Snohomish County Real Estate Market Update | March 2021

 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 February 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 February 2021

 

Transcript:

Hey y’all. Zach McDonald, you’re a real estate agent with Real Property Associates, and this is my Snohomish County Real Estate market update for March, 2021. As we jump into these stats, we’re gonna be looking back over last month, February, 2021, and we are going to go through the stats here. This is a little bit more of a hot take through it. I’m gonna go through the stats really fast and then talk a little general application here at the end. A little different than the Seattle real Estate market updates. If you follow those, if you don’t, you should subscribe to my channel. We’ll pause so you can do that, and then continue on with this video. Let’s continue with this video. We’ll start with the stats here. And in Snohomish County, last month we had 781 new listings. That’s actually 11% down from last year in 2020. As we look at pending sales, we had 800 pending sales, down 7.2%.

Close sales were down 12.2%, so you’re seeing a trend here. Less new listings, less pending sales, less closed sales, and the days on market dropped almost 50%, 46.9%. Now here’s a few ups. In Snohomish County, median sales price was up 19.8%, up to $616,790. The average price in Snohomish County was up 21.7%. It’s a lot, $677,885, and that was good for on average 5.1% above asking price. So Snohomish County, super hot just north of King County and Seattle. Bellevue area still would be considered part of the metro area, but a little bit north suburbs on the north, essentially amount of homes for sale in Snohomish County, 66.3% down year over year. So quite a bit fewer houses on the market now than last year, which gives us 0.3 months of supply. That means literally one week of houses on the market pretty much, or just over one week.

Now let’s look at a few of the cities that are the hottest in Snohomish County. Everett is up 13.6% year over year. Median sales price houses are selling 6% above asking price. Linwood 27.4% up. You didn’t hear that wrong. 27.4% above the median sales price last year, 8.7% above asking price on average. Houses in Edmonds where I live are selling 21.4% above the median sales price last year, and that’s good for 5% above asking price. We’ll look at one more here. Mill Creek and in Mill Creek, houses are selling for 6.5% above asking price and get this, there’s only six houses for sale in all of Mill Creek right now for this update. I’m not going to spend much time or any time for that matter on the condo market in Snohomish County, except for to say that the condos in Snohomish County are finally starting to see some of the multiple offer situations and price increases that we’ve been seeing on the single family houses.

Typically, I focus on single family houses in my updates just because that applies to the majority of people. But for Snohomish County, you can just know this if you’re looking to buy a condo or you have a condo to sell. We’re starting to see multiple offers on those. I just had nine offers on a condo in Edmonds, so that’s saying something, and it’s sold for a little over 10% above the asking price. And it looks like here that over Snohomish County in general, we’re seeing 3% above asking price, and it’s not like there’s a lot of condos for sale. There’s only 0.2 months of supply, so less than a week. So pretty much everything that gets listed gets sold, but it’s not as big of a part of the Snohomish County market. To wrap it up here, Snohomish County’s housing market is super, super hot, and we’ll look at King County’s market update in a separate video.

So if you are in the area and you wanna follow both, that’s a separate video that I’ll link up below in the description. But comparatively, Snohomish County is taken off at an even faster rate, and I think it’s mainly because people are looking to move out of the bigger cities and into some of the suburbs, and even in King County, people have been moving over to the east side, but in Snohomish County, we’re seeing a lot of competition that hasn’t always been there. Normally, Snohomish County’s lagging behind a little bit on some of the competition numbers, but the median sales price countywide is almost 20% up, and I’m seeing that and experiencing that. Quick story. Last week I made an offer with a client on a house in Linwood, and this house was listed for just under $700,000. My client made an offer that was almost 900,000 for this house. They waived all contingencies. They released a lot of earnest money non-refundable to the seller as part of their offer. There were 26 offers on this house, and they were in the top five <laugh>. Somebody paid over $900,000 for this house, and there’s no way it’s going to appraise for that, but that’s what somebody was willing to pay. My client made an amazing offer on this house, and in most normal circumstances they would’ve gotten it, but there were 26 people offering on the same house.

I think that’s a good way to wrap this market update up. Alright, real quick, instead of just ending with a big bomb drop, I’ll add a little bit more perspective here. Sellers, it’s a great time to sell your house. It really is. It’s prices are at the highest they’ve ever been, and interest rates are still relatively low, but they have been going up okay, buyers. It’s super, super competitive out there. It is possible.

I’ve had multiple clients over the past few weeks get offers accepted, but you have to be willing to go significantly over the asking price and you need to be super hyper aggressive on your terms and also the contingencies in the contract. So if you find yourself thinking about buying or selling, I’d be happy to have that conversation with you and talk a little bit more about your situation. And if you’ve gotten value out of this video, please drop a comment and subscribe to my channel. Thanks so much.

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