Snohomish County Real Estate Market Update | November 2020

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

In this Snohomish County Real Estate Market Update, I share Snohomish County stats from October 2020 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 October 2020

 

Transcript:

Hey Y’all, Zach McDonald, your real estate agent with Real Property Associates, and today we’re gonna talk about the Snohomish County Real Estate Market. Now, if you’ve been following me for any amount of time here on YouTube, you’ve probably seen my Seattle Real Estate market updates. And what I wanted to do was bring a little bit more value to my community here and focus on the two counties that I service most, king County and Snohomish County. And today we’re gonna do the first ever Snohomish County real estate market update. In this video, we’re gonna focus mainly on the stats, a little less storytelling, a little less application, so that you can get a quick hit of what’s going on in Snohomish County in particular. And if you aren’t familiar with the area or you’re curious like what cities actually make up Snohomish County, we’re talking about cities like Everett Mill Creek, muckle, Teo Edmonds.

Where I live, I live in Snohomish County, barely, or even as far north as Marysville, Snohomish Lake, Stevens, or East out to Monroe. So Snohomish County is a large county. It’s just to the north of Seattle, Bellevue area, and it’s one of the main counties that I service. So I wanna bring a little bit more value to this community. As we look at the residential stats here in Snohomish County, we’re looking at new listings, 24.8% up year over year pending sales, 38.4% up year over year. Closed sales, 27.5% up year over year. And this resulted in a decline almost in by half of median days on the market. So days on the market, uh, last year in 2019, 32 days on market. And this year, 17 days on market on average, and the median sales price in Snohomish County jumped up considerably. 17.1% increase. And that median sales price came in at $574,000 in three <laugh>.

I love it. Love the three at the end. The average sales price was also up considerably at 13.4%, and that’s a $618,229 median sales price. The average house in Snohomish County sold for 2.1% above the asking price. Last year in 2019, we’re actually seeing houses sell just below the asking price. So, um, considerably hotter market this year versus last year in October. And the amount of homes for sale, this is crazy. Last year in 2019, there were 1,542 houses per sale in Snohomish County. And this year heading into the month of November, we had 647 houses on the market, which is a 58% decrease in inventory. So this year we’re looking at 0.6 months of supply of housing, which means if no houses came on the the market over the next two weeks, there’d be zero houses left to sell, which is crazy. That’s a super, super, super tight market.

So what we’ve seen over these past few months is that the housing market has continued to constrict here in Seattle and the surrounding areas. Snohomish County is included in that. And I think part of it is there are some more people that are looking to move to the north suburbs and the south suburbs. So parts of King County are being impacted as well, but I think we’re seeing people moving out of the city and buying out in the suburbs, or maybe they’re buying their first house and they’re looking north or south. A little bit of Seattle Bellevue kind of core. It’s again, I think mainly driven by the low interest rates and just the ability to purchase more house. And people have been faced with over the last eight months really this decision of whether they’re going to buy a bigger house or they’re gonna stay put and refinance.

And when people are faced with that decision, they’re having to make a choice. And staying put and not refinancing for most people didn’t make sense. And so it was like, okay, well are we gonna buy our house now? Are we gonna stay put for another year or two? And I think that’s partly why we’re seeing this increase in activity. And then the pent up demand from Covid 19. In the springtime, I was telling people we’re seeing 30, 40% fewer houses coming on the market and fewer houses going pending and fewer close sales. So I think now we’re just seeing a little bit of those houses coming back on the market as well. For those of you who like the condo market, I’ll run through the stats here really quickly for you as well. New listings, 42.7%. More new listings year over year pending sales up 54.7% year over year close sales, up 31.1%.

We’re seeing a similar trend with about 50% fewer days on market as well. And for condos, median sales price in Snohomish County, 365,000, uh, only up 5.4%. And I say only because it’s about a third of what we saw in the residential growth and the average sales price, uh, $428,227, and that’s up almost 11% year over year. The average condo is selling above the asking price, uh, 1.2% above the asking price. And we’re still seeing a steep decline in the amount of houses on the market. And we’re still under a month in Snohomish County as well for condo inventory. Thanks so much for watching my very first Snohomish County real estate market update. And if you’re somebody who’s been following me for a while and part of my community here on YouTube or Facebook, I’d love to hear from you in the comments below, things that I can do in this video or add to this video to make it better. As I mentioned, it’s my very first one and I want to continue to bring more and more value in these videos. If you’re somebody who is watching me for the first time, maybe you stumbled upon this video, I’d love to have you as part of the community as well. So please consider subscribing to my channel.

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