Snohomish County Real Estate Market Report – May 2019
Snohomish County Real Estate Market Report – May 6th, 2019
Spring is in full swing & my goal is to keep you updated on the Real Estate Market as I am always trying to add Value to your life one report at a time!
Let’s look at the Snohomish County Real Estate Market Report – May 2019. Data shown is gathered from the Northwest Multiple Listing Service (NWMLS) and reports all stats for the previous month. There was a 1.2 month’s supply of single-family homes in Snohomish County and 1.7 in King County for the month of April. Brokers added 11,697 new listings to inventory during the month of April for a year-over-year gain on nearly 3.8 percent. During the same period brokers reported pending sales of 11,188, resulting of net gains in the number of active listings. Seven counties had double digit growth inventory from a year ago, led by King County (up 78.5 percent) and Snohomish County (up nearly 57 percent). 10 other surrounding counties had declined inventory reported with Jefferson County reporting the biggest drop at 24.8 percent.
Housing activity during April signaled good news for buyers in Western Washington as the inventory continued to grow. “Listings were popping up like April flowers and the bloom has produced a vibrant and healthy market,” as the mortgage rates remain low and the positive economic climate buyers are confident that this is a good time to buy. There is more opportunity to purchase with that 78 percent increase in inventory in King County & 57 percent increase in Snohomish County. Buyers have time to make decisions, unlike this time last year when multiple offers and homes going for well over asking price was common. The year-over-year gains are “impressive” however take note there is still under 2 months supply in most areas. The national average is at 3.9 months supply.
Mortgage rates are averaging 4.4% for a 30-year fixed, and I expect the rates to will not move significantly as we move toward summer. As we head into the Summer phase of housing, I expect the momentum will continue in line with positive job growth, lower interest rates, and strong U.S. economy, but price appreciation will start to level out. We are very slowly trending away from a complete seller’s market, citing single digit increases in sales price (2.4 percent area wide), instead of the double digit increases we saw in 2018. I believe the change in inventory and the slowing of home prices will move sellers who have been waiting to sell to take advantage of the equity gains to finally take action.
A look at Housing Stats
April began with a total of Brokers adding 1454 new listings to inventory during the month in Snohomish County which is 201 more listings than this time last year. Currently we have 1.2 months worth of inventory in Snohomish County. The median price of single-family homes sold during April 2019 is $500,000 down -1.2% 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 April 2019 is $540,915 down -.07% over the last 12 months.
- The average days on market for April 2019 was 37, compared to April 2018 which was 20 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 $699,950 down -2.4% from April of last year. The average time on market is 32 days up 77.8% compared to last year.
- Lynnwood Median sales price is $550,500 down -5.7% from April last year. The average time on market is 34 days up 161.5% compared to last year.
- Everett Median sales price is $500,000 flat at 0.0% from April last year. The average time on market is 30 days up 114.3% compared to last year.
- Snohomish Median sales price is $479,498 up 0.4% from April last year. The average time on market is 38 days up 65.2% compared to last year.
- Lake Stevens Median sales price is $449,000 up 5.6% from April last year. The average time on market is 60 days up 160.9% compared to last year.
- Marysville Median sales price is $408,500 up 7.5% from April last year. The average time on market is 36 days up 9.1% 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, Spring/Summer activity is already picking up. The average time on market was at 22 days for April 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.