Snohomish County Real Estate Market Update | February 2024

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

Hey all, Zach McDonald, your real estate agent with Real Property Associates, and this is my Snohomish County Real Estate Market update for February, 2024.

What’s up, Snohomish County? I’m excited to be back with you here this month, and we’re going to be looking at the stats from March, 2024 in the northwest, multiple listing service, focusing on the residential side. So if you’re new, that’s a little bit of a background on where this data is coming from. I mean, look at this data every month. So if you want to follow along on a regular basis, Snohomish County or just the general area, maybe King County too or the Seattle area. We talk about the market here on a regular basis, weekly and monthly. This is our monthly update. So Snohomish County is continuing to see home prices climbing, even with interest rates hovering around 7%. Mortgage news daily survey was showing rates are just above 7% today. We’re still seeing the improvement in the housing market as far as the competition goes and the home prices.

Looking at the data, we’re seeing more listings coming on, which is good. You want to see that. Right now we’ve been in an environment where we just haven’t had a lot of homes coming on the market. Last year we had 741 come on the market in Snohomish County 863. This year, that is a 16.5% jump, so that’s a good sign. We’re seeing more homes coming on the market. We’re also seeing more homes selling. So we saw a big jump, 29.1% in the pending sales. So a lot more houses coming off the market too, right? Even more so than the new listings. Interestingly, we saw fewer closed sales here in March than we did last year. We actually had 16.1% more closed sales in Snohomish County last month, but at the same time, we saw an uptick in closed sales over last month, so that’s good.

And we’re also closed sales would’ve been listings from February. So as we’re seeing more listings, we’re likely as well here. Pendings going to see quite a bit more sales when we look back at April’s numbers. So another reason to follow up and pay attention here on a regular basis. Days on the market are down. Last year we were at 36 days on market in Snohomish County for the month of March this year, 21, and last month was 30. So we’re starting to see that average dropping pretty quickly here in Snohomish County. And as a result of the low inventory, about 0.7 months of supply. So last year we had 655 houses on the market, still not a lot, really 470 this year, which is a 28.2% drop in inventory, which is resulting on pressure, upward pressure on prices. So homes in Snohomish County last month, $760,000.

Median sales price, average sales price, 849,000 533, 4 0.2% up on average year over year, and 4.8% up year over year on the median, 2.2% over asking price. So if you’re looking at buying a house in Snohomish County, you’re likely to see homes selling about 2.2% over asking price. But again, that’s just an average. So some houses are still selling for asking price or a little bit less, and some houses are selling for quite a bit more. In Snohomish County, king County is seeing even bigger numbers. King County was over 10% up year over year in the median sales price and the average sales price seeing similar amounts over asking price about 3% over asking price. So for those that are looking at maybe buying in King or Snohomish County, the markets are fairly similar. The prices in Snohomish County are quite a bit lower. You’re over a million, well over a million for the average and getting pretty close to it for the median in King County, whereas in Snohomish County, you’re looking at a little bit more affordable seven 60 and eight 50 respectively.

So I think for a buyer in Snohomish County, if you’re looking at making a purchase, you are definitely going to be facing competition. And if you’re in those maybe first time home buyer price points in Snohomish County, I would say that’s probably more in the five to 600 range. You are going to have a lot of competition because even with the higher rates, yes, people are coming back, but that does make people maybe consider making a purchase at a lower price point. The higher price points in Snohomish County aren’t necessarily selling as much over asking price, but that middle of the pack is seeing the most competition sellers. I would be encouraged if I was thinking about selling my house to hear that homes are now selling over asking price again and that they are selling faster. Last year when we were having conversations, and even end of 2022, it was, Hey, this might take a few months and we might have to drop the price a few different times, but right now we’re seeing the opposite.

We’re seeing that the market is picking up, there are more buyers returning, and this is all with those higher rates, as we talked about at the beginning. So in Snohomish County, just like King County, I would suspect that as we see rates coming down for mortgages, we will see more buyers in the market and we will see prices climbing as a result. So this is, and I mentioned this in my other video for the King County folks, this is a window of opportunity for less competition. It still feels competitive a little bit, but it’s a lot less competitive than it was back in 2022, and it will be much more competitive when rates come down. So this is a window to make a purchase with less competition and less of the asking price type of offers maybe include a contingency or two in the contract as well. If you have questions about buying or selling in Snohomish County, I’d love to be a resource for you. I’ll continue making these videos on a regular basis. So if you’re not quite ready for a conversation, just stay tuned. So please consider subscribing and if there’s any way I can bring value to your situation, whether it’s talking about the market and your timing, or it’s assisting with a purchaser sale, I would love to be a resource for you.

 

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