Let’s look at the Snohomish County Real Estate Market Report –February 2020. Data shown are gathered from the Northwest Multiple Listing Service (NWMLS) and report all stats for the previous month.
The real estate market has NOT slowed down as it usually does this time of year. Buyers are out there, they are showing up at open houses making multiple offers on the new listings. We have a severe shortage of listings creating buyer frustration and driving up home values. Newly released figures showed that January’s inventory was down 33% from the same month one year ago.
We are seeing double-digit price increases. Year over year, we see double-digit median price appreciation increases in Snohomish, Pierce, and Kitsap counties, with King nudging back up toward 5% over this time last year. Area-wide median prices jumped up 10.7% from a year ago. Last month’s sales of single-family homes and condominiums had a median price of $422,750. That compared to a price of $381,900 for the same month a year ago. The biggest winners are Mason County up 15.3%, Pierce up 11.8%.
With all that being said…NOW is an excellent time to put your house on the market if you want top dollar! We expect a few more listings to pop up on the MLS this Spring, however, with the buyer demand, we don’t expect much of a change. “Hot Spot” markets are experiencing tremendous open house activity, multiple offers going for over asking price and “review dates” are becoming more common. Inventory continues to decline slowly to barely more than a month’s on hand in the Puget Sound Region. It’s a great time to sell!!!
A look at Housing Stats
January began with a total of Brokers adding 1108 new listings to inventory during the month in Snohomish County
Currently, we have 1.24 months’ worth of inventory in Snohomish County. The Median price of $485,000 is an average based on the data on the following cities Bothell, Lynnwood, Everett, Snohomish, Lake Stevens, & Marysville.
The average sale price for single-family homes in the above cities for the month ending December 2019 is $558,850 Up 5.2% from a year ago.
The average days on the market for December 2019 were 41, compared to December 2018 which was 48 days on the market.
Let’s Take A Look at Bothell, Lynnwood, Everett, Snohomish, Lake Stevens, and Marysville:
Bothell- Median sales price is $692,500 up 1.8% from January of last year. The average time on the market is 68 days up 17.2% compared to last year.
Lynnwood- Median sales price is $575,000 up 12.7% from January of last year. The average time on the market is 42 days down -10.6% compared to last year.
Everett -Median sales price is $498,000 up 10.7% from January last year. The average time on the market is 35 days down -23.9% compared to last year.
Snohomish- Median sales price is $529,993 up 25.7% from January last year. The average time on the market is 60 days up 17.6% compared to last year.
Marysville- median sales price is $420,000 up 10.7% from January last year. The average time on the market is 41 days down -2.4% compared to last year.
What Does This Data Mean?
More about the Snohomish County Real Estate Market Report – February 2020
Although inventory levels continue to fall and most places currently have less than 2 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 forward into Spring 2020. 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. The average time on the market was 60 days for January in Snohomish County (this is an average including all price points). Buyers looking for single-family homes and condos are seeing increases in prices, interest rates at historic lows and holding for the time being. If you are on the fence about selling your property now is a great time to sell. Lack of inventory is driving up prices.
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 buyers are eager and shopping. This is still a seller’s market and most sellers may get very close or 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.