Snohomish County Real Estate Market Update | June 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 June, 2024.

Well, we’re almost into the summer here, and I was recently celebrating that. I’ve been recording these updates, not the Snohomish County one specifically, but the Seattle area real estate market updates for eight years now. And if I remember correctly, the Snohomish County ones here, maybe three years, started adding those a little bit more recently, but excited to shares. I’ve been a Snohomish County native for much of my life. I did just move to King County again, but grew up in Edmonds area, in millo areas and lived in Edmonds for quite a while here until recently buying in Shoreline last year. And I love Snohomish County, and what I’ve seen here is Snohomish County’s changed a lot since I was a kid. Some of the areas like Bothell and Linwood specifically have been developed a ton. There’s a lot of woods and a lot of areas where they were able to, over the past maybe 10, 15 years, build a lot more housing for people.

So the density has increased. We’ve got the light rail coming, so there’s more access to the north end suburbs. So I think just a lot of cool things happening in Snohomish County, at least in the real estate space. Certainly changing though. So for some, that’s not as desired, right? Snohomish County isn’t what it used to be for them, but I think the progress is inevitable, right? We need a place for people to live. We need more housing in this area. King County’s even going more dense than Snohomish County has over the recent years, but it’s been interesting and kind of fun to see all the development and change. Now as we talk about the housing market, which we do every single month here, and kind of go over the stats. So we’re looking at the residential data here for Snohomish County, all the cities combined, and we’re looking at the data from May, 2024.

So last month’s data. And as we can see, if we jump from April to May, we’re seeing a uptick in the new listings. And from last year, this has been a trend. Last year we had very few listings coming on the market. Super, super low numbers. We saw a 41.1% year over year jump. That is a huge number here in Snohomish County. Pending sales, not quite as exciting, but it’s still up 13.9% year over year and almost a hundred new pending sales if we look at month over month. So continuing to see that, yes, there are more listings coming on, there are more buyers, but what we’ll find, because of the amount of new listings, even though there’s been a lot of sales, close sales too, have increased in Snohomish County. We’re seeing that there are more houses coming on the market than there are buyers.

So we’re seeing inventory, the amount of supply picking up, which is really healthy for the market. But what it does is it gives buyers more options. So there’s less upward pressure on the prices, right? There’s a lot of pressure when you have low inventory, everybody’s competing over a few houses. Now we’re competing over at least a larger pool. And when we’re looking at the inventory numbers, we were at 0.9 months of supply last month, and now we’re at 1.4 months of supply. So we’ve seen that there have been a lot more houses coming on the market, and there is more for buyers to choose from. So things are slowing down just a tad, and we’re seeing that with the amount over asking price. We saw 3% over asking price last month in Snohomish County. Now 2.5% on average, but prices are still up considerably. So what happens is as the year goes on, especially into the spring, we start to see what people are willing to pay for housing.

And the list prices increase, right? People aren’t listing for the same as what people were listing for in February, March. Now they’re listing for more. And although the amount over asking price isn’t as much, the prices are still up or climbing. So if we look at median sales price, we see a 7.1% year over year jump in Snohomish County, which amounts to, let’s see, let’s do the math here, $55,000. So last year to this year, $55,000 increase in the median sales price, 7.1% to 8 25 last month, median sales price was 7 83. So we saw a pretty big jump month over month here too. Average sales price, Snohomish County last year, 836,000 this year, $915,000. Average sales price, 9.4% jump year over year. Huge jump. And the biggest thing we’re seeing is that the buyers are returning to the market and there hasn’t been enough supply for all the buyers, which is echoing a more competitive housing market.

And even with higher interest rates, people are buying and they’re paying more and more and more for housing because I think a lot of people know that when interest rates come down, money’s going to be cheaper and prices aren’t going down when that happens. And so as a result, I think people that maybe missed their chance to get something at a lot more reasonable price, maybe last year or even at the end of 2022, don’t want to completely miss out. And prices haven’t quite got back to where they were yet. So there’s still a little bit of a discount, but that comes also with the higher rates and the higher prices now. So yes, there are still opportunities to get in before things get all the way back to where they were. The stock market’s already recovered, right? At least again, from looking at it from the outside, everything’s amazing.

Things have picked back up and then even gone beyond. The housing market has not done that yet. It’s a lot slower to respond initially and also slower to recover, but it’s been picking up here in Snohomish County and then the general greater Seattle area. Thanks so much for watching this month, Snohomish County Real Estate Market update. I am so glad that you made it all the way to the end. If you did, I know you got some value out of it, so please consider dropping a comment down below, or better yet, sharing it with someone who could benefit from this information.

 

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