Snohomish County Real Estate Market Report – June 2019

Snohomish County Real Estate Market Report - June 2019
Snohomish County Real Estate Market Report – June 2019

Snohomish County Real Estate Market Report – June 2019

 

 

Let’s look at the Snohomish County Real Estate Market Report – June 2019.  Data shown is gathered from the Northwest Multiple Listing Service (NWMLS) and reports all stats for the previous month.

The housing market may not be as hot as it was last spring, but it is heating up!  Northwest MLS figures show last month’s 12,006 pending sales across its 23 county service area nearly matched the year ago total of 12,168 mutually accepted offers.  The volume of new listings, and the number of closed sales- both showed slight gains from a year ago.  Brokers added 14,689 new listings to inventory in May up 165 units from twelve months ago. Year-over-year closed sales rose about 1.6 percent.  While we see more listings available, accepted offers are keeping pace and inventory remains relatively stable.

Single family home sales in King County reveals 7 out of 10 properties that sold during May had 15 fewer days on the market and 55 percent of them sold for at or above list price.  Inventory has improved 24.5 percent from a year ago, with brokers adding 14, 689 new listings to outpace the 12,006 pending sales.  May showed 16,133 active listings at month end, up from the year-ago total of 12,956.  King county had the largest gain up 62 percent, however supply is still below 2 months.  System wide we are at 1.76 months of inventory.   A balanced market is 4-6 months supply.  We are still well within the definition of a “seller’s market”.

Home prices for single family homes (excluding condos) are up 5.2 percent system wide, rising from the year ago figure of $429,500 to last month’s figure of $451,800.

System wide, sales of single-family homes and condos that close during May increased nearly 4.8 percent year-over-year and rose 3.5 percent from April, however,  King county prices for single family homes show a 3.6 percent decline from a year ago when the median price was $715,000.  Snohomish county nearly matched (unchanged) last June’s figure of $510,000 .

Single Family homes are up 5.2 percent system wide.  Condos also rose, but at a smaller rate 1.4 percent area wide, as inventory continues to build.  Prices overall, including single family homes and condos are up $20,000 (nearly 4.8 percent) increasing from $420,000 to $440,000.  King County, the median sales price was $645,000 down less than a percent (-0.77) from a year ago.  Snohomish county also reported a fractional drop, declining from $478,615 to $476,025 (down .54 percent.  We can expect to see home prices trending higher through the end of the year, but at a far more moderate pace than the last several years.

We are in the midst of the four best months in the year for buyer activity…favorable interest rates, climbing inventory and continued job growth are all factors why the market is  heating up!

 

A look at Housing Stats

May began with a total of Brokers adding 2157 new listings to inventory during the month in Snohomish County

Currently we have 1.47 months worth of inventory in Snohomish County. The median price of single-family homes sold during May 2019 is $499,950 practically unchanged compared to same time last year.  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 May 2019 is $499,950 unchanged from last year.
  • The average days on market for May 2019 was 27, compared to May 2018 which was 20 day on market.

A look At Bothell, Lynnwood, Everett, Snohomish, Lake Stevens and Marysville

  • Bothell Median sales price is $685,000 down -9.9% from May of last year. The average time on market is 35 days up 20.7% compared to last year.
  • Lynnwood Median sales price is $555,000 down -5.6% from May of  last year.  The average time on market is 18 days up 80% compared to last year.
  • Everett Median sales price is $488,625 down -4.0% from May last year.  The average time on market is 22 days up 57.1% compared to last year.
  • Snohomish Median sales price is $490,475 up 9.0% from May last year.  The average time on market is 29 days up 26.1% compared to last year.
  • Lake Stevens Median sales price is 450,000 up 8.4% from May last year.  The average time on market is 32 days up 39.1% compared to last year.
  • Marysville Median sales price is $421,000 up 7.9% from May last year.  The average time on market is 32 days up 39.1% compared to last year.

What Does This Data Mean?

Although inventory levels are increasing in most places we currently have less than 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 very much 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 through Summer.  We may see prices take minor dips periodically later 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, Summer activity is already picking up.  The average time on market was at 22 days for May in Snohomish County, and that is likely to go down through Summer as things are selling quickly.  Buyers looking for single-family homes and condos might see flat slanted toward 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, 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.

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