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The housing market for April 2021 closed with a sizeable increase in new listings with some reports of moderating prices.
The Northwest Multiple Listing Service finally has some GOOD news for buyers! April’s active listings stood at 5,616, yet during the month, member-brokers added 12,043 new listings of homes & condos. This was a jump of nearly 57% from the same month a year ago when the pandemic shutdown began. Compared to March, the volume of new listings rose 14%.
The market remains HOT! April’s month-end inventory of 5,616 listings was a year-over-year (YOY) drop of 45%; a year ago, there were 10,282 active listings in the MLS database. Pending sales continue to surge, keeping inventory depleted. Broker’s reported 10,583 pending sales during April, up nearly 47% from a year ago when they logged 7,207 mutually accepted offers. Last month’s pending sales dipped slightly (2.58%) from March. 16 of the 26 counties reported a 20% increase in active listings at the end of April compared to March.
Historically, we see a nice uptick in new listings in May. This increase and availability and selection should be present through Summer. This prediction comes from the LARGE backlog of prospective home buyers, a situation that will keep the market in a state of instant response. Even with some improvements in listings, the MLS report shows only nine counties have more than one month’s supply of inventory. Areawide, there is only .064 months worth of inventory, with even less supply (0.57 months) in the four-county Puget Sound region. Many analysts consider a balanced market to be in the four-to-six-month range.
Overall, with supplies depleted, prices continue to climb. Prices on single-family homes rose about 26.5%, while condo prices increased by more than 12%. Is this a shift? The increase in listings has created a slight softening effect on the average listing price. Brokers that say their clients that push the envelope on their home price are now experiencing longer list times and, in some cases, have had to drop their price. Sellers need to price appropriately.
Condo prices remain tight at .88 months supply (down 27% from a year ago), with prices up 12% areawide. In King County, where nearly three-fourths of current inventory is situated, year-over-year prices increased about 7%. April shows pending sales of condos in the Seattle area spiked nearly 184% from a year ago, from 135 units to 383. Condo have become more increasingly popular with the millennials with 47% of all condo mortgage applications submitted by millennials in 2019.
Too early to see if this trend continues
It’s too early to see if this trend continues, but it’s encouraging to see and hopefully the beginning of a shift back towards a more balanced market. The housing bubble we had over a dozen years ago didn’t look like this market. Buyers still had choices. Now they comb the internet daily, hoping they’ll get a chance to compete with other battle-weary buyers for the one listing that fits their criteria. Sellers are still using “offer review dates and getting waived contingencies” leading to the all too common bidding war.
The value of a home used to be what comparable properties sold for. Now it’s whatever the buyer is willing to pay, which is almost always more than the list price.
Northwest MLS Market Report
Here is my Northwest MLS Market Report for the month of May 2021 (all reports and stats are from the prior month of April 2021). Last month there was only .64 months supply system-wide. Multiple offers are back with a vengeance as buyers are challenged due to the inventory being down, 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 shortage 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 into Spring & 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 Snohomish County Housing Statistics
April began with:
- 12,043 New Listings
- .64 months worth of Inventory
- Median home price of $565,000
Let’s break it down per city:
Let’s Take A Look at Bothell, Lynnwood, Everett, Snohomish, Lake Stevens, and Marysville:
|CITIES||MEDIAN SALES PRICE||% CHANGE OVER LAST YEAR||AVERAGE DAYS ON MARKET-APRIL|
What Does This Data Mean?
Inventory levels continue to be low. Most places currently have less than 1 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 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. Buyers need their financing in order, pre-approvals available and please, bring an experienced agent to the table when forming an offer and guiding through negotiations.
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!
Ask Amy for an Email alert when a Snohomish County Home becomes available.
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.
What’s Your Home Worth?
Instant Online Home Value Report
Month-by-Month Comparison and In-depth Market Reports
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About Amy Wagner – Prime Listings Group
“When You Do What You Love…People Love What You Do”
As a real estate agent, investor and managing broker of Keller Williams North Sound, Amy particularly loves helping people sell their homes fast and teaching and helping people build wealth through real estate investments such as multi-family homes, land development and the fix & flip of houses. She founded Prime Listings Group on the principles of doing better and giving more. We have local experience on our side and we promise to give more than expected. You’ve come to the right place. At PLG you can expect better!
“Great service from the start until closing….”
Amy sold my house quick and for more than I expected. Her whole team was excellent. Great service from the start until closing 10 out of 10⭐️’s!!! Thank you 🙏🏽 Amy Wagner