Snohomish County Real Estate Market Update | August 2021

 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 July 2021 along with my own perspective on the market

 

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 August, 2021. A quick FYI for the new people and refresher for those that have watched these videos faithfully for a while. The stats in this video are coming from the previous month, so we’re looking at July, 2021 stats. They’re fresh off the press here as we look at the beginning of August. So we’ll go through the stats here. Little bit of a quick hit on each of the stats. We’re gonna talk a little bit about some specific areas in Snohomish County that have noteworthy things happening, and I’ll highlight the South Snohomish County markets here as we wrap up the video. Let’s start off with the stats here and go through the list. For Snohomish County, we saw an 18.2% increase year over year in new listings.

In July, we saw a 7.7% increase in the pending sales, so we’re seeing a lot more activity than we did last year. The closed sales, we saw a 3.9% increase, so not quite as much of an increase in the closed sales as we did in the pending and new listings. but the pendings were pretty much keeping up with the new listings. As we see days on market dropped pretty dramatically. 60% decrease in the days on market. So 20 days on market last July on average, and eight days on market average in Snohomish County this year. So pretty substantial drop off just means that everything’s selling really quickly. The median sales price in Snohomish County is up 22.8% for single family homes, which is even more than we saw in King County. By the way, if you’re interested in the King County market, you can find King County market updates on my channel two, the average price in Snohomish County was up 21.7% and came in at $744,605 percentage of asking price received, which is just what buyers could expect if they make an offer, how competitive it’s going to be.

We saw homes in Snohomish County sell for an average of 6.7% above the asking price. And if we look back at the year, that’s a little bit less than we have been seeing in April and May. We’re seeing over 9% above asking price in Snohomish County. So a little bit of a decrease in part of that’s because there’s some more houses coming on the market. We saw a few more come on the market this month than we had previously and we’ve seen the supply number get closer to one month at 0.7 months of supply, but still we have less homes available than we did last year. So we’re still in this really hypercompetitive market in Snohomish County, but there are opportunities to purchase a house closer to the asking price, maybe not compete on it, and I’ll share that as we look at some of these cities in specific, but the amount over asking price, the competition is dying down a little bit because there is more inventory

Keeping up with demand, but we’re still seeing a pretty, pretty heavy pressure pushing prices upward in Snohomish County. Okay, before we transition to highlighting specific cities here in Snohomish County, I wanna give a quick shout out to the condo market in Snohomish County. We’re not gonna focus on it in this video, but the median sales price in Snohomish County for condo purchases was up 34.6% year over year. Wow. Normally I’m talking about how condos don’t appreciate as fast or the market’s a little slower, but we saw a huge jump in the median sales price for condos in Snohomish County and we saw, and a 30.6% jump in the average. So as a whole, the condo market is going up dramatically in Snohomish County now at the same time last year things were a lot slower, so we’re seeing a little bit of a catch up if you want to call it that year over year, but still huge, huge jump in the condo market and I’m super encouraged by that.

If we look at some of the appreciation year over year or increase in median sales price, if you wanna call it that, cause that’s really what it is. We saw a few really big jumps. Snohomish, the city of Snohomish was up 31% and Bothel was just behind it at 29.4%. Now, Bothels kind of split between King and Snohomish County, so it’s a little bit of a hybrid, but still pretty big jumps. If we look at Monroe, 39% up year over year Gold Bar, not a ton of sales in Gold Bar, so not the best statistics, but 51.4% up year over year. Breyer was up 53.1% year over year. Again, not a ton of sales in Breyer, so the statistics aren’t the best there and Woodway the most expensive place. Inno County was up 37.6% year over year. Again, not a ton of sales. So the data’s not amazing.

If you look at month over month, it jumps around a lot just depending on the price and sales price of the house. So we’re seeing a little bit of that in Brier and Goldbar too, but super interesting to see how much those areas have appreciated. Now in this video, I, I wanna spend a little bit of time highlighting South Snohomish County, which is where I spent most of my childhood and life at least until I went to college and became a grownup. If you look at Edmonds a little bit, it’s slacking really compared to the county as a whole, up 6.6% year over year median sales price, 5.4% up on the asking price. Still nice to get 5% on average above asking, but slacking a little bit again compared to the rest of the county. But still homes are still selling fast in Edmonds. So overall the market’s not slow, but it’s definitely not keeping up or continuing to appreciate as fast as some of the other places. And part of that’s because it’s getting more expensive. I mean, Edmonds is one of the most expensive places to live in Snohomish County now Mount Lake Terrace, which is across the freeway and has been just booming over the past few years, especially as the light rail has started to

Make, make its progress and people are anticipating its arrival and better access to Seattle. Specifically right from Mount Lake Terrace, we’re seeing a 15.7% increase in median sales price. So Mount Lake Terrace is now up to $700,000 median sales price as of July, 2021. Homes are selling 6.9% above asking price. And we’re also seeing that the supply numbers are still super low. Actually some of the lowest in the county at 0.5 months of supply and homes are selling an average nine days. So super quick sales above asking price again in Mount Lake Terrace and Linwood, if we’re looking at South and Hoish County is the hottest Linwood at 24% above asking price. And again, I’m calling it the highest because I’m saying Bothels a little bit of a hybrid. Bothel would take that crown, but Linwood is right there at $710,000 up considerably year over year, like I just mentioned, homes are selling 7.4% above asking price and they’re still selling quickly nine days on market.

So right in there with the average across the county. Now, Bothel, as I mentioned earlier, is a little bit of a hybrid, but Bothels median sales price at 9 31 500 is right up there with the top prices if we’re considering Brier or Woodway. But outside of that Bothels right up there for number one spot in most expensive places to live in Snohomish County, you’ve got 9% above asking price on average and houses are selling even a little bit faster seven days on market. So Bothel, good job. Again, I’m giving you like half credit cuz you’re a hybrid city, but really good job across the board in South and Hoish County. Prices are continuing to increase maybe not quite as quickly as some of the outlying places that are a little bit more affordable, but earlier on in the year we were seeing really, really big jumps because people were rushing to these areas first and then they started heading a little bit farther out as affordability started to slack.

Thanks so much for watching my update on the Snohomish County real estate market. If you are interested in a little bit more commentary, you’re a deeper dive into the market in the Seattle Bellevue area and getting a little bit more of my thoughts, you can find that on my Seattle Real Estate market update video. And I also post a video every month about the King County real estate market update, if you want to check that out as well. So if you’re new to the channel, please consider subscribing if this video brought value to your life. And if you want to connect with me about a home purchase or sale in Snohomish County or King County, I’d love to be a resource.

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