Snohomish County Real Estate Market Update | September 2022

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

In this Snohomish County Real Estate Market Update, I share Snohomish County stats from September 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 August 2022

 

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, 2022. Over the past few months, we’ve been talking about how the market has been transitioning and essentially recalibrating here in Snohomish County. And I think we’re finally starting to hit that point where sellers are a little bit more realistic about the market. Buyers are a little bit more realistic about the market and what we’re seeing is more and more pending sales compared to the new listing. So we were starting to see this trend of more and more inventory building up. And as a way of intro, I just wanna share with you that we’re seeing that trend reversing here, at least for the month of August as we look back at last month’s stats. So let’s dive into the stats, but I think I want you to have that at the front of your mind cuz we’re gonna hear some things that are gonna be like good trends and we’re also gonna see things like prices coming down and things like that.

And I just want you to have it all in perspective here as we go forward. So with that, let’s look at new listings for the month of August. So we had fewer listings year over year. So 18.3% fewer listings than we did the same time last year. And if we look at month over month data from last month in Snohomish County, we actually had 22% fewer listings in Snohomish County this month than we did last month, which isn’t necessarily abnormal to see fewer, but last year we had even more new listings than we had. so again, 300 fewer new listings month over month. If we look at pending sales, I’ve been talking about in my weekly market watches, which if you haven’t seen those videos, definitely take a look at the market watches and kind of weekly snapshot of what’s going on in the Seattle area Housing market, king and Snohomish County together.

But pending sales are down year over year, okay by about 18.8%, but up by over a hundred last month. So between July to August we saw a 12.3% increase in pending sale. So things have been slowing down, but now we’re seeing that activity picking up right? More activity on the buyer’s side, but less listing activity, which means for us if we skip down to the bottom of our kind of monthly snapshot, we’re seeing that we have fewer listings than we did last month and to the tune of a decrease of 0.2 or essentially one week of supply. So we went from 1.9 months of supply in July to 1.7 months of supply at the end of August. And we’re still seeing some of these other trends though, right as we’re trying to figure out where the market’s at. So 22 days on market as opposed to 10 days on market. At the same time. Last year we did see a 7%

In median sales price and also average sales price in Snohomish County, but we did see a drop month over month, so we saw a decrease in the median sales price and we also saw a decrease in the average sales price. Last month, average sales price in Snohomish County was 844,000 this month, $805,000. So definitely seeing prices come down again that’s normal for this time of year. Typically we see the highest prices in the late spring and then we see prices wa a little bit into the summer month. So again, I don’t think it’s that interesting of a trend to watch month over month because again, that’s just a normal thing, but it is important to point it out here for this video as the market has been shifting quite a bit but again, up 7% year over year. So if you would’ve sold in August last year versus this year, even with all the craziness you’re still gonna be selling for more percent of list price received.

I think this has been a big trend. Last year we were seeing houses selling 5.1% over asking price in Snohomish County this last month, 98.7%. So we’re seeing houses selling below asking price in Snohomish County. And if we look at the original asking price, right, instead of this percent based on the actual list price, we’re seeing even lower numbers there. so for buyers you’re able to negotiate a little bit. This also means you’re typically getting better terms on an offer. You’re also being able to include some contingencies like an inspection or financing some of the things that were being kicked out here recently by just the competition. So typically when it’s really competitive, you’re having to pay the best price and also remove contingencies and also make your terms more favorable to the seller. And in this market there’s usually some wiggle room.

You can maybe negotiate the price down a little bit and or have better terms add back in contingencies. So I think for buyers this is a lot better market, but I do like to point out that we’re by no means a buyer’s market because in a buyer’s market you’re not worried about the house selling the next day and you’re not worried about you know, a buyer swooping in and all of a sudden having some competition. You’re also not in any hurry to make an offer right away after a couple days on the market. And I think that there’s this idea that buyers have right now that we’re in a buyer’s market or we’re entering into one. And I would just want to say if you have any doubt about waiting on making an offer or you feel like you gotta pay the asking price right away, it’s definitely not a buyer’s market. So we’re still far from a buyer’s market, but at this point there is a little bit more equity for buyers and the negotiations. So I think there are opportunities especially on price and that be able to add back in some of these contingencies. Right now let’s wrap up this Snohomish County video here with a quick spotlight. So we’re gonna look at kind of what I’ll call central Snohomish County, if you want to call it that. But we’re gonna look at muckle Teo first. lived there for quite a few years as a kid. love me some Muckle Teo, but 949,000 median sales price last month, 16% more than last year, right? So this is one of the places where homes are selling considerably more. Some places not quite as much as we’ll see here, but Muckle Teo selling a lot more above the previous year, numbers about 99.9%. So almost asking price but not above asking price. But again, asking prices are quite a bit higher than they were last year, so still seeing a big jump there. Months of supply in Muckle Teo quite a bit more than last year. but still 1.3 months isn’t really a lot. So it does allow for buyers to have some more options, which is why we’re not seeing houses selling over asking price as often in MT right now.

And then the average days on market, 26 days on market, this is the big, big jump up 136%. So just imagine last year this time we’re seeing everything selling like this and that’s just not the case right now. And that’s the same in in Mill Creek. 25 days on market for Mill Creek, 1.6 months of supply in Mill Creek. 96.9% of asking price. So in Mill Creek we’re seeing houses selling even more below asking price than we are in Muckle, Teo, but listing or sales prices, excuse me, sales prices in Mill Creek are higher than in Muckle, Teo at 1 million, 45,000 for the median there, which is still up 6.3%. So again, you’re as a buyer, it feels like you’re getting a deal. But for sellers, again, that perspective is you’re still selling for 6% more than you would’ve last year. Now Everett, median sales price 6 25 is down 0.8% year over year.

99.1% of asking price. Again, everything in Everett was selling above, asking price last year. Now just below 1.6 months of supply, similar to Mill Creek in Everett in 20 days on market. let’s look at a couple more here. So let’s look at Bothel. 1,000,050 is the median sales price up 12.2%. Another one of those that is above 10% from last year. 98% of asking price in Bothel, 1.5 months of supply and 20 days on market. And then we’ll wrap it up here with Snohomish 949,950 for the median sales price up 8.6%, 97.8% of asking price, again, selling below asking price, but a lot more than we were last year. Again, that’s the trend right now. 1.8 months of supply. So we’re getting closer to the two months of supply in Snohomish. And again, a buyer’s market is going to historically be in that, you know, four to six months of supply. So we’re still

 

Not in a buyer’s market, but when prices start coming down, again, there’s just room for buyers to negotiate a little bit, which is really, really refreshing. and 23 days on market on average in Snohomish. Now none of these numbers are particularly shocking to me. I think I like seeing Muckle tio again my hometown or one of them at least having the 16% over last year, but Bothell had 12.2% Snohomish 8.6, so we’re seeing quite a few pockets. The average in Snohomish County was seven, so we saw a few of these are above the average. A few of them are below the average, but overall Snohomish County’s housing market still really healthy. I think it’s a little bit more balanced and equitable than it was earlier in the year, but and by no means is it a, a cool market. So sellers, there’s still great opportunities to sell and get a great price for your house even if you missed maybe the hottest time of the year earlier in the spring. But for buyers, I think you have a lot more opportunities here right now. so if you’re interested in taking advantage of that I’d love to hear from you.

Thanks so much for watching our Snohomish County Real Estate market update for September, 2022. If you made it all the way to this video, I know you got some value. So do me a favor, please go ahead and give us video a thumbs up and if you wanna chat or communicate, feel free to drop a comment or reach out to me personally.

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