Let’s look at the Snohomish County Real Estate Market Report – November 2019. Data shown are gathered from the Northwest Multiple Listing Service (NWMLS) and report all stats for the previous month.
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 (US Department of Agriculture). More flexible underwriting guidelines are also allowing first time home buyers a better opportunity to buy. With all this being said there is a strong case for buying and selling during the holiday season…We do expect a 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 1.6 months’ worth of inventory in Snohomish County. The Median price of $495,000 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 October 2019 is $551,916 Up 5.3% from a year ago.
The average days on the market for October 2019 was 37, compared to October 2018 which was 33 days on the market.
Let’s take A look At Bothell, Lynnwood, Everett, Snohomish, Lake Stevens, and Marysville
Bothell Median sales price is $695,000 down -1.2% from October of last year. The average time on the market is 49 days up 16.7% compared to last year.
Lynnwood Median sales price is $569,000 up 7.9% from October of last year. The average time on the market is 35 days up 29.6% compared to last year.
Everett Median sales price is $490,060 up 6.4% from October last year. The average time on the market is 34 days up 3% compared to last year.
Snohomish Median sales price is $499,973 up 10.2% from October last year. The average time on the market is 48 days up 45.5% compared to last year.
Marysville’s median sales price is $415,000 up 10.4% from October last year. The average time on the market is 31 days the same 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 Spring 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 quick, buyers are out there and very serious, driving up prices. The average time on the market was 35 days for October in Snohomish County. Buyers looking for single-family homes and condos are seeing increases in prices, interest rates at historic lows and holding for the time being. If you are on the fence about selling your property now is a great time to sell. Lack of inventory is driving up prices.
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 or 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.