Snohomish County Real Estate Market Update | January 2022

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

In this Snohomish County Real Estate Market Update, I share Snohomish County stats from December 2021 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 December 2021

 

Transcript:

Hey y’all, Zach McDonald, your real estate agent with Real Property Associates and welcome to my first Snohomish County Market update for 2022. In this update, we’re going to recap 2021 in Snohomish County. We are going to talk about the end of the year in the Snohomish County real estate market and we’re also going to talk about a few of my predictions for the housing market in Snohomish County in 2022. Let’s start off by recapping the Snohomish County Housing Market in 2021 and we’re looking at the Northwest multiple listing service data here and it’s for the entire year. So we’ll start off with the entire year over year numbers here and we’ve got a 5.2% increase in new listings. Pending sales, we saw a 3.7% jump, so not huge. and a 7.4% jump in closed sales. Overall, though, we saw a lot fewer days on market.

So 11 days versus 20 days on the market on average considerably less. A lot of that had to do with the competition. So houses were selling above asking price 6.1% over asking price. last year for 2020, the whole year we saw one point 5% over asking price. So pretty big jump to the 6.1% countywide in 2021 for the entire year, the average sales price was $734,308, which is a 23.1% jump from the full year of 2020 and the median sales price was $675,000, which was a jump of 22.7%. If you notice, the average in the median are very, very similar here, which means this was pretty broad across the board for Snohomish County. And if we look back over at the December numbers, we’re gonna see a very similar thing as we look at December over December. The residential stats for December, 2021 look a lot like what I was expecting to see, which was a pretty big drop off.

And new listings pending sales, close sales, we see like 18.2% drop, 15.2% drop and 16.9% drop respectively, which really just means this is how many houses were available to sell and they all sold, but they’re just weren’t as many available to sell. So not as many sold. That’s pretty much how I can sum up Snohomish County’s housing market in December, which is fairly normal for this time of year. We did see more houses go pending than come on the market, so we’re gonna notice down at the bottom that we have less supply. So we have 0.2 months of supply versus 0.4 months, which is just no houses available. There are a lot more buyers that wanna buy a house in Snohomish County, then there are people that are looking to sell and I don’t see that changing anytime soon. Unfortunately for buyers for sellers though they’re excited about this, they’re excited that houses are selling 4.5% above asking price even in the middle of the winter and during Christmas holiday and heading into New Year’s.

sellers are also really excited that the average sales price in Snohomish County in 2021 as we wrapped up the year in December was $788,256. And they’re also really happy that the median sales price was $700,000 in December and that was a jump of 22.5% and most of the year we just talked about year to date, year over year from December to December looks very similar as far as percentages. A huge jump in median sales price, even bigger than King County. almost double median sales price, more than double median sales price jump in Snohomish County versus King County, which is an interesting trend. King County was kicking Snohomish County’s butt for a little bit and now we’re seeing a little bit of a roll reversal. prices in King County are considerably higher, which is a big reason I think people are looking at Snohomish County in Pierce County on the south end is also experiencing a lot of growth too.

I think a lot of that has to do with people looking for a little bit more affordable places to live and the flexibility of working from home allows some people to focus outside of the city versus inside the city. Let’s take a quick look at the condos as well because I think condos deserve a little bit of love, especially on the year to date side. So we’ll focus there just to see how did wheat turn up here in 2021 in the condo market and really the condo market in Snohomish County did well. We saw a little bit more listings, 1.3% increase in listings, 4.1% increase in pending sales. a lot more closed sales, 11.6% more sales in 2021 versus 2020. we also saw a drop off 11 days on market versus 21 days on market, which is substantial. And that nice backfiring vehicle that just drove by us was great.

