Snohomish County Real Estate Market Update | July 2021

Hey Y’all, Zach McDonald, your real estate agent with Real Property Associates, and this is my Snohomish County Real Estate Market update for July, 2021. As we jump into this video, a few quick reminders. Number one, the stats in this video are from June, 2021. So we’re gonna be looking at last month’s stats as we walk through this month’s update. And again, we get the stats at the beginning of the month for the previous month. So that’s what we’re gonna go over here in this update. And then as we go through, we’re going to look at stats. Mainly this update is a lot less of my commentary and a lot more stats, but I will categorize things and give a little context as we go through. So it’ll be a little bit more of a fluid update if you want to see thoughts on King County or also just kind of the Seattle real estate market.

So Seattle and Bellevue, I talk about more in that video. You can also check those out and they’ll be linked up below in the description as well as if you subscribe to my channel, you’ll also see those videos pop up in your feed on a regular basis every month. All right, let’s dive into the stats here for Snohomish County. And Snohomish County is one of the two counties that I service along with King County, you might have guessed. And as we look at the median sales price here in Snohomish County, we saw an increase of 31.5% year over year. So last month median sales price was 7 0 9 9 1 5, so 709,000, almost $710,000. In Hoish County, we saw a large amount of new listings. So we saw a 35.8% increase in new listings from last year at the same time. And a slight increase from April and a little bit more of an increase from last month in May.

We are continuing to see more and more homes coming on the market in Snohomish County, which is a really good thing because we need it now. The amount of sales though, pending sales, closed sales, which are also things we want to keep an eye on, right? If we’re seeing a whole bunch of new listings coming on and not a lot of sales, yikes, that’s probably not going to be a good thing for the supply numbers. It’s, or excuse me, it is a good thing for the supply numbers, but it’s going to potentially negatively impact prices. So if you’re a homeowner, it’s a bad thing. If you’re a buyer, it’s actually a good thing. Right now though, we’re seeing everything that comes on the market selling. So average days on market, nine days on market in Snohomish County, and most homes are selling above asking price, and the average is 8.7% above the asking price in Snohomish County.

And that’s mainly due to the fact that there are only about 0.4 months of homes on the market. So a couple weeks of available inventory. And again, that is selling super, super fast. So we just constantly have this very, very little amount of homes and we have have all these buyers that want to buy these homes. And so we’re seeing competition for everything, almost everything. so again, super hot market in Snohomish County and Snohomish County as a whole is kicking King County’s butt. As far as appreciation goes. pricing wise, king County’s still more expensive than Snohomish County, but I, I don’t know if that’s gonna be forever. I know the east side in Bellevue, Kirkland, Redmond, those areas, the pricing is off the charts in comparison to Snohomish County. So that’s going to skew the data. There are definitely parts of King County where you can purchase where you’re gonna be able to buy a house in the same range as a lot of Snohomish County.

But a lot of the most desirable places in King County close into Seattle and Bellevue, those areas are considerably more expensive. So if you’re somebody who’s thinking about buying Snohomish County is most likely going to be a little bit more affordable specifically on the north end for your home purchase. And as a seller, the market’s still super, super hot. So there’s still opportunities if you’ve been thinking about selling to capitalize on the market here. Now, I shared this in my Seattle update and I’ll share it here in my Snohomish County update. I really do think that we are slowing down a little bit. Again, it’s a little bit of a subjective feeling, but talking with other agents, watching other listings, seeing things go pending inspection instead of pending, which means they have an inspection contingency, a lot of that means that there might not have been as many offers.

The seller is accepting an offer with an inspection contingency. Again, great for buyers, but I just think it indicates things like, Hey, wait a sec, maybe we’re not gonna see 10 to 12 offers on every house. So something to keep in mind as we continue, and you’ll get to see these, I talk about the stats every month, but I’m just trying to project out a little bit. I don’t have a crystal wall, but I want to do my best here. Now, sometimes I focus on condos, sometimes I don’t. I do wanna talk about condos here just a little bit cause I haven’t in a few months. In Snohomish County, overall, condos are up 27.3% year over year in median sales price. An average sales price, 27.2%, so way up. So condos have been appreciating really fast as well, not quite as quickly as the single family homes, but not too far off.

