Snohomish County Real Estate Market Report – April 5th, 2019
Let’s look at the Snohomish County Real Estate Market Report – April 2019. Data shown is gathered from the Northwest Multiple Listing Service (NWMLS) and reports all stats for the previous month. There was a 1.3 month’s supply of single-family homes in Snohomish County and 1.9 in King County for the month of March. Listings surged around Western Washington during March as buyers, sellers, and brokers emerged from February’s record snowfall. Brokers added 10,516 new listings and MLS members reported 10,261 pending sales. At month end listings were up 36 percent from a year ago. Even though we saw a spike in listings, sales were just as HOT leaving us with very low inventory. Our prediction of a “Spring frenzied” market is holding to be true especially for the mid-price ranges. March is the start of prime-time selling season. Improved affordability, along with lower interest rates and very strong job growth, all point us in the right direction for RED HOT acceleration again this year.
Let’s talk interest rates…The market is highly interest rate sensitive, and this is reflected in current price trends in the region, given interest rates are now 70 basis points lower than their peak in November last year (and back near record lows).
EXAMPLE: House prices could rise 8.4 percent and people could keep the same mortgage repayments. This means someone who could have purchased a $450,000 house six months ago can now purchase a house costing $487,800 and keep the same monthly payment, an 8.2 percent increase in purchasing power.
Home prices continue to rise in most areas. Year-over-year prices area-wide are up 3.5 percent with most counties reporting gains. King County was an exception. Prices there were flat (down .4 percent) however rising from February up more than 3 percent. Snohomish County was up 5.5 percent from February. Areas outside of King County and along I-5 corridor outperform as people continue to look for value outside the main urban centers.
Looking ahead we expect more new listings and the mid-price ranges will see strong price appreciation this year. We expect the market to continue these trends as we head into what is always the busiest time of year.
A look at Housing Stats
March began with a total of Brokers adding 1325 new listings to inventory during the month in Snohomish County which is 10 more listings than this time last year. Currently we have 1.3 months worth of inventory in Snohomish County. The median price range of single-family homes sold during March 2019 is $500,000 up 5.3% increase compared to same time last year. This information is based off the data on the following cities Bothell, Lynnwood, Everett, Snohomish, Lake Stevens, & Marysville.
- The average sale price for single-family homes for month ending March 2019 is $539,605 up 2.7% over the last 12 months.
- The average days on market for March 2019 was 27, compared to March 2018 which was 19 day on market.
- Homes in the median price range were selling on average at 99% of list price.
A look At Bothell, Lynnwood, Everett, Snohomish, Lake Stevens and Marysville
- Bothell Median sales price is $709,975 down -5.5% from March of last year. The average time on market is 61 days up 165.2% compared to last year.
- Lynnwood Median sales price is $550,000 up 2.5% from March last year. The average time on market is 43 days up 152.9% compared to last year.
- Everett Median sales price is $456,442 down -0.2% from March last year. The average time on market is 46 days up 64.3% compared to last year.
- Snohomish Median sales price is $474,995 up 11.8% from March last year. The average time on market is 59 days up 118.5% compared to last year.
- Lake Stevens Median sales price is $456,248 up 20.1% from March last year. The average time on market is 65 days up 62.5% compared to last year.
- Marysville Median sales price is $425,000 up 10.1% from March last year. The average time on market is 44 days up 18.9% compared to last year.
What Does This Data Mean?
Although inventory levels are currently dropping with less than 2 months supply available in Snohomish County, inventory levels are higher when compared to this same time last year. We are seeing a transitioning market although it is still very much a seller-based market, a balanced market is said to be when we have approximately 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 forward through Spring. We may see prices take minor dips periodically later in the coming year, but for the most part they are expected to continue rising, just at a far more modest rate than in recent years.
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 little more inventory available but you must act quick, Spring activity is already picking up. The average time on market was at 27 days for March, and that is likely to go down through Spring as things are selling quickly. Buyers looking for single-family homes and condos might see slight increases in prices, interest rates are holding for the time being. If you are on the fence about a property now is the time to decide. Waiting can cost you in the form of a higher monthly payment or seeing the home you want sold.
Home buyers around Washington are making their way back to the market, hoping to take advantage of improving inventory, attractive interest rates, adjusted pricing and more motivated sellers. Because there is an increase in listings available on the market, 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 expect a slight increase in competition as more listings become available. This is still a seller’s market and most sellers may get very close to 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.