Snohomish County Real Estate Market Update | December 2023

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

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

What’s up, Snohomish County. I’m excited to head into the holidays here and I hope that you are as well. And I just want to take a moment to wish all of you happy holidays as we head into the holiday season. And as we do that, things are going to wind down for 2023. And looking at the info in King County and Seattle, I think a lot of that same information is relevant for Snohomish County’s housing market too. We’re just seeing that there’s just less houses coming on the market. If we look back to last month, we had 673 new listings. If we look at September, we had 812. This month we had 497 new listings in Snohomish County. So just less, and that’s normal during November and December is going to be even more of a drop off from this month and year over year.

It’s probably a better way to look at this 5% down in new listings. So not super dramatic. When we look back 2022 versus 2023 in Snohomish County, pending sales in Snohomish County are down, but minimally month over month I would say. And we’re a little over 600 last month, 5 28 this month. Pretty good activity actually for a November 1.3% up year over year. So I had a similar conversation with King County. We saw a little bit more buyer activity, but less listing activity as is normal. And also has been for the year, the days on market, same as last month, but down from last year. So last year, 33 days on market in Snohomish County. Things were taking a little bit of time to sell coming out of the big price drops, but now we’re at about 24 days on market or 27% less time on the market in Snohomish County.

Median sales price, we’ve talked about this all year long, and these updates is up year over year and even month over month, by the way, 7 24, 9 90. So pretty much 7 25 is the median sales price in Snohomish County heading into December. And last year we were looking at 7 0 1. So we’re looking at about $24,000 more to buy a house in Snohomish County this year than last year. The average is down 1.1%, the average is 7 82 1 76. So to me that just says we’ve had a few less of those higher end houses pulling the average up or that the top price is a little less, but I like the median better anyway because it’s the middle number, right? I like that stat. Better percentage of list price received 99.6%. It’s about where we were last month. I think we were right around a hundred percent. So again, very small drop and up from last year when we were at 98.1% of list price, king County is experiencing the same thing.

Houses are selling about asking price in the region and in the Seattle area. The amount of homes available. This is a great stat. I love this one because it shows us what the listing activity looks like and then we can see the buyer activity with the pending sale. So at the end of the month, we went from 912 in October, homes for sale to 768. So we saw that number of homes for sale decline as we factor in the new listings and the pending sales year over year, 36.1% down. So we had 1,201 houses, 768. And that’s important because that means there is less supply for the buyers and that’s reflected in our monthly inventory number. And that’s 1.2 months versus 1.5 months. Last year and month over month, we were at 1.4 months of supply. Now we’re at 1.2, and in the month prior to that back in September, we were at 1.5 months.

So again, Snohomish County has seen just less listing activity and buyer activity has been outpacing the listing activity. I suspect as interest rates have been dropping just over 7% according to mortgage news daily, that we’re going to see more and more buyers entering the market in 2024 especially, and if home prices become more affordable. So if I was you and you’re thinking about buying something in Snohomish County, I’d be getting started getting ready because there are still opportunities right now to get a house around asking price. You’re not competing really. I mean, maybe you’re competing with a buyer to pay, asking price or just over, but you’re not competing a lot on the price and maybe you’re just competing on terms. And as a buyer, I would much rather compete on terms in the contract, maybe shortening my inspection period or not negotiating over $500 repair versus paying extra for a house. And that’s what you find yourself typically doing in the spring or when the market is a little more competitive. And I anticipate that 2024 in Salish County is going to be much more competitive than we saw this year in 2023.

Thanks so much for tuning into this month’s Seattle real Estate market update. If you get a lot of value out of these videos or maybe you did today for the first time, tune in, please consider subscribing if you haven’t, and if there’s any way that I can bring value to your situation, either buying, selling, or even just connecting about the housing market here in the Seattle area and specifically in Snohomish County, I’d love to be a resource for you.

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