Snohomish County Real Estate Market Report – October 2019
Let’s look at the Snohomish County Real Estate Market Report – October 2019. Data shown are gathered from the Northwest Multiple Listing Service (NWMLS) and report all stats for the previous month.
The NWMLS brokers reported year-over-year gains in pending sales, closed sales and prices. The September report also noted an 18% drop in inventory compared to a year ago. The drop has created opportunities for home buyers, although there are fewer listings than what buyers find during peak summer months, there is also less competition for the available inventory.
While the intensity of sales activity is typically lower for listings in the fall and winter, it appears we are headed toward a more intense winter market than last year.
At the end of September, MLS brokers reported 15,982 total active listings, down more than 18% from the same month a year ago.
September housing market was a bit of a roller coaster, up in certain areas and down in others. Within the four-county Puget Sound region, Pierce County prices rose more than 10% thanks to high demand and low inventory. King County prices were down 2.7% while pending sales rose nearly 10%. This tells us there is no shortage of buyers in the greater Seattle area. King County’s median home and condo price were $593,750 for last month, this is the first time it has dipped below $600,000 since January.
System-wide (23 counties) prices were up 5% and closed sales increased by about 4.4% from a year ago. Home prices have stabilized creating good opportunities for home buyers.
We had far fewer listings added to the NWMLS last month than a year ago, it’s still a sellers market. Prices along the I-5 corridor between Puget Sound and Portland once again outperform as buyers seek value for money and job growth. Millennials want to own houses and the logical first step in the housing ladder is looking outside King and Snohomish Counties. With interest rates near historic lows and employment levels at historic highs, first time home buyers are willing to drive the extra commute to get in on the housing ladder.
A look at Housing Stats
September began with a total of Brokers adding 1520 new listings to inventory during the month in Snohomish County
Currently, we have 1.7 months’ worth of inventory in Snohomish County. The Median price of $492,500 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 August 2019 is $538,783 Up 3.0% from a year ago.
- The average days on the market for September 2019 was 35, compared to September 2018 which was 27 day on market.
A look At Bothell, Lynnwood, Everett, Snohomish, Lake Stevens, and Marysville
- Bothell Median sales price is $678,000 down -4.4% from September of last year. The average time on the market is 36 days up 5.9% compared to last year.
- Lynnwood Median sales price is $568,250 up 8.2% from September of last year. The average time on the market is 32 days up 28% compared to last year.
- Everett Median sales price is $510,000 up 7.9% from September last year. The average time on the market is 35 days up 45.8% compared to last year.
- Snohomish Median sales price is $467,498 down -5.6% from September last year. The average time on the market is 43 days up 22.9% compared to last year.
- Lake Stevens Median sales price is $459,995 up 7.4% from September last year. The average time on the market is 34 days up 30.8% compared to last year.
- Marysville’s median sales price is $405,000 up 1.3% from August last year. The average time on the market is 34 days up 30.8% compared to last year.
What Does This Data Mean?
Although inventory levels continue to fall and most places currently have less than 2 months supply available in Snohomish County, we are 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 into Fall. 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 quick, Fall activity is picking up as it is the hustle before Winter. The average time on the market was 43 days for September in Snohomish County. Buyers looking for single-family homes and condos might see flatly slanted toward slight increases in prices, interest rates at historic lows and holding for the time being. If you are on the fence about 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 to be sold.
Homebuyers around Washington are making their way back to the market, hoping to take advantage of improving inventory (at times as each month it is fluctuating), attractive interest rates, adjusted pricing, and more motivated sellers. Last month the inventory went down from the month prior, typically we are seeing 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 buyers are eager and shopping. 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.