Let’s dive in and take a look… Brokers added the largest monthly number of new listings during July 2020 since May 2019, but pent up demand from home buyers mean inventory remains tight!
Inventory remains well below year-ago levels (down about 39%). Brokers added 12,514 new listings during July, up from a year-ago of 11,193 for a gain of 11.8% Pending sales jumped nearly 14%. Interest rates at historical lows mean those that are looking to purchase their first or even second home can get much more for their money. First time home buyer clients can obtain a 30 yr fixed- rate FHA secured loan at an incredible rate of 2.25% With these record low rates under 3%, buyers have increased purchasing power, but the low inventory prices continue to increase. Area-wide median home prices rose 12.8%.
We are continuing to see people move to suburb areas in search of value and lower population density. When you can work from home, why pay a premium to be close to the office?
The bottom line, listings are up but well below the demand of buyers. Sellers benefit from the highest median home prices, while buyers are taking advantage of the lowest interest rates on record. This is a win-win for both buyers and sellers.
Here is my NWMLS Market Report for the month of August 2020 (all reports and stats are from the prior month of July). Last month there was only 1.04 months 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 60% 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.
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
July began with a total of Brokers adding 1817 new listings to inventory during the month in Snohomish County
Currently, we have .73 months’ worth of inventory in Snohomish County & the median home price is $546,450. Let’s break it down per city.
Let’s Take A Look at Bothell, Lynnwood, Everett, Snohomish, Lake Stevens, and Marysville:
Bothell- Median sales price is $735,915 up 9.8% from July of last year. The average time on the market is 22 days down -24.1% compared to last year.
Lake Stevens- Median sales price is $527,475 up 17.2% from July of last year. The average time on the market is 28 days up 12% compared to last year.
Lynnwood- Median sales price is $657,950 up 15.4% from July of last year. The average time on the market is 18 days down -14.3% compared to last year.
Everett -Median sales price is $569,990 up 11.8% from July of last year. The average time on the market is 23 days down -14.8% compared to last year.
Snohomish- Median sales price is $560,893 up 21.4% from July of last year. The average time on the market is 20 days down 31.0% compared to last year.
Marysville- median sales price is $465,000 up 10.7% from July of last year. The average time on the market is 31 days up 24% compared to last year.
What Does This Data Mean?
Inventory levels continue to be low 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 through 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