Snohomish County Real Estate Market Update | January 2021

Hey y’all, Zach McDonald, your real estate agent with Real Property Associates. And this is the first Snohomish County real estate market update for 2021. And in this update we’re gonna look at last month’s stats. So we’re gonna round out 2020 here, and I’m gonna go through these stats a little bit more systematically, a little less context. If you have been following my other market updates or have been subscribed to my channel, or heck, maybe if you just stumbled upon this video today. If you want me to keep making the Snohomish and King County market updates, I need a little bit of extra love here so I know to keep doing it. So like comments, subscribe, let me know your feedback. So I can either continue to do these or focus more on some other content. So as we look at the stats for December, 2020, we’re looking at first of all new listings.

And we saw about 37% more new listings come on the market in December than in 2019 December. As we look at pending sales up 21.5%. So in December, 2020, we saw more pending sales than we saw new listings in St. Hoish County. It’s also a trend in King County as well. And we talked about this in my Seattle update. So lots and lots of buyers in the market closed sales were up 13.4% and the days on market dropped from 37 days on market in Snohomish County in December, 2019. And I had a listing that I can clearly remember it just, why is it not selling? And I think right now it’s just things are going quickly. So average days on market 17, so 54.1% down year over year, median sales price 5 69 up, 11.6% year over year, and the average sales price was up 13.7% in Snohomish County.

If we look at prices and compare, the average price in Snohomish County is around six 30. If we look at King County prices, we’re talking about over 900,000. The increase in activity here in Snohomish County has increased the amount of the asking price buyers are required to pay. The average sold over 2% above the asking price, very similarly to King County. But what’s even more fascinating is we’ve got 291 houses in all of Snohomish County, at least heading into January that are available for purchase. And that gives us 0.3 months of supply countywide, talking about all of Snohomish County. If you’re not familiar with it or out of the area, pull up a map and just type in on Google Snohomish County and it’ll show you how big of an area that is. But 0.3 months, and we’re talking about like a week, week and a half, that’s not very much availability. So in the Seattle area, in the surrounding suburbs, Kings and Hummish County, super, super, super low inventory, what that’s causing is just this frenzy. Buyers trying to find something, feeling desperate. There are always buyers that already have a house and can take their time, but there are also buyers that are living in a hotel and they just need to buy something. And so what we’re seeing is people starting to be more and more and more aggressive with their offers, with their price, with their terms, and with their contingencies. So if you are watching this video and you wanna talk more about what it takes to be successful as a buyer or a seller in Snohomish County, I’d love to be a resource for you.