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Housing Market for March 2021 closed with continued bidding wars, escalating prices, and buyer fatigue.
The Northwest Multiple Listing Service reported double-digit price hikes across 26 counties. The drop in the number of active listings between now and last year is extraordinary. Statistics show a 55.9% decline in total active listings. The collapsing active listing volume in the face of high demand is telling. Double-digit price increases throughout the region are the natural result. Snohomish County, where there is only about 1 week of inventory and where the median prices for single-family homes are up nearly 22%.
The current Spring market we’re seeing is one of the best on record. The Seattle area ranked second nationally in home price appreciation for the past 12 months (Phoenix led all cities in the latest S&P CoreLogic Case-Shiller Indices). Even though we are severely lacking inventory overall, there was an increase of listings between February-March, but despite this, total active inventory was lower and we still have extreme buyer demand. This is a continued indication that the market remains very bullish, and homes are selling at lightning speed across all price points.
Area-wide (26 counties) we have an average of 2.19 weeks of inventory. This is leading to bidding wars, escalating prices, and severe buyer fatigue. For the foreseeable future, buyers will need to bring their patience, a qualified and experienced broker, and a realistic outlook on the financial implications of this market as they search for homes.
We are seeing mortgage rates and inflation start to increase, along with lumber costs, which will affect new construction, housing activity could slow if these factors continue to increase. For now, rates are still extremely low and buyer demand is high. We are nearly SOLD OUT all the way up into luxury price ranges.
Luxury Price Ranges
We are seeing more luxury listings, which means there are more buyers entering the market in these price ranges. This translates into very strong intensity into these luxury price ranges. From January through March this year, brokers reported 400 sales priced at $2 Million or more. That’s more than twice the highest number reported for the first quarter of any of the previous five years. Last year, brokers reported 178 sales at $2 million-plus, during the first quarter.
The CBRE reports showed that the Seattle/Bellevue region now ranks #1 in technology office space leases, eclipsing San Francisco for the first time since 2013. Many buyers are coming from out of state to enjoy the Pacific Northwest and the plethora of jobs in the area. Both local and national industry watchers detect rising optimism for the Spring housing market, as we see businesses continue to open up, more residence become vaccinated, and we all look forward to getting back to a more ‘normal’ way of life.
Northwest MLS Market Report
Here is my Northwest MLS Market Report for the month of April 2021 (all reports and stats are from the prior month of March 2021). Last month there was only 1.40 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.
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:
- 1,594 New Listings
- .28 months worth of Inventory
- Median home price of $607,475
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. 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