Snohomish County Real Estate Market Report February 2019
Snohomish County Real Estate Market Report – February 2019
Let’s look at the Snohomish County Real Estate Market for February 2019. Data shown is gathered from the Northwest Multiple Listing Service (NWMLS). There is a 1.7 month’s supply of single-family homes. February was Seattle’s snowiest month in over 50 years which had an obvious chilling effect on February’s housing activity. Pending sales dropped 14 percent compared to same month a year ago. The winter weather brought the market to a short-term halt. Showing activity dropped more than 41 percent the week of the heaviest snow fall, and key box activity was down almost 80 percent. But by the end of the month the cabin fever weary buyers unleashed themselves on the burgeoning inventory. February listings and sales were very good due to low interest rates & new jobs in our area. New sales continue to absorb the new listings! In February we saw as many homes go pending as we saw active listings to the market. In Snohomish & Pierce counties, the activity was more impressive for this time of year, not to mention the extremely snowy conditions. As the temperatures plunged, prices started heating up!!! So, in short, the snow created a temporary distraction and we are on for a very hot spring.
A look at Housing Stats
February began with a total of Brokers added 732 new listings to inventory during the month in Snohomish County which is 163 fewer listings than this time last year. Currently we have 1.7 months worth of inventory in Snohomish County. The median price range of single-family homes sold during February 2019 is $454,995 up 7.44% increase compared to January 2018. (While condos were flat at 1.3 percent.) This information is based off the data on the following cities Bothell, Lynnwood, Everett, Snohomish, Lake Stevens, & Marysville.
- The average sale price for single-family homes for month ending February 2019 is $517,391 down 0.4% over the last 12 months.
- The average days on market for February 2019 was 39, compared to February 2018 which was 29 day on market.
- Homes in the median price range were selling on average at 99% of list price.
A look At Bothell, Lynnwood, Everett, Snohomish, Lake Stevens and Marysville
- Bothell Median sales price is $688,136 down -4.8% from February of last year. The average time on market is 65 days up 209.5% compared to last year.
- Lynnwood Median sales price is $514,250 down -8.3% from February last year. The average time on market is 55 days up 139.1% compared to last year.
- Everett Median sales price is $456,340 a small increase of -6.1% from February last year. The average time on market is 42 days up 61.5% compared to last year.
- Snohomish Median sales price is $463,000 down 4.0% from February last year. The average time on market is 74 days up 27.4% compared to last year.
- Lake Stevens Median sales price is $430,000 up -0.2% from February last year. The average time on market is 78 days up 95.0% compared to last year.
- Marysville Median sales price is $385,000 up 1.6% from February last year. The average time on market is 44 days down 2.3% compared to last year.
What Does This Data Mean
Although inventory levels are currently dropping with less than a 2 months supply available in Snohomish County, inventory levels are higher when compared to this same time last year. We are seeing a transitioning market although it is still vary much a seller based market, a balanced market is said to be when we have approximately 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 forward into Spring. We may see prices take minor dips periodically in the coming year, but for the most part they are expected to continue rising, just at a far more modest rate than in recent years.
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 little more inventory available but you must act quick, Spring activity is already picking up. The average time on market was at 39 days for February, and that is likely to go down through Spring as things are selling quickly. Buyers looking for single-family homes and condos might see slight increases in prices, interest rates are holding for the time being. If you are on the fence about a property now is the time to decide. Waiting can cost you in the form of a higher monthly payment or seeing the home you want sold.
Home buyers around Washington are making their way back to the market, hoping to take advantage of improving inventory, attractive interest rates (currently at a 10 month low), adjusted pricing and more motivated sellers. Because there is an increase in listings available on the market, 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 expect a slight increase in competition as more listings become available. This is still a seller’s market and most sellers may get very close to 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.