We’re seeing a steady inflow of new listings. Everything is selling relatively quickly. We actually had more closed sales for condos than we had new listings last month. And almost all of the new listings went pending almost immediately. So six days on market even faster than the residential counterpart. Now, condos aren’t quite as competitive on average, 5.8% above asking price versus the 8.7%. So something to keep in mind if you’re a condo owner and putting your condo on the market. It’s a little bit different for condos in Sonoma County than it is for single Family House in Snohomish County. So it has have a different understanding and

Expectation as you enter into that condo sale. But supply is still really low right around 0.4 months and there’s still competition. So selling a condo in Snohomish County right now is still great. Same with single family. If you’re purchasing, I would expect competition in both arenas, but you might have a little bit less competition on the condo side. As we wrap up this update here on Snohomish County, I’m highlighting here a few of the noteworthy cities. And so if we look at media and sales price, there’s a few cities that stand out to me. Number one, Breyer. Brier is up 53.1% year over year. Now bef when we think about that number though, Breyer had not much more than 10 sales. I think it was like 14 if I remember correctly. So there weren’t very many sales in Briar compared to places like Edmonds and things like that.

So Breyer didn’t have a ton of sales, but up significantly, granite Falls was up 41.2% and Goldbar was up 51.4%. So we’ve got a few cities that are in all those areas, don’t have as many sales, but still way higher than what homes were getting in the previous year. So superstar areas kicking everybody’s butt. homes in Briar were selling way over asking prices. Well, if we look at some of the areas that are a little bit closer into Seattle and have more sales, looking at places like Edmonds and Linwood, they were both well over 30% as well year over year. So we’ve seen just lots and lots of increase in Snohomish County specifically. And overall I mentioned really, really good growth as a whole. The last spot I wanna highlight here, for median sales prices, Woodway and Woodway takes the top seat as far as price goes, almost 1.7 million median sales price.

Now, woodways price, median sales price fluctuates a lot. So it’s not the best number. You kind of gotta look at a larger chunk of Woodway versus a month over month or year over year comparison because sometimes you’ll see a $10 million house sell in Woodway and it skews the numbers one direction, and then in another month he might have three or four $2 million houses sell instead of that $10 million house or two $10 million houses. So Woodways median sales prices up and down quite a bit, but it does take the top seat because it’s exclusive. There are not very many homes that sell in Woodway. Last month there were four so larger lots, very, very beautiful houses and it’s exclusive. So if you’re thinking about where could I live in Snohomish County, that’s really, really nice. And you can get maybe some land, you’re gonna be looking at Woodway, but you’re also going to be looking at substantially higher prices.

Brier might also give you those same things for a little bit more affordable price, but a lot of the larger properties in Briar are disappearing. If we look at average sales price, a few places that I’ll highlight here, Breyer number one, 11.1% above asking price on average. And Linwood and Mount Lake Terrace, both also above the 10% above asking price. There’s lots of ’em here in the eights, the nines and close to 10 Bothel was actually up over 10% as well, but Bothels kind of like King County and Snohomish County, but super, super hot market over there in Bothel months of supply. So if you look at inventory numbers, the places with the least amount of homes available based on demand, muckle Teo has 0.3 months and so does Lake Stevens. And a lot of Snohomish County is right around that four to 5.4 0.4 0.5 months of inventory, excuse me.

And if we look at average days on market, Sultan takes the winner in Snohomish County at five days on average. A lot of the rest of the county is in that six to 7, 8, 9 range. Some of it’s artificial where they have offer review dates, which skews the numbers a little bit, which is why you see numbers closer to six, seven days on market. It’s just because agents list on one day review offers six, seven days later. And there you have it, homes are just selling. So I think these numbers would be a little different if there weren’t offer review dates. As we wrap up this Snohomish County market update, I just want to take a moment to thank you for your attention. I really appreciate that you watched these videos.

And if this is your first time watching one of these market updates, I hope it brought you a lot of value and that you would consider subscribing to my channel. Each month I publish a Snohomish County real estate market update, as well as a King County update and a Seattle area market update in addition to a whole bunch of other videos. So if you want to see more and learn more about the Seattle Bellevue real estate markets, I’d love to be a resource for you here on YouTube. And if you have a real estate need that I can help with, if you’re thinking about buying or selling in the area, I’d love to help out.