Last month the active listings of homes and condos totaled 14,379, the lowest level since April. Compared to a year ago, last month’s selection declined more than 21% and was down 10% from September. On a positive note, MLS figures show system-wide gains in October’s pending sales (up nearly 5.6%), closed sales (up 4.1%) and prices (up nearly 7.7%) compared to a year ago. We are experiencing an inventory shortage, which some refer to as the new normal. The lower level of inventory is driving buyers crazy as they keep expecting to gain the upper hand. System-wide (out of 23 counties) show a 1.73 months supply overall.
Tis the season where the number of homes for sale starts dropping, and we don’t expect to see a significant influx of new inventory until Spring. That said, there are still plenty of buyers out there, so this drop in listings will lead to increased competition and will likely cause home price growth to increase modestly through the end of the year! Even more, buyers will enter the market after the holidays, but new listings won’t show up in large numbers until March. If you are considering selling…now it a great time to sell. With fewer active listings competing with your home, and active buyers at this time of year being very serious, selling still makes a lot of sense and should be considered.
First time home buyers are taking advantage of many low down payment loan programs, such as state bonds, HomeReady mortgages by Fannie Mae, and other assistance from FHA, VA, and USDA. More flexible underwriting guidelines are also allowing first-time homebuyers a better opportunity to buy. We are predicting strong price appreciation in 2020.
A look at Housing Stats
October began with a total of Brokers adding 1316 new listings to inventory during the month in Snohomish County
Currently, we have 1.5 months’ worth of inventory in Snohomish County. The Median price of $475,000 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 August 2019 is $538,783 Up 3.0% from a year ago.
The average days on the market for September 2019 was 35, compared to September 2018 which was 27 day on market.
A look At Bothell, Lynnwood, Everett, Snohomish, Lake Stevens, and Marysville
Bothell Median sales price is $678,000 down -4.4% from September of last year. The average time on the market is 36 days up 5.9% compared to last year.
Lynnwood Median sales price is $568,250 up 8.2% from September of last year. The average time on the market is 32 days up 28% compared to last year.
Everett Median sales price is $510,000 up 7.9% from September last year. The average time on the market is 35 days up 45.8% compared to last year.
Snohomish Median sales price is $467,498 down -5.6% from September last year. The average time on the market is 43 days up 22.9% compared to last year.
Lake Stevens Median sales price is $459,995 up 7.4% from September last year. The average time on the market is 34 days up 30.8% compared to last year.
Marysville’s median sales price is $405,000 up 1.3% from August last year. The average time on the market is 34 days up 30.8% 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 in Snohomish County, we are still very much 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 Fall. 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 quick, Fall activity is picking up as it is the hustle before Winter. The average time on the market was 43 days for September in Snohomish County. Buyers looking for single-family homes and condos might see flatly slanted toward slight increases in prices, interest rates at historic lows and holding for the time being. If you are on the fence about 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 to be sold.
Homebuyers around Washington are making their way back to the market, hoping to take advantage of improving inventory (at times as each month it is fluctuating), attractive interest rates, adjusted pricing, and more motivated sellers. Last month the inventory went down from the month prior, typically we are seeing 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 buyers are eager and shopping. 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.