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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…
Prices of homes that sold during August rose to 2.5% from a year ago, marking the first year-over-year (Y-O-Y) increase since January according to a new report from Northwest Multiple Listing Service. Other key metrics on August activity, including new and active listings, pending sales, and closed sales, the YOY comparisons showed declines.
Brokers added 8,152 new listings of single-family homes and condominiums last month, down from 9,914 for August 2022, a drop of nearly 17.8%. Last month’s systemwide tally of new listings was the smallest monthly total since April.
NWMLS members reported 7,189 pending sales during August, which was the lowest level since April’s total of 7,137 and down nearly 25% from the year-ago figure of 9,552.
Brokers and industry watchers point to upticks in mortgage rates as the culprit for declined sales. Despite slower activity, supply remained constrained with only 1.71 months of inventory in the MLS database. That is down from both a year ago when there was 1.84 months of supply, and from last month when the figure was 1.76.
Home prices are expected to rise after the first of the year, particularly in the more affordable and mid-price ranges, again citing limited supply.
Historically, the number of homes for sale slows in August, however, this year in the tri-county (King, Pierce, and Snohomish counties) rose in August from previous months, but inventory levels were still well below pre-pandemic averages, so the market remains tight.
Interestingly, where sales did occur, prices rose between July and August in King and Pierce counties. Prices rose in 17 out of the 26 counties in the service area. I believe the housing market won’t find its footing until mortgage rates start to pull back.
The NWMLS data shows the sales-to-list price ratio averaged 100% or higher for the last month’s completed transactions in seven counties: Douglas, King, Kitsap, Mason, Pierce, Snohomish, and Thurston.
Our traditional real estate cycle going from spring highs to summer slowdowns was in playing August as home buyers and sellers took a break to enjoy the warm summer weather. Buyers became fatigued searching through low inventory and being hit with the double punch of rising interest rates and median prices. Such conditions have a particular impact on first-time home buyers and the starter segment of the market as they are the major drivers of the increase in the demand for housing. Inventory is extremely low, buyers need to be ready to put their best foot forward when making an offer. They should be prepared to pay full price or better and they should expect multiple offer situations for correctly priced new listings.
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 September 2023 (all reports and stats are from the prior month of August 2023). Last month there were 1.71 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:
- 1,104 New Listings
- 1.07 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 | $1,100,000 | 4.76% | 1.16 |
| LYNNWOOD | $862,500 | 4.55% | 0.79 |
| EVERETT | $694,950 | -6.72% | 1.06 |
| SNOHOMISH | $685,000 | 5.38% | 1.13 |
| LAKE STEVENS | $700,000 | 2.34% | 1.23 |
| MARYSVILLE | $635,000 | 10.43% | 1.21 |
What Does This Data Mean?
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 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 are 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
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
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
