Snohomish County Real Estate Market Update | May 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 April 2021 along with my own perspective on the market.

 

Transcript:

Hey y’all. Zach McDonald, your real estate agent with Real Property Associates, and this is my Snohomish County Market update for May, 2021 in this Snohomish County Housing Market update. We’re going to look at the stats, we’re gonna look at some specific markets in Snohomish County that I highlight, and we’ll also talk a little bit more about my thoughts and opinions as we get towards the end. Alright, let’s jump into the Snohomish County Real Estate stats here from last month. As we look at new listings, we saw a 56.5% increase in new listings. We also saw a 67.4% increase in pending sales, N 8 41 0.2% increase in the close sales. Now, before we get too far in this update, I think it’s important to talk about context. I mentioned this in the King County update and the Seattle update, but the overall picture here has changed a lot since last year, last April, beginning of the pandemic, COVID 19 is starting to become a big deal.

People are afraid, not listing their houses, not buying houses. So we saw a little bit of a pause, and so what we’re talking about is in reference to that pause. So numbers are a little bit more dramatic, but as we head through this, I think it’s just important to have that in the back of your mind. But I still think this is pretty significant. Some of these numbers, the median sales price in Snohomish County is up 27.3% year over year. And it’s not like we had a big drop off during the Covid pause, if we want to call it that, but we did have a slight decline in prices. But still, 27.3% is a huge jump in median sales price here over the last year. If we look at the average sales price, 26% increase. So it’s reflected in both metrics here. We also have seen houses in Snohomish County selling on average 9.6% above the asking price, almost 10% above the asking price.

And that’s for the average house. Some houses are selling even more. You’re getting closer to 20, 25% over asking, and then others are selling closer to the asking price. It’s hard to get a house below the asking price right now, but occasionally a house is overpriced, whether it’s the seller thinking that their house is worth more, or an agent that decides to push the price, it’s possible. But what I’m saying is it’s pretty hard to get a house lower than the asking price right now. The biggest reason is because we have super low supply. So houses in this market are selling quickly, on average eight days on market. And a big part of that is because there’s only about a half a month of supply. So a healthy market, three to four plus months of supply, it’s a little bit more balanced right now.

We find ourselves in what’s called a seller’s market because there are not very many options for buyers to choose from. And so everybody’s competing over the same houses. Now, if we look back and we take the numbers from this year and we look at the past couple years, we take 2020 out of the picture and we look back at 2018. In 2019, I think it gives us a better picture for where we’re actually at, given the pause. So if you would use me for a sec, I’m gonna share a few more stats. So if we look at 2018 and we’re looking at new listings, we had 1,305 in 2018, and we had 1,347 in 2019. 2020 just dropped off a cliff, 9 43. So super low new listing numbers, but then we had this month, 1,476 new listings. So a ton of new listings in St.

Hoish County. So I don’t think our inventory problem right now is a lack of houses coming on the market. I think it’s more of a, we have a lot of buyers looking to purchase in Snohomish County and there just aren’t enough houses for them. So yes, we need more inventory, but a big part of that is because we have so many buyers right now looking to purchase a home pending sales numbers are very similar. We had 1030 pending sales in 2018, and we had 1,117 pending sales in 2019. Dropped off a Cliff 7 51 in 2020, and now we’re back up to 1,257 pending sales in Snohomish County. So a lot of new sales, a lot of new houses on the market. But again, if we look back at the past couple years, way more activity in the market right now than we had even in 2018 in April, which was the hottest market we’d ever had previous to this.

Two more stats here I want to share from 2018 that might be helpful to kind of compare how hot it was then to how hot it is now. One of those is the percentage of list price that is being received. So this is the percent over asking price. Snohomish County on a whole was 3.3% above asking price back in 2018. Now we’re looking at 9.6% above asking price. So a lot more competitive on price months of supply. This is the amount of houses that are available per buyer. One month of supply in 2018. Again, super tight market then, but now we’re at 0.5, so it’s even half the amount of houses. So even though Seattle has been really, really competitive and Snohomish County, king County, the whole area has been super competitive over the past six, seven years. It’s hypercompetitive right now and it’s a lot more difficult to get into a house.

A few of the Snohomish County cities that are leading the pack here include Muckle, muckle T’S median sales price. Last month was 8 75 and that’s a 30.4% increase year over year. Another place that we saw a crazy jump, Linwood saw a 32.7% increase in median sales price. And Mount Lake Terrace didn’t see the largest jump in median sales price, but they had houses selling on average 17.4% above asking price last month. Mill Creek also had a really large number here above asking price, 15.4% above asking price. Lin Wood had home selling 14.7% above asking price. And Edmonds, my current hometown, 13.6% above asking price. Now, Snohomish County as a whole, we’re seeing 9.6% above asking price, and we mentioned that earlier in the video. So these particular places we’re leading the pack in a lot of ways, and there are numerous cities here. If I was to go down Everett, Stanwood, Arlington, we’re seeing large jumps in median sales price, at least larger than we normally see.

I didn’t forget about condos, so I wanna share the stats here on the condos real briefly. There aren’t as many condos in Snohomish County, so I don’t focus on that too much here in this update. But I do want to share a few stats versus Snohomish County. So last year versus this year, we’ve had 74.3% more condos on the market This year we’ve also had a 78% increase in pending sales. So we’ve seen the condos that are coming on the market selling. It’s pretty much what that means. We’ve also seen a large jump in the median sales price. So condos in Snohomish County sold on average 19.2% above the previous year, and that’s the median sales price. The average sales price was up 23.6%. Year over year. Condos in Snohomish County are selling 6% above the asking price. Again, that’s a pretty big jump from last year where they were selling right around the asking price.

And we’ve got about 0.4 months of supply for condos in Snohomish County. So if we look at Snohomish County as a whole, condos are selling above asking there. There aren’t as many available. King County, we’re seeing a little bit different numbers. Condos are sitting on the market for a little bit. They’re taking a little bit longer to sell. They’re selling right around the asking price or just above, and there’s a little bit more supply. Whereas we’re seeing the opposite in Snohomish County. We have nine days on market versus 19 and in Seattle and in King County as a whole, we saw those numbers increase. The demand for condos in Snohomish County is still there. It hasn’t declined as much as King County, but overall people are still buying condos in Snohomish County and King County and at a pretty fast rate. But if we’re going to compare the condo market to the housing market, residential housing market, it’s not even close.

Couple things here as we wrap up the Snohomish County housing market, and the first one is interest rates are still super low. So that’s continuing to fuel the buyer activity. And even though we’re having a lot more houses coming on the market in Snohomish County, we’re still seeing a lot of competition because there are so many buyers like I just mentioned and sellers. There is still a great opportunity here for you. If you’re thinking about cashing out on your equity, maybe you’d rent for a year and then buy another place. Maybe you have another place you want to buy. Whatever your plan is, if you’re thinking about selling or moving out of your house, this might be a great opportunity to take advantage of that.

Thanks so much for watching Mice. Hummish County Real Estate Market update for May, 2021. If you found yourself watching this video all the way to the end, I know you got some value out of it, so I have a couple favors to ask you. Number one, please smash that like button. Number two, if you wanna see more content like this, please consider subscribing to my channel so that I can continue to reach more people with the message. And number three, if you have any questions about buying or selling in Snohomish County, I’d love to be a resource for you. Feel free to reach out to me through one of the contact methods below.

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