Snohomish County Real Estate Market Update | October 2022

 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 2022 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 2022

 

Transcript:

Hey y’all, Zack McDonald, your real estate agent with Real Property Associates, and this is my Snohomish County Real Estate market update for October, 2022.

Well, what’s up Snohomish County? We’re looking back at the data from September, 2022 as we kind of look back into the past to see what we might expect here coming up in the housing market. And if you haven’t subscribed to the channel yet, please consider doing so because every single week, if you enjoy following along with the housing market, we publish a Seattle Market Watch. And in the Seattle Market Watch, we’re looking at King and Snohomish County data on a weekly basis and talking about what’s happening in the housing market on a weekly basis. And again, this is kind of a summary, looking back and seeing what happened. That’s the active in the moment, week by week data. So if you want to see more information and follow along, please consider subscribing. Let’s dive into the data now here for Snohomish County, because I know that a lot of you enjoy hearing these numbers.

And this is my shorter winded version of these market updates. And in Snohomish County, we had 1058 new listings last month we had 1,253 last year, so minus 15.6%. So we had a drop in new listings. We did have a 30% drop in pending sales though, so we saw that the demand was even less than the amount of listings coming on. so last year we had almost 1,200. In this year we had 837, so quite a big drop off there in pending sales, close sales, also down 32.7% in Snohomish County in days on market up considerably last year, 11 days on market this year, 27 days on market average for houses in Snohomish County. The price here, and I think this is this is interesting to note. So last year, $670,000 median sales price, and this year, $725,000 median sales price. So that’s the year over year difference, 8.2% up.

So a lot of people are like, well, like if I sell now, did I miss it? No, you didn’t miss it for sure, and you’re still up considerably year over year. But I think this will be interesting to note that from the earlier in the year, right in, and in this case it was April, the median sales prices in Hoish Counties down 14.3%, okay? Down 14.3% from April <laugh>, but still up 8.2% from last year. So we saw massive, massive jump in prices from last year at this same time, right? All the way through the year. And even with all of the hoop law, we’re still up considerably on home values and home prices. Now, last year, home prices dropped from the high till September, right? So the same exact idea, 5% in Snohomish County, and this year they dropped 14.3%, so that’s a delta of 9.3%.

And so as we’re looking at the numbers, there’s a normal seasonal slowdown or correction, if you want to call it in the housing market, and we could maybe come up with a bullet point list of why that is. But for the sake of this video, let’s just say that it isn’t, it is normal to see home prices correct and adjust going from spring to the fall. and last year, even in the hottest housing market that we’ve ever had, we still saw a 5% drop from the top to September. But this year, again, 9.3% different. So things are definitely different right now, right? The market has shifted and changed list price. So last year at this same time, houses we’re selling for 3.8% above asking price. This year, 98.6% of asking price down 5%. Now, I’ve mentioned this, and I’m not going to use the same exact references every time, but the percent of the original asking price is going to be less than that.

So there have been lots of price reductions in Snohomish County. Most houses are seeing those. So that may be percent of the current list price is 98.6% countywide, but the original price is going to be even lower than that. Amount of homes on the market up a hundred 0.9%, almost 110% from last year. So 755 houses to almost 1600 houses on the market. And the supply numbers, again, 157% more if we’re looking at the month supply versus the competition. So last year we were at 0.7 months of supply, and this year, 1.8 months. So that just means we have a lot more houses available for buyers, so they have more options, which is why we’re seeing house prices be a little bit lower. Nobody’s competing. Nobody wants to pay extra over asking price. We also have higher interest rates right now. So as of today on mortgage news, daily rates were up over 7%, again, just slightly.

And Freddie Mac who does a weekly mortgage survey was at 6.66% for the previous week. So we are seeing rates continue to rise. They’re up more than 3% from the same time last year that there’s a lot more pressure on the budgets. but as we’re looking at Snohomish County as a whole, again, I think there are opportunities in the market right now. We are, I would suspect, going to see fewer houses coming on the market as the year comes to a close, that’s completely normal. Buyer activity typically does taper off a little bit as well, but not usually as much as the amount of listings. So I would suspect that we’ll start to see those inventory numbers go down as we get towards the end of the year, which means I think there’s gonna be less selection and a little bit more a little bit more competition again for the same listings.

So it’ll be interesting to see how 2022 finishes out here. Again, I, I think we’ve already seen a pretty drastic correction in the housing market, the Seattle metro area. So Kings, Snohomish, Pierce County has all <laugh> been in the news for having one of or the largest drops across the country in housing prices. So again, buyers, I think there’s opportunities, but sellers, again, I mentioned up 8.9% and that’s on the average sales price and up 8.2% on the median. So I think for sellers, you can still sell your house right now and get a good price for it. you did miss the boat for the hottest market we’ve ever experienced, but again, you’re still up considerably from the same time last year. For our monthly spotlight, we’re gonna go up north. Okay, we’re gonna head up to, and we’ll, we’ll just start in Stanwood.

What the heck? home prices in Stanwood are up 12 and a 5% year over year. Houses are selling right now, 98.6% of asking price stays on market 27 days. Lake Stevens up 5.7% year over year, 99.7% of asking price in Lake Stevens and houses, again, 27 days on market in Lake Stevens. If we look at Arlington home, prices in Arlington are up 14.1% year over year, 98.4% of asking price and 27 days on market, right? We’re getting a little bit of a theme here. Granite Falls 9.5% down year over year. All right, so they’re the first one here on our list. That’s down a hundred percent of asking price, though at least that’s the the average there. And then houses in Granite Falls are taking about 35 days to sell. If we look at Sultan up 11.5% year over year, 99.3% of asking price and 22 days on market.

Monroe here, 6% down year over year. Monroe saw a lot of growth here over the past few years. 99.9% though of asking price. So again, after those price reductions most likely. And then 29 days on market, gold Bar, 4.2% up year over year, 98.3% of the average list price there. And then the days on market, 24 days on market, Darrington, 8% up year over year pretty close to the average there for Snohomish County, 99.6% of asking price and 52 days on market. And then Marysville will be our last city spotlight here for the month, 2.8% up year over year. quite a bit lower than our, again, average for the county. 99% of asking price and 29 days on market. Thanks so much for watching my Snohomish County real estate market update here for October, 2022. I think we got an exciting finished 2 20 22 here coming up in the housing market.

If you have questions though about your situation, I would say historically and statistically buyers are starting to think about buying in the fall, October, November, December, kind of making those New Year’s resolutions. If you find yourself in that situation and trying to figure out, doesn’t it even make sense for me to buy, I’m happy to talk to you about your situation. Again, I don’t think everybody should be buying a house right now, and I never think anybody should be buying a house in general. but I’d love to talk about your situation if it would be a good fit for you.

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