Let’s dive in and take a look… The real estate market is strong and operating in full swing during this pandemic, however, there are a few limitations and virtual open houses in play. The pandemic has increased interest in rural areas now that the lock-downs have eased. People have found that they can accomplish most of their work and business from home. We are seeing an uptick in suburban neighborhoods, and interest in Central and Eastern Washington. People are looking at places that have more space, lower prices, and lower taxes.
Here is my NWMLS Market Report for the month of July 2020 (all reports and stats are from the prior month of June). Last month there were only 1.16 months of supply system-wide. This is the second-lowest in the last decade. Multiple offers are back with a vengeance as buyers are challenged by having only about half the inventory of 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.
Not surprising, the supply/demand imbalance is causing prices to ratchet up.
King County up 5.9%
Pierce County up 8.2%
Snohomish County up 6.7%
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 through Summer.
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
June began with a total of Brokers adding 1108 new listings to inventory during the month in Snohomish County
Currently, we have .81 months’ worth of inventory in Snohomish County. The Median price of $524,995 is an average based on the data on the following cities Bothell, Lynnwood, Everett, Snohomish, Lake Stevens, & Marysville.
The average sale price for single-family homes in the above cities for the month ending June 2020 is $541,875 Up 5.2% from a year ago.
The average days on the market for June were 24, compared to June 2019 which was also 24 days on the market.
Let’s Take A Look at Bothell, Lynnwood, Everett, Snohomish, Lake Stevens, and Marysville:
Bothell- Median sales price is $753,000 up 17.2% from June of last year. The average time on the market is 19 days down -17.4% compared to last year.
Lynnwood- Median sales price is $580,000 down -4.2% from June of last year. The average time on the market is 18 days down -18.2% compared to last year.
Everett -Median sales price is $545,000 up 6.9% from June of last year. The average time on the market is 22 days up 15.8% compared to last year.
Snohomish- Median sales price is $535,000 up 3.3% from June of last year. The average time on the market is 43 days up 30.3% compared to last year.
Marysville- median sales price is $448,500 up 9.4% from June of last year. The average time on the market is 26 days up 8.3% compared to last year.
What Does This Data Mean?
Although inventory levels continue to fall and 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 forward into Summer 2020. 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