Snohomish County Real Estate Market Update | April 2023

 In #Thoughts, Seattle Real Estate Market Updates, Snohomish County Real Estate Market

In this Snohomish County Real Estate Market Update, I share Snohomish County stats from February 2023 along with my own perspective on the market.

You can check out last month’s Snohomish County housing market update here – Snohomish County Real Estate Market March 2023

 

Transcript:

Hey y’all, Zach McDonald, your real estate agent with Real Property Associates, and this is my Snohomish County Real Estate market update for April, 2023.

We talked about this last month and the trend continues. The housing market is continuing to heat up in Snohomish County and really in the whole Seattle Bellevue metro area. Homes are selling over asking Price. Again, it’s a real stat right here, 0.1% above asking price received in March, 2023 across Snohomish County. We’ll play a fun game at the end of this video where we look at the different cities and warehouses are selling above asking price, where they’re selling below asking price. But the general trend is houses are selling for more than they’re listed for right now. and the big reason is we’re just not seeing as many listings on the market and there’s more buyer activity than there are listings. So there’s competition again for the homes. last month we saw a 40.2% reduction in the amount of listings from last year. Wow. that’s a massive difference.

Even more than King County, by the way, 800 listings in March this year versus 1,338 last year. So big dropoff pending sales are also down substantially 36.7%. So those numbers are very similar. That’s why when we look at the supply numbers here at the end, we’re gonna see that those have trended up a tiny bit. Still low, but we did see a, a large drop off in the sales as well. Closed sales down 30.2%, but up from last month, days on market continues to trend down way higher than last year, but 36 days on market across Snohomish County, that was the average. The median is considerably lower. We’re, what we’re seeing is we’re starting to see the houses that are coming on the market, the new stuff selling within a week or two. And that’s pulling the average down. And we’ll start to see this average get closer to the median soon, I would say.

But median sales price down 9.4% year over year, $724,950. The average is down 10.9%. So pretty close $809,145 in Snohomish County. We already talked about the asking price, but houses are selling for more and well not 12.3% above like last year, but more than asking price. And a lot of that’s because the inventory is coming down. Snohomish County is only up 18.6% over year, over year in inventory, which isn’t that much. King County is considerably more in that category, but the supply numbers are hovering right around 1%. So at 0.9%, which is up from last month, we’ve seen a little uptick there in the supply numbers, but we’re still below a month in March, which is what we would consider a low inventory environment. I think the, the big reason we don’t have a lot of listings is because of the well climate that we find ourselves in.

and especially for somebody maybe that owns and is considering a purchase, interest rates are potentially prohibitive yeah, for that upgrade purchase. But the other piece is we have so much less buying activity. So the, the numbers are keeping us in this place of low inventory, but the competition’s returning because there are more buyers coming back into the market. And some of those are first time buyers that yeah, maybe they heard about low in interest rates, but they never, they didn’t have those as an option when they started looking. Let’s, let’s just say that. So we forget. And we also in this situation are still kind of in the low sixes. 6.39% was the mortgage news daily interest rate as of today. So four 13. And I think that is a, a big factor for buyers. I think if we see that number continue to trend down, we’ll see a lar lot larger uptick in the buyers if that number keeps trending up towards 7%.

Again, well, I think, I think we’ve got this, we found this threshold, let’s say that I think we’ve found where there’s more activity from the buyers closer to six and under. And then as we start to climb, people start to go, ah with the gas pedal there. But as we finish up this update, I want to look at the Snohomish County cities and instead of highlighting specific cities like we do sometimes, I want to have two categories. One category is four cities. Warehouses have sold over asking price. The other is for cities where homes are selling for below asking price. And you can see where the competition’s picking up and maybe where it’s still lagging behind or the demands lagging behind. But we’ll start with over. So Edmunds was at asking price Linwood, was it asking price mt 1.6% above asking price. Mill Creek was 0.5% above asking price.

Everett was 0.7% above asking price. Bothel 0.5% above asking price. Snohomish 0.5%, Stanwood 0.2%, lake Stevens 0.3%, granite Falls 0.4%, and Darrington 0.1% in last, but not least, Marysville at 0.1% above asking price. So that’s our list of overs. Our list of unders, I’ll give you a little sneak peek. It’s less 98.9% in Mount Lake Terrace of asking price. Arlington 99.9% almost made it to a hundred percent Sultan, 98.2% Monroe, 98.8% Goldbar 96.2% and Breyer, 99.6% of asking price. So on our over category, we had 12 and our under category, we had six. Overall in Snohomish County houses are selling for more than asking price at this time. Thanks so much for watching this month’s update for Snohomish County. If you have questions about your situation, maybe you’re thinking about buying or selling, I’d love to be a resource for you. That’s like my favorite thing.

That’s why I make these videos. I also want to tell you about a couple things. The first one is a home buyer class that I’ve been teaching again for the last year plus but also taught previously with a favorite lender of mine. We do these every month in different parts of King County. It’s Hoish County and they alternate locations and dates and times and all that fun stuff. So I’m going to link up in the description, the website for where you can sign up and see where our next class is. In case you are, somebody may be thinking about buying your first house and you’d rather check out one of those classes versus just, you know, giving me a call out of the blue. and then I also wanna link up if you’re a homeowner, something called Home Bot. So I signed up for this service that’s mainly for clients of mine, but people that want to follow along as well.

I wanna bring the same value where you can see and track your home value. Again, it’s an estimate. It’s kinda like a Zillow estimate on a monthly basis, but you get a report and then this report, I think it’s pretty sweet. It shows you what your equity position is in your house and how you can reinvest in equity tracks, interest rates that you currently have on your house, and you can actually track multiple properties here. and it also tells you what current rates are and if it makes sense to refinance or not. I think it’s a sweet tool as a homeowner myself, I’ve enjoyed it for a while and I’m offering it to clients. And I also wanna offer it to you as well.

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