average sales price 4 52 in Snohomish County for condos, which was a 21.3% jump, huge jump. And we also saw a very similar jump, 21.5% jump in the average sales price, which was 4 99 4 28. So if we look at the condo market and the house single family market, we actually saw a very similar parallel. Big jumps in values first Snohomish County Condos and 4.6% above asking price. I think King County’s probably a little jealous of the competition and the price jumps in condos because King County didn’t see much of a jump at all, but at least they saw a little bit of a jump. So the condo market in Snohomish County really hot last year, I think we’re gonna see a little bit more of that even in 2022, especially as prices keep going up in the single family space, it pushes more people to consider a condo. As we wrap up our video here on the Snohomish County Housing Market, I want to

Highlight a few notable things here as we wrap up the year. One of them is some of the cities that ended the year really on a hot streak and these would include Mount Lake Terrace, 35% up year over year, and that’s December to December. Linwood 30.3% jump in median sales price year over year muckle to 42.7% jump in median sales price year over year. That’s my one of my hometowns, Edmunds being the other one. love, love you Muckle to Bothel 31.9% jump part of Bothels in King County. If you watch these updates regularly, you know, I just put it in here because oh, Snohomish County doesn’t have this many houses or as many cities to talk about, so put it in here. Snohomish County, not Snohomish County, Snohomish, the city in Snohomish County, 40.7% jump one of the big gains for the year and stanwood 31.2% jump year over year.

All those cities saw more than 30% jump in media and sales price and specifically Stan as I’m looking at it, it’s not like stuff’s selling really high over asking price. I think there’s a lot of new construction, in fact, I know there’s a lot of new construction. I think that’s part of it. but we’re seeing just really, really high solid media and sales price and it’s pretty much right at asking price as well if we’re looking at percent above list price. Another one I wanna highlight, there were a couple standouts. Mill Creek saw 7.4% over asking price in December, Edmunds saw 8.5% over asking price in December and Bothell 10.9% over asking price countywide. We saw 4.5% above asking price. And as we look at some of these places like Edmonds, mill Creek, Bothel, they all were outliers selling significantly over asking price in comparison.

And Bothel took the crown for the biggest jump over the average percent above asking price. As we head into 2022, I think Snohomish County’s gonna continue to see a lot of growth. I think we still have really, really low inventory. We don’t have a lot of houses to sell. We still have really low interest rates and I think we’re gonna see those climb a little bit into the spring and summer, but I don’t think it’s gonna be dramatic, but I think that is motivating for buyers. And if it’s not, it should be a little bit. So I think we’re gonna see low interest rates, we’re gonna see low inventory and we’re gonna see lots of competition, which is going to continue pushing prices. That’s what competition does. We just don’t have enough houses to sell and I don’t anticipate you can’t really picture a scenario right now as things are right, barring any crazy changes or like another pandemic. I mean, aside from that, I think we’re gonna continue to see Snohomish County prices jumping and if you wanna see more predictions, I’ve put out a predictions video for the Seattle Real Estate market and I’ll link that up down below. And please don’t tell me Snohomish County’s not in Seattle cuz I’m talking about the metro area. Okay? But I have some predictions a little bit more in depth that you can go ahead and check out and I’ll link that up down below in the video. but I think Snohomish County as a whole for sellers, you’re in the driver’s seat again here in 2022. You’re gonna most likely get a little bit more money for your house and it’s probably gonna be a little bit more competitive even for the buyers. So sellers, you’re probably super excited about this update and the prognosis for 2022 buyers. You’re probably hoping that I’m wrong and I appreciate that. If I was trying to buy a house in 2022, which I am, I would feel the same way as you. I’m kind of hoping there’s a little bit of a drop off too. ideally you always kind of can time the market, but it’s really, really hard.

Thanks so much for watching my Snohomish County market update for January, 2022, first one of the year. If you got some value out of this video, which if you made it all the way to the end, you probably did, I’d super appreciate it if you’d subscribe to the channel if you haven’t already. And if you wanna talk about listing your house or purchasing a house in Snohomish County, I’d love to be a resource for you.

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