Snohomish County Real Estate Market Update | November 2022

What’s going on Snohomish County, Zach McDonald here, and this is my Snohomish County Real Estate market update for November, 2022.

What a year It’s been so far here in Snohomish County, and I think really around the region in the Seattle area. We saw one of the hottest housing markets here as we started the year. And well, we’re still probably one of the hotter housing markets in the country, even though prices have been coming down, a lot of my friends around the country, agents in other markets are starting to feel what we’ve been feeling here for the past five, six months. And that is just that things are slowing down, interest rates are starting to wear on people and, and really eroding some of the price gains that people were getting. Houses aren’t selling for as much as they were earlier in the spring, and there are people that are selling in neighborhoods where their neighbors were getting more for their houses earlier in the year.

So, you know, for buyers, great sellers, obviously when you’re a homeowner and this is the case, it’s not what you like to see, but I think as long as you’re not planning to sell, it’s not really that much of an inconvenience. So, all right, let’s start off with some new listings here. And as we’re looking at the new listings, we’re seeing trends that are normal for the year, kind of seasonal cycles, and that is we’ve got listings being down month over month. it’s 7 94, but also down year over year, 16.4% down year over year. Pending sales are also down from last month and down 39% year over year. King County similarly had prices being down closed sales down as well. 712 closings last month down 38.8%. and the days on market is up in Snohomish County from last month and also up considerably more than double from the same time last year.

So as we’re looking at the supply numbers, what we’ve been seeing is fewer listings coming on the market than normal, but then even more of a reduction there in the pending and the solds. So we’ve been seeing the inventory numbers or the amount of supply on the market increasing, and we saw that go from the 0.5 months of inventory here at the bottom of our chart up to 1.7 months of supply in Snohomish County. But what has happened here recently is we’ve actually seen that number start to tick down just ever so slightly. And so we actually are down month over month. We actually have lower inventory numbers. we had <laugh> a little bit more than we have this month, but we’re at 1,462 houses on the market. and that’s up a ton from the 536 last year. So last year we didn’t even hardly have enough houses to talk about.

And this year now we have enough houses for almost two months of the buyers out there. a couple things that maybe we weren’t expecting to see right now is number one, the price. So median sales prices up 6.6% year over year, $725,000 median sales price. And the average is also up 4.9% at seven 800, 780 6,384. And if we’re looking at the percentage of the list priced received if we look at the, based off the original asking price, 95.6%, we’re seeing right around a 5% price reduction if we look at the original price. but if we look at the asking price, 98.5%, so typically there’s some kind of a price reduction thrown in there before most houses are selling, which is something that we’ve been seeing regularly on most listings. But overall, Snohomish County, I think as we finish out the year is going to continue to tighten up.

So we’re gonna see fewer new listings. November and December are in December specifically, are typically really, really slow months for new listings. So if you are on the market during those times, there are buyers for your houses less buyers, but there are buyers and there’s going to be a lot fewer homes to compete against. and that’s really been the, the tail of the, the two halves of this year. Earlier in the year, there weren’t enough houses and so everybody was competing over them. And the last half of the year so far there haven’t been enough buyers for all the houses. And so that’s why we’ve been seeing the number of houses increasing and house is selling for less because buyers aren’t paying the premiums they were paying. And so right now we find ourselves in this transitionary period as we wrap up the year again, we’re gonna see fewer listings coming on the market, but there’s not as much buyer pressure.

So I think it’ll be a little bit of an equitable end to the year. I don’t suspect we’ll see big price drops as we end the year. The last few months have been relatively stable on the median sales price, and we’re not seeing those numbers continuing to drop like they were earlier in the spring. We’ll wrap up this update here with a little bit of a focus on the negatives and specifically the places where home values are down more than others. and so if you’re somebody who’s thinking about, you know, where in Snohomish County can I get a deal right now, these might be some of those places to consider. So Snohomish County as a whole, I mentioned 6.6% up year over year median sales price, but these are some of the places where median sales price is actually lower than it was last year.

So Edmonds, good old Edmonds down 1.2% year over year. Mount Lake Terrace down 16.8% year over year. Mill Creek down 12.8%, Stanwood down 6.9%. Granite falls down 8.8%, Salton down 2.8%, Briar down 4.9%. So if you’re looking for places where houses are selling for less versus some of these areas, houses are still selling for more. I would be focusing my search in on these places and they’re, there’s not really like a rhyme to the locations. Edmonds, Mount Lake Terrace are about the same spot on the map across the highway from each other. But Mill Creek’s a little bit farther north across from Everett or next to Everett Stanwood even farther up North Granite Falls, e Sultan kind of a little bit more in the east side of Snohomish County, but then Breyer, Breyer’s smack dab there in the middle by Linwood.

So again, not much of a rhyme or a reason here, but there are places in Snohomish County where you can get a little bit more of a deal than others. Thanks so much for watching my Snohomish County Real Estate market update for November, 2022. This is the second to last update we’re gonna do for the year. So if you’ve got a lot of value out of these videos and maybe have been following along and you’ve thought, you know what, maybe 20, 23 is the year that I want to consider buying a house, I might, maybe it is taking advantage of the prices coming down. And I think that’s gonna be the big focus for 2023 is, is price. Cuz interest rates are higher, they’re going to be higher. But if you want to talk about your situation, I, I certainly don’t believe that everybody should buy a house and especially now more than ever, I think it depends on your situation. So if you have questions about it and you’ve got value from these videos and you want to connect, I’d love to be a resource for you.