Real Estate Trends in Snohomish County, WA- October 2020
Boeing Consolidating to South Carolina
The latest report from the Northwest MLS shows a sharp year-over-year drop in inventory (down 43% from a year ago). Boeing’s latest announcement to consolidate to a single 787 production location in South Carolina resulting in the loss of about 900 Puget Sound jobs is unclear how that will affect the housing market. I am watching it closely. We could see an increase in the number of homes for sale as workers either leave the area or decide to sell to access the equity they have in their homes. My guess is if this does happen and we see an increase in supply, the buyer demand will absorb the inventory rather quickly. Another thing to consider that may counteract the Boeing layoff is the announcement by Facebook, Amazon, and Microsoft of expansion in the area.
COVID-19 in Snohomish County has made many reflect on what their home means to them. As a result, many people are looking to create that ideal place to call home. We are seeing a rotation of homeownership, whether that means refinancing, remodeling, or moving. With the trend toward employers allowing employees to work from home, people are trending to live further out away from the city. There are many reports of people moving to the Pacific Northwest due to the ability to work remotely, a desire for a yard, home office, and vacation property.
Bottom line I think supply will continue to be inadequate to meet demand.
NWMLS Market Report Simplified
Here is my NWMLS Market Report for the month of October 2020 (all reports and stats are from the prior month of September). Last month there was only .89 months supply system-wide. Multiple offers are back with a vengeance as buyers are challenged by the inventory being down 43% from 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 fall into Winter.
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
September began with a total of Brokers adding 1,741 new listings to inventory during the month in Snohomish County
Currently, we have .6 months’ worth of inventory in Snohomish County & the median home price is $569,998. 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 $756,500 up 11.6% from September of last year. The average time on the market is 25 days down -30.6% compared to last year.
Lake Stevens- Median sales price is $510,00 up 10.9% from September of last year. The average time on the market is 24 days down -27.3% compared to last year.
Lynnwood- Median sales price is $660,000 up 16.1% from September of last year. The average time on the market is 16 days down -48.4% compared to last year.
Everett -Median sales price is $567,495 up 11.3% from September of last year. The average time on the market is 19 days down -45.7% compared to last year.
Snohomish- Median sales price is $524,260 up 12.1% from September of last year. The average time on the market is 26 days down -38.1% compared to last year.
Marysville- median sales price is $467,900 up 15.5% from September of last year. The average time on the market is 22 days down -35.3% 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 into 2021. 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