Snohomish County Real Estate Market Report – September 2019
Let’s look at the Snohomish County Real Estate Market Report – September 2019. Data shown is gathered from the Northwest Multiple Listing Service (NWMLS) and reports all stats for the previous month.
As we head into Fall our inventory numbers continue to lag last year’s numbers. We should see a bump in inventory now that kids are back to school and summer vacation is over. The noted supply crunch has led to a rise in values. We are still seeing multiple offers on the entry level and median price points, leaving buyers walking away disappointed. Traffic has been strong at “Open Houses” and the average days on the market is still very low for correctly priced homes.
The August numbers offer a few interesting nuggets.
- King County Median Home price was $615,000, slightly higher than a year ago at $610,000
- Snohomish County median home price was $470,000 up about 1.8% from the year ago price of $461,832
- Pierce County median of $369,000 is up 6.1% from a year ago
Pierce County is now experiencing what King County did 24 months ago where surplus of buyers and lack of supply are pushing home prices. Snohomish County also saw a BIG bump with a massive 16% increase in pending sales year-over-year. This tells us the secret is clearly out that housing in counties to the NORTH & South of Seattle are more affordable.
For ALL 23 counties involved prices are up 6.2% rising from a year ago.
- Single Family Homes are up 6% from a year ago
- Condos are up 2% from a year ago
As we enter the fall housing market, both interest rates and job growth in Puget Sound are extremely positive. These are key indicators of a strong housing market! Homeowners that wish to sell their house before the winter season will look to put their home on the market soon. FHA and VA financing are being used for low and zero down mortgages. We anticipate solid activity in the next few months.
A look at Housing Stats
August began with a total of Brokers adding 1651 new listings to inventory during the month in Snohomish County
Currently we have 1.6 months worth of inventory in Snohomish County. The Median price of $490,000 is an average based off 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 month ending August 2019 is $539,787 Up 1.5% from a year ago.
- The average days on market for August 2019 was 31, compared to August 2018 which was 24 day on market.
A look At Bothell, Lynnwood, Everett, Snohomish, Lake Stevens and Marysville
- Bothell Median sales price is $695,000 down -5.2% from August of last year. The average time on market is 38 days up 35.7% compared to last year.
- Lynnwood Median sales price is $550,000 down -3.5% from August of last year. The average time on market is 30 days up 57.9% compared to last year.
- Everett Median sales price is $505,000 up 3.0% from August last year. The average time on market is 22 days up 4.8% compared to last year.
- Snohomish Median sales price is $500,000 up 5.3% from August last year. The average time on market is 41 days up 51.9% compared to last year.
- Lake Stevens Median sales price is 439,995 up 5.4% from August last year. The average time on market is 33 days up 26.9% compared to last year.
- Marysville Median sales price is $420,000 up 9.1% from August last year. The average time on market is 32 days up 23.1% compared to last year.
What Does This Data Mean?
Although inventory levels continue to rise and fall, 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 into Fall. Prices are continuing to increase in the North Sound Region.
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 market was 30 days for August in Snohomish County. Buyers looking for single-family homes and condos might see flat slanted toward slight increases in prices, interest rates at historic lows and 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 (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 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.