Snohomish County Real Estate Market Update | September 2021

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

In this Snohomish County Real Estate Market Update, I share Snohomish County stats from August 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 Real Estate Market update for September, 2021. In this Snohomish County market update, we’re gonna talk about the residential stats, the condo stats. I don’t normally talk about condo stats, but I am in this video. And we’re also gonna talk about the members of the 20% Club. These are the housing markets in Snohomish County that have median sales prices that are more than 20% up year over year. And a hint, all of Snohomish County is up on average over 20%. So that’s most of the county. Let’s start with the residential stats here in as a reminder, I don’t spend too much time interpreting the data and these updates. I save that and the commentary for the Seattle Bellevue Real Estate market update. So I’ll link that one up below as well.

So if you want to hear more of my thoughts about the general metro area, that’s where you’re gonna see those stats or if you’re more excited about the big city. But in this video, we’re just gonna talk about the stats real quick and then have some brief commentary at the end. Snohomish County stats look quite a bit different than King County stats in multiple ways. We had an increase in listings this year, year over year, a 10% increase in new listings. That is slightly down from last month in July, but year over year we had an increase, which I’m a little surprised by just because we had the Covid 19 issue last year, and it’s still very present right now, but it was a lot more concerning to people earlier in the spring and winter last year. So we saw fewer houses go on the market and an increase in the late summer, early fall.

So I’m kind of surprised to see more listings this year than last year, especially after seeing King County’s data where it was the opposite. But we did see an increase. We also saw a jump in pending sales, 9.2% jump in pending sales year over year. We did see a jump year, month over month as well. Same thing with closed sales, 8.8% more closed sales in Snohomish County than last year, and also more than last month as well. Days on market decreased from 18 to 10, that’s a 44% drop in Snohomish County. Median sales price is up 22.9% year over year. So last year, 5 57, 5 41. That was the median sales price in Snohomish County this year, 6 85. 6 85. So 22.9% jump. That is slightly down if we look at month over month data. So last month, slightly higher there, but the average price is actually up this month over last month, 21.8% up year over year as well.

So last year on average, 616,579, and this year, $750,773. So big jump in prices in Snohomish County year over year. King County also saw some pretty substantial jumps, but Snohomish County is kick King county’s butt this year. So prices are still considerably cheaper, but we’re seeing a lot more growth and appreciation in general in Snohomish County versus King County. Percentage of list price has also gone up 3.2% in Snohomish County, year over year, 5.2% over asking price this last month. The inventory of homes for sale has dropped year over year, about 18.3%, and it’s also dropped month over month. So last month we saw a little bit more homes on the market. So our supply is down to 0.6 months of supply, which is a 33.3% drop year over year. And honestly, super, super low countywide. that’s made for a super competitive market in Snohomish County.

The whole region, Seattle region has been extremely competitive in the last year plus, and I know a lot of the countries experience that, but we’re still in the thick of it, and it might not be as hot as it was earlier in the year, but for the fall, it’s incredibly, incredibly hot. I’m gonna do a really quick hit on the condos here in Snohomish County. I’m not going to read every single stat like I did for the residential side, and that’s mainly because in Snohomish County, condos are a fairly small part of the market. King County has a lot more condos, specifically Seattle, but there just really aren’t as many in Snohomish County. But for those that are in a condo or looking at the condo market, we saw a 25.6% jump in median sales price for condos in Snohomish County in a 24.1% jump.

So huge jump in median sales price in Snohomish County. For condos, we saw a 4.1% average above asking price. So if you’re making an offer on a condo or considering selling a condo, you can expect Snohomish County to see a little bit more than you’re asking price, assuming that you price competitively, and you can also expect it to sell fairly quickly. Nine days on market on average. And King County Condos, I believe were 21 days on market, so you’re less than half the time on the market if you have a condo in Snohomish County versus King County. So I think, you know, the, the condos in Snohomish County in general are more interspersed into the different neighborhoods, whereas in King County, a lot of them are more concentrated in those downtown areas, which were a little bit less desirable last year versus this year. I wanna wrap this video up talking about the 20% Club. And I, I did this in my King County video, so I need to do it in the Snohomish County video as well. So I’m giving a shout out to the different cities in Snohomish County that eclipsed 20% increase or more in their median sales price from last year. So if we look at the map, I gotta, I gotta just call out Edmonds. I love Edmonds. It’s my birthplace, it’s my hometown. So I always talk about Edmonds.

If you watch these videos, Edmonds median sales price jumped 27.2% year over year. Mill Creek jumped 21.1% year over year. Bothel jumped 28.2% year over year. Snohomish, the city jumped 31% year over year. Lake Stevens, 26.2% jump year over year. Nice work. Lake Stevens, granite Falls, that’s where my sister and brother-in-law are at 34.1% jump year over year. Monroe, 27.4% increase. Darrington 45.8% Darrington, your stats are tough for me, so we must have had had a couple big sales this month. That’s, that’s, that seems crazy to me. Breyer, 21.3% jump year over year. And a couple honorable mentions. I’m giving honorable mentions, shoutouts to people that were, if I could round up, gonna be at 20%. So Arlington was at 19.7% up year over year. And Everett, 19.5% year over year as a whole. Though I mentioned earlier, the whole of Snohomish County is up more than 20% year over year.

So absolutely crazy growth year over the last year. And man, it’s hard for me to imagine this pace continuing, but it’s also really hard right now to see it ending as well. So I know it’s gonna come to an end. I know we’re not gonna see 20% jumps year over year every year, but even recently I was reading an article talking about 17 plus percent gains in Seattle, almost 20%. And then reading about some of these other metro areas, seeing even more crazy numbers next year, Austin, Texas, I think in this article is like thir 37% or something like that. So I’ll, I’ll link up that video below. I, I talked about the news article a little bit, but I think the growth here in Snohomish County has in part been driven by people wanting to get out of the city core and get a little bit more space, newer, bigger houses.

The east side over in King County has been seeing a lot of similar growth. I think the south end of King County has also been seeing that. So there’s been a lot of growth around Seattle and there are many reasons for that I think. But Snohomish County has been getting a lot of transplants here over the last couple years and specifically the last 24 months. So Snohomish County, if you’re a homeowner, you really love hearing these numbers. I know as a perspective buyer, these numbers are a little bit intimidating and I’ve had conversations with people more recently and, and constantly about the market and how expensive it is, and I completely get it. It is getting really, really expensive to live here in Snohomish County. So if you want to talkAbout any of this, if you want to talk about your situation and how this all applies to you, I’d love to have a conversation, whether that’s over Zoom or over coffee. And if you haven’t subscribed to this channel yet, I would super appreciate it if you go ahead and hit that subscribe button so that you can see these updates on a regular basis. I also talk about the metro area as well, and a lot of other real estate content is posted here on the channel. So I’d love your support and if you could share it with anybody else that would benefit from it, I’d super appreciate that as well.

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