Snohomish County Real Estate Market Report – January 2019
Let’s tale a look at the Snohomish County Real Estate Market for January 2019. Data shown is gathered from the Northwest Multiple Listing Service (NWMLS). There is a 1.5 month’s supply of single family homes up 136.3% from the last 12 months. Although there is more inventory then this same time last year, inventory levels are currently dropping. Compared to last month inventory levels have dropped over 50%. With these numbers dropping what does that mean for Snohomish County homebuyers and sellers?
A look at Housing Stats
January began with a total of 2505 active single-family homes, condominiums and townhouses available. This is a significant decrease in inventory when compared to December but an increase when comparing to January of last year. Currently we have 2 months worth of inventory in Snohomish County. The median price range of single-family homes sold during January 2019 is $430,000 up 1.1% increase compared to January 2018.
- The average sale price for single-family homes for month ending January 2018 is $430,000 up 1.1% over the last 12 months.
- The average days on market for January 2019 was 52, compared to January 2018 which was 32 day on market.
- Homes in the median price range were selling on average at 97.5% of list price.
A look At Bothell, Lynnwood, Everett, Snohomish, Lake Stevens and Marysville
- Bothell Median sales price is $680,000 up 3.8% form January of last year. The average time on market is 58 days up 107% compared to last year.
- Lynnwood Median sales price is $510,000 down -5.9% from January last year. The average time on market is 47 days up 67.9% compared to last year.
- Everett Median sales price is $450,000 a small increase of .8% from January last year. The average time on market is 46 days up 39.4% compared to last year.
- Snohomish Median sales price is $421,500 down -2% from January last year. The average time on market is 51 days up 24.4% compared to last year.
- Lake Stevens Median sales price is $403,248 up 7.5% from January last year. The average time on market is 58 days up 38.1% compared to last year.
- Marysville Median sales price is $379,475 up 8.8% from January last year. The average time on market is 43 days down -6.5% 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. However the average time on market is a little over 50 days, and that is likely to go down as we get closer to Spring, so keep in mind properties are moving quickly. Buyers looking for single-family homes and condos might see slight increases in prices, as well as slight interest rate increase. 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.
Homebuyers around Washington are making their way back to the market, hoping to take advantage of improving inventory, attractive interest rates (currently at a 9 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.