Snohomish County Real Estate Market Update | October 2021

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

In this Snohomish County Real Estate Market Update, Zach McDonald shares Snohomish County housing market stats from September 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 September 2021

 

Transcript:

Hey Y’all, Zach McDonald, your real estate agent with Real Property Associates, and this is my Snohomish County Real Estate Market update for October, 2021. If you’re new to these updates each month, I talk about the Snohomish County market. I also talk about the King County market in a separate video and I talk about the Seattle Bellevue markets and highlight those a little bit more. Again in a separate video. I’ll link those videos up below if you want to take a look at some of that other information. But this video we’re gonna focus specifically on Snohomish County. You may or may not be surprised by this, but Snohomish County as a whole grew together at a higher rate than King County did as a, as a whole. Snohomish County’s median sales price increased 18.7% and the average up 19.5%, just slightly more than King County’s average. But the entirety of Snohomish County, the median sales price went up 18.7%, whereas King County was just over 10.

So quite a bit more growth for all the properties in Snohomish County, and it still is considerably cheaper than buying a house in King County. So I did a little math before we get into the actual stats here, just to break down and show you, if you’re somebody thinking about buying in 2022 or even here before the end of 2021, if your budget is a little bit tighter and you want to get something a little bit nicer or bigger, Snohomish County may be the place to accomplish that. If we look at the median sales price and take Snohomish County in King County, it’s going to be $164,548 cheaper. The median is to purchase in Snohomish County versus King County. If we look at the average, all right, so that’s taking into account all of the really expensive properties in King County and also in Snohomish County.

We’re looking at eight $357,703 difference. So considerably cheaper to buy in Snohomish County versus King County. Now, people wanna live in some of the places on the east side, specifically in King County, where prices are considerably higher, which is why King County’s average is 30.8% higher than the median. So there are certain parts of King County that are far more expensive than others, and in Snohomish County it’s only a 9.4% difference between the median and the average. So there’s not as many super ultra expensive properties, at least compared to the rest that are pulling that average up. But King County, you see that. So there’s a lot more really expensive areas and then more affordable areas, whereas in Hoish County you have just more general equity amongst the houses. But there still are some really nice areas maybe that are a little bit more desirable than others, if that makes sense. So

As we jump into the stats, I just want to put it in your mind. Snohomish County is a great place and I live just on the edge of Snohomish and King County in Edmonds. So about the farthest south you can get in Snohomish County. And my house is actually only a few blocks away from Shoreline’s County line and the King County Snohomish County line. So live really close to the county line. I love Snohomish County. King County’s great too. And there’s a few places on the east side that my wife and I have been talking about and thinking about as well as far as for maybe the next home purchase. But for now, let’s talk about Snohomish County and some of these stats so you can get a little bit better feel for what’s going on in Snohomish County. from last month’s stats, so September, 2021, stats new listings about 0.8% more looks like about 10 listings more this September versus last September, we saw a slight decline in pending sales, 2.8%, a 1.8% decline in close sales.

So nothing really troubling here, just presenting the info. So this should have impacted our supply a little bit, but actually we’re seeing a negative number here. So we’re seeing 0.6 months of supply versus 0.8. So 25% decrease in the amount of inventory in a 8.8% decrease in the amount of homes for sale year over year. So I would’ve thought as I’m looking at this that I would’ve seen fewer sales, a little bit more inventory, and that would’ve increased the number of homes on the market, but we’re still seeing everything selling and just as a reminder, pending sales would be also reflect in the next month. So if somebody listed their house at the end of September, it will go pending in the beginning of October. So they’re just slightly off on a week maybe as we look at these stats. But we’re still seeing pretty much everything is selling and that’s why we’re seeing the inventory numbers continue to go down.

And we’re seeing even the last homes on the market now than we did at the same time last month. So continual competition in Snohomish County, which is why we’re still seeing about 4% over asking price, which last year, same time we were seeing 1.9% above asking price countywide and that median sales price is up. I mentioned earlier in the video, 18.7% year over year, and we’re seeing the same thing, 19.5% on the average sales price. So lots and lots of growth. The average house in Snohomish County is about 730,000 at $727,628, and last year just over 600,000, $609,064. So lots and lots of growth in Snohomish County year over year as far as price. And a lot of that’s driven by competition and lack of inventory. There are other factors that play here too, like people

Changing what they are looking for in house, things like increased incomes or increased ability to borrow with lower interest rates. lots and lots of factors here. And I think that as we look at certain parts of Snohomish County, we’re seeing more growth in those areas and part of it’s because they were more affordable and now they’re continuing to get more and more expensive. And we can look at places like Stanwood. We were seeing 32.8% year over year growth or places like Granite Falls, 29.2% up year over year or Monroe, 40.1% up year over year. Pretty crazy numbers. But then to think that the prices were quite a bit less expensive if we were to look at these numbers last year. And now as we project forward, we’re seeing that some of the reasons people like these places is because there’s more land, it’s a little bit more remote, feels a little bit more rural Monroe and Stanwood, places like that, granite Falls have always felt a little bit more rural versus suburban.

And so these are people pushing outside of the suburban areas and into more of the rural parts of Snohomish County. As we look at South Central Snohomish County, we’re gonna see a few things. number one, houses are still selling over asking price and it’s competitive, but the cities aren’t necessarily bringing up the average or the median in Snohomish County. They’re actually bringing it down. A lot of the more rural places in Snohomish County, a little bit more affordable in 2020 and beginning of 2021 have seen the most growth, but we’re still seeing a lot of growth in the core here of Snohomish County in the park that’s a little bit closer to Seattle and Bellevue, which is where historically people have wanted to live. So places like Linwood up 8.7% year over year houses selling 5.1% above asking price selling in eight days on average, muckle TE is up 11.8% year over year.

Homes are selling 3.9% above asking price on average. And we’re seeing nine days on market in Mut Mill Creek. Mill Creek’s crushing the rest of South Central Snohomish County here. We got 31.1% year over year growth, 9.1% over asking price on average. And we’re seeing five days on the market in Mill Creek. So arguably the hottest place if we’re looking at Central Snohomish County, Everett, a little bit farther north in Mill Creek, just north 8.6% up year over year, 4% above asking price on average. And we’re seeing 11 days on market in Everett in Bothell, 26.1% up year over year, 4.8% above asking price on average and 10 days on the market. Now, I’m seeing in some of these places even more competition on specific houses. But

Again, this is the entire city as a whole for each of these places. And Snohomish County in general, again, we’re talking about 18.7% up year over year median and 19.5% up year over year average. And again, I just mentioned a few of those cities are bringing the average up and some of them are bringing it down, and a lot of the rest of Snohomish County is bringing that average up. So if we’re looking at where are the hottest places right now that people are buying and competing, it’s going to be heading a little bit farther north. That’s where you’re seeing the most multiple offers and the most over asking price. But Snohomish County in general as a whole is super, super competitive and seeing a lot more balance in the growth versus King County. Thanks so much for watching my Snohomish County Real Estate market update for October, 2021.

If you’re watching this video and you got lots of value out of it, please consider subscribing to my channel so you can see these videos on a regular basis. And if you are thinking about purchasing a house in Snohomish County or King County for that matter, I’d love to be a resource for you. Feel free to reach out.

Recommended Posts
Contact Zach

Let me know how I can help!