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Housing Market for February 2021 Remained Hot Despite the “Lousy” Weather
With limited inventory in the Snohomish County area, home prices are still climbing. The Snohomish County housing market is crazy. It’s a seller’s market. Buyers must be motivated, qualified, and act quickly. Housing activity during February remained hot around much of Washngton state despite the significant accumulation of lowland snow over Valentines’s Day weekend.
It’s amazing how close February numbers are when compared to February 2020, which was of course right before our world changed. the data shows that the market continues to be on fire, with residential inventory very tight and median prices rising by double digits across most counties.
Total active listings of single family homes declined nearly 44% from a year ago because of the lack of inventory. The selection of single family homes fell more than 51% while condo inventory rose 7.9%.
We are virtually sold out of unsold inventory everywhere in the Central Puget Sound area except the Seattle city core. There are only about three weeks (0.74 months) of inventory in the MLS database, which covers 26 counties.
We did see a slight increase in mortgage rates, which created a mini power surge of sales activity. Freddie Mac reported an average rate of 3.02% for a 30 year fixed-rate mortgage for the week ending March 4. That’s up five basis points from the previous week, and the first time since July 2020 that the benchmark mortgage rate climbed above 3%.
Despite rates edging up and the damning weather during much of February, eight counties in the Northwest MLS report showed a year-over-year gain in pending sales.
March historically marks the beginning of an eight-month primetime real estate market. New listings are on the horizon, the intensity in the market should come down slightly as more available homes enter the market, but this year will be different as we will have to play catch up with the pent-up demand first.
Condominium Shoppers Might Have a Bit More Luck.
With inventory up 7.93% from a year ago, and more than a months supply (1.12 months) of inventory, buyers will have more choices with condos than with single-family homes.
While pending condominium sales were down slightly in King County, it’s worth noting that several urban neighborhoods, including Queen Anne, Downtown Seattle, and Ballard performed better than expected. That suggests to me that there may not be a mass exodus from the core urban areas that many have predicted.
Nearly six of every 10 pending sales of condos took place in King County last month. Pending sales (mutally accpted offers) were up sharply in several Seattle neighborhoods.
Northwest MLS Market Report
Here is my Northwest MLS Market Report for the month of March 2021 (all reports and stats are from the prior month of February 2021). Last month there was only .74 months supply system-wide. Multiple offers are back with a vengeance as buyers are challenged due to the inventory being down more than 44% 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 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.
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
March began with:
- 1,045 New Listings
- .42 months worth of Inventory
- Median home price of $576,050
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|
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.
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.
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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