Snohomish County Real Estate Market Update | February 2022

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

In this Snohomish County Real Estate Market Update, I share Snohomish County stats from January 2022 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 January 2022

 

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 February, 2022. In this video, we’re going to discuss the housing market stats from Snohomish County last month. We’re going to talk about a few cities in Snohomish County that we’re going to highlight this month. Again, I wish I could highlight everybody, but I can’t. And then we’ll talk about some applications for buyers and sellers in Snohomish County. Prices in Snohomish County continue to climb, and if we look at some of the year over year numbers here, it’s still a big push upwards 18.6% up year over year in the median sales price. So $700,000 in Snohomish County this last month. And if we look back at 20 21, 500 90,000, so $110,000 difference in the median sales price year over year. And looking at the average sales price, we jumped from $625,757 up to $776,215, which is a 24% jump.

So people that started their search last year, even people that bought a house at the beginning of the year last year are pretty excited about where they find themselves financially and equity wise. Houses on average in Snohomish County sold 6.2% above asking price a little jump year over year. Last year they were selling above asking price in January, but we’re seeing even more competition. but the 6.2% number historically is more of a what are we going to expect in the spring and summertime, and we’re seeing that in January. So I can only imagine what this is going to look like as we head into the spring and summer. Historically, we see that number continue to climb, so I wouldn’t be surprised to see 12, 13, 14% in Snohomish County as we head into the spring and summer months. assuming that things stay relatively consistent.

if we look at inventory, I think this is a big thing we’ve been watching and we keep watching and that’s just how many houses are there to sell. And we had a 38.6% drop in homes year over year. As far as what’s available in January, typically is a little bit of a slower amount. So j December and January, typically there are fewer houses on the market in the Seattle metro area and specifically in Snohomish County. But as we’re looking at the amount of houses, there were only 213 houses available as we had into February across the whole entire county. So really, really low supply numbers. And it’s, it’s part of, part of this time of year, but it’s also a real sign of how hot the market is right now and how much demand there is for housing. And houses aren’t really sitting on the market that long. 14 days is the average days on market in Snohomish County, which is 17.6% down year over year. And the median days on markets even less. but as

We’re looking at the average, there’s certain houses pulling that average up, some pulling it down, but in a more balanced market, we’re pricing 30, 40 days on market and we’re seeing 14 right now. So really, really hot market in Snohomish County. I think for buyers, it’s ultra, ultra competitive. I think for sellers. It’s still competitive for your house, but it’s one of those markets where you are really in the driver’s seat. Let’s transition over to talking about a few cities here in Snohomish County and this month I wanna highlight the north end. So we’re gonna go a little bit farther north. We’re gonna go driving up I five past Everett, and we are going to look at, first of all, we’re gonna focus on Marysville. So if we’re looking at Marysville, the median sales price, Marysville, Washington $639,350, and that’s up 24.6% year over year.

The average house was selling 4.2% above asking price. If we hone in on Marysville, we’re seeing it’s kind of right in line with the rest of Snohomish County, 24.6% versus 24% average sales price. a little bit lower on some of the competition numbers, but overall, pretty much a picture of what Snohomish County has looked like over the last year. If we continue driving maybe a little bit east over to Lake Stevens, 28.2% jump year over year, 700,000 median sales price. And that’s a little bit above where the county was as a whole 6% above asking price. Again, right in line with the county 0.2 months of supply and 12 days on the market. if we look at Arlington, so again, a little farther north up I five, $550,000 median sales price, which is a 10.9% jump, so not as significant as some of the other places here in Snohomish County.

1.9% above asking price. So not as competitive. A little easier to buy a house in Arlington. Point four months of supply in 13 days on market. So it’s not that houses aren’t selling quickly and over asking price, it’s just that it’s a little less competitive than the closer you get into Everett and ultimately Seattle and Bellevue. And we’ll also jump a little bit west of Arlington over to Stan and we’re seeing similar numbers. We’re seeing 1.7% above asking price 0.3 months of supply, 15 days on market, and a median sales price of $584,000, which is still 16.5% up year over year. But you’ll see the farther north you get the less competitive and the less price pressure that you’re experiencing. But still that’s a pretty hefty jump in the median sales price and a pretty big price for these areas. So I think as we’re looking at Snohomish County as a whole, like I mentioned, the closer you get into

The Seattle Bellevue suburbs, the more expensive you’re going to find housing. But some of these other places where it used to be able to get a lot more affordable housing is not as affordable as it used to be. So I think we’re a buyer this year in Snohomish County. You’re definitely going to be competing and I think we’re gonna continue to see this price pressure even more so than parts of King County. I mentioned Seattle is an easier place to buy a house right now. I think Snohomish County is getting increasingly more difficult as people start pushing farther north, and I think a lot of it has to do with some of the building as well. We’re starting to run out of places to build closer into the city, so people are continuing to push farther and farther north. So I think in the long run that’s going to continue to put pressure on the prices and the, you know, services and all the things that some of these cities we’re talking about, Stanwood, lake Stevens, Arlington Marysville have the offer.

Sellers in Snohomish County are probably really excited to hear some of this news as buyers are conversely not as excited to hear this news. And I think, you know, for a seller, this is the best year of your life to sell a house in Snohomish County, and last year was probably the best year before that. So as we’re continuing to enter into the spring, it is historically the best time to sell the house. It’s hard to, and almost impossible to time the market ever, but if you are looking at a traditional year calendar, it is usually April to June is where people get the best prices for their homes. It’s kind of a sweet spot of amount of homes, available, amount of competition, but I suspect this year, again through the year, will be competitive in Snohomish County. My only change this year, I think versus last year is it may not be as competitive in the fall and winter as it was previously, but time will tell as we’re in February, beginning of February here, recording this video.

but I think buying and selling against the Hummish County is going to continue to be competitive. I think prices are going to climb here in 2022. Thanks so much for watching my February, 2022 Snohomish County Market update. If you made it all the way to the end of this video, I know you got some value out of it. So please, if you have any questions about buying or selling real estate in Snohomish County, I’d love to be a resource for you. And if you want to like, or comment or even share this video with others, I’d really appreciate it.

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