). There has not been more than one month of supply since July 2020 when it reached 1.04 months.
King County, one of the exceptions, had the sharpest decline in inventory for single-family homes. The selection of single-family homes plummeted from the year-ago volume of 2,420 to 1,634 (down 32.5%).
The condo market was negatively impacted by COVID-19, has stabilized, reporting consistent increases in both sales and prices. Condo inventory, however, is sparse, with the selection at about half the year-ago levels (1,078 active listings at month end versus the year-ago supply of 2,129 listings). King County condos had a jump of 20% in sales. This further reflects the affordability crisis in our region as residential buyers are driven to the condo market. The median condo in King County last month was $466,501.
What Buyers can expect this time of year
Buyers are backing away from bidding wars, instead choosing to wait for the right property. The market has been brutal and unforgiving for buyers and sellers. Buyers are swallowing hard and paying prices they curse, while sellers are having to move somewhere they hadn’t originally planned. One positive note for buyers is that prices are beginning to level out and the annual trend of the market slowing down as we move into the holidays remains. Buyers should consider staying in the market, if they can, as homeowners who are selling in the last quarter of the year tend to be highly motivated. Buyers will find less competition this time of year due to inclement weather and holiday travel. Next month will be a big indicator of what we can expect in Spring, stay tuned!
Northwest MLS Market Report
Here is my Northwest MLS Market Report for the month of October 2021 (all reports and stats are from the prior month of September 2021). Last month there was only 0.89 months supply system-wide. Multiple offers are back with a vengeance as buyers are challenged due to the inventory being down, 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 shortage 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 through Winter.
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, 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
September began with:
- 1380 New Listings
- .51 months worth of Inventory
- Median home price of $675,000
Let’s break it down per city:
|CITIES||MEDIAN SALES PRICE||% CHANGE OVER LAST YEAR||MONTHS OF INVENTORY|
What Does This Data Mean?
Inventory levels continue to be low. Most places currently have less than 1 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 through 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. 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 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.
What’s Your Home Worth?
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Month-by-Month Comparison and In-depth Market Reports
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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