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Click here for a current- at a glance look at the Snohomish County Real Estate Housing Forecast… continue reading for our expanded report…
The housing market for May 2021 closed with a drop in new listings from April to May for the first time in 20 years.
The Northwest Multiple Listing Service had fewer listings added from April to May for the first time in 20 years. The month-to-month decline was small (only 83 listings), but compared to 12 months ag, May’s inventory plummeted by 4,824 listings (down 46.6%).
The NWNLS data showed that year-over-year price increases measured by percent hit a new high with the median priced home, soaring to 30% from a year ago!
We had 8,011 single-family home sales (excluding condos) that closed last month for 107.3% of the asking price. In the 4-county Puget Sound region (King, Snohomish, Pierce, and Kitsap), the figure was 108.6%, while in King it was 109.5%.
Everything is about breaking RECORDS this past year with record-breaking housing prices, record-breaking low inventory, and record-breaking consumer savings rates during the pandemic. All this equals a very strong, chaotic market that may not slow down for the next year. The rising home prices are prompting buyers to drive farther north, south, and east to find affordable homes.
Last month “listings” came in lower than we would normally see. The shortage continues to be real…We can continue to see an elevated number of listings for just three more months before the fall housing market. This is the time period that is critical for home buyers looking to secure their home of choice while the interest rates are at historically low levels. The summer real estate market is upon us with an increased number of new listings (just not as much as normal) giving home buyers more selection. Record low-interest rates and job gains continue to drive our market, along with focused lifestyle changes. High demand kept supply depleted. At month-end, there were 5,533 active listings in the NWMLS database, nearly half the inventory of a year ago when buyers could choose from 10,357 listings. Demand will remain strong.
While we are starting to hear some talk about increasing inflation given a lack of new construction and skilled labor and supply shortages, our market is counteracting that. There are three factors will continue to drive the demand for the next 12 months: having the main bulk of the millennial generation finally entering their home buying years; the acceleration of retirement of boomers and their subsequent home downsizing or relocation moves; and the relocation of people from all over the world to the Pacific Northwest as part of a Work From Home (WFH) mindset due to the coronavirus lockdown.
First time home buyers
First-time homebuyers still face challenges. Residential month’s supply (excluding condos) has continued to decline with less than 2 weeks of inventory in King, Snohomish, and Pierce counties. These are still amazingly low levels of inventory. Even though we have continued low-interest rates and eased borrowing criteria, rising prices reflect huge supply imbalances. Given these imbalances, fist time home buyers have had almost no time to take advantage of the low rates unless they leave the city. Unfortunately for them, continued supply constraints along the I-5 corridor mean they are increasingly being left out of the market for the whole region. Only a decrease in demand will moderate house price trends.
Frenzy level buyer demand has not lifted. The local market is still virtually sold out in more affordable and mid-price ranges, as well as into the luxury ranges in some areas. Be ready to compete in this market by reviewing successful offer strategies with your broker and lender.
Northwest MLS Market Report
Here is my Northwest MLS Market Report for the month of June 2021 (all reports and stats are from the prior month of May 2021). Last month there was only 55 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 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
June began with:
- 11,922 New Listings
- .55 months worth of Inventory
- Median home price of $585,000
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 IN MAY |
| BOTHEL | $950,000 | 33.1% | 9 |
| LYNWOOD | $820,103 | 40.9% | 7 |
| EVERETT | $695,250 | 32.4% | 8 |
| SNOHOMISH | $585,000 | 16.7% | 9 |
| LAKE STEVENS | $630,000 | 36.2% | 9 |
| MARYSVILLE | $555,000 | 22.8% | 10 |
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.
-Amy Wagner
425.239.2723
What’s Your Home Worth?
Instant Online Home Value Report
Month-by-Month Comparison and In-depth Market Reports
| JANUARY 2021 | JANUARY 2020 |
| FEBRUARY 2021 | FEBRUARY 2020 |
| MARCH 2021 | MARCH 2020 |
| APRIL 2021 | APRIL 2020 |
| MAY 2021 | MAY 2020 |
| JUNE 2021 | JUNE 2020 |
| JULY 2021 | JULY 2020 |
| AUGUST 2021 | AUGUST 2020 |
| SEPTEMBER 2021 | SEPTEMBER 2020 |
| OCTOBER 2021 | OCTOBER 2020 |
| NOVEMBER 2021 | NOVEMBER 2020 |
| DECEMBER 2021 | DECEMBER 2020 |
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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
