Snohomish County Real Estate Market Update | July 2024

Hey, I is Zach McDonald, your real estate agent with Real Property Associates, and this is my Snohomish County Real Estate market update for July, 2024.

What’s up, Snohomish County? We’ve had an interesting summer so far. We’ve been seeing the weather improving. We’ve been seeing the housing market, I wouldn’t say slowing down a ton, but definitely slowing down a little bit. And I think the big reason we’re seeing the housing market slowing down here in Snohomish County right now is because we’ve been seeing an increase in inventory. So if we look back at May May’s numbers, towards the end of May, we started seeing things start to slow down, and now in June we’ve seen that continue on and we talked about supply. So the amount of houses coming on the market has decreased, but the amount of houses selling has also decreased. So things have just been slowing down a little bit, and we’re seeing that with the new listings in May, we had 1,254 and then June, 1082, so fewer listings, we saw fewer pending sales as well.

876 in May, 810 in June. And we did see more close sales. Some of those would’ve been though from May seven 10 in May versus 7 31 in June. Days on market was about the same, 13 in May 15 in June. So things weren’t taking that much longer to sell. But what we see here with the median sales price, 8 24 9 90 was the median sales price here in June in Snohomish County. Looking back at May, it was 8 25, pretty much the same deal. Now, although it wasn’t up from May, it was 7.8% up from last year. So the median sales price is up 7.8% in Snohomish County from 2023. The average sales price of 907 66 is up 5.9% from 2023. So although it’s slightly down from 9 15, 6 53 last month, we’re pretty much seeing that Snohomish County’s housing prices have flatlined over the past month or so, and the amount of over asking price 1.4%.

So you’re seeing a little less of the price pressure. And again, a lot of that comes down to what’s available. So the inventory or the amount of houses available to purchase at the end of June was 1,105 houses. So a good amount of options last month in May or two months ago, I guess 913 houses available at the end of the month. So we saw quite a few more houses, about 200 more houses that are available, which bumped up our supply number to 1.7 months of supply in Snohomish County. And typically, I’ve found that when we’re in that one and a half to two months of supply, we don’t see much of a drop off in prices. We see things remain a little bit more stable. You don’t see as much competition as much over asking price, and I think that’s what’s holding true. We had a few different listings, one in Snohomish County that ended up getting a little tiny bit over asking price, right?

We priced it towards the middle or the top of the value range. Actually, we got two offers on that one. One that was just a little bit over the asking price, which is the offer we ended up taking. We also had a listing in King County last week that also had lots of interest. Ended up just getting one offer at the asking price. Now I share that King County one two here just to give you an idea that both have been slowing down and King of s Elish County’s housing markets are different. But there are a lot of similarities as well as we’re looking at what’s going on in the general greater Seattle area here. We did have a buyer as well who purchased in the city of Snohomish in the past month, and he experienced something very similar. There were multiple offers on the house, I believe it was five, and he ended up getting the house for just over asking price.

The thing that you can’t see when you’re looking at the data is that a lot of buyers are still removing contingencies to get their offer accepted. So even if they are offering asking price or just over asking price right now, they’re still maybe removing an inspection contingency or maybe they are giving some type of guarantee to the seller that they will continue forward if the appraisal comes in low or maybe they’re even removing a financing contingency. And those contingencies are protections for buyers in the contract. So right now, I think the biggest thing I’m noticing is that we’re seeing a little less of the upward price pressure, but there’s still enough buyers out there and not enough supply that we’re seeing the contingencies or the protections in the contract for the buyer still be reduced. If you’re a buyer out there right now or you’re considering a purchase, I think the expectation, you should expect that there might be a little competition, especially for some of the really good houses.

Some houses are always competitive, maybe the neighborhood’s amazing or the street’s great, and then some houses are always going to sit. And then there’s a bunch in the middle there where sometimes it’s just maybe you remove a contingency, but you don’t have to offer over asking price or maybe even ask for some concessions in the contract, but remove some contingencies. There’s lots of different ways to negotiate a purchase, but right now, I think for buyers, this is that time window right now in 2024 where you have an opportunity to take some action and not be paying 5, 7, 8, 10% over asking price. We were seeing that earlier in the spring. So I think for buyers, this is your time window to take advantage of a little less competition. And for sellers, though, you’re still getting a great price for the house. It’s not like things are dropping off a lot, but you might not see the price being pushed up as much either.

So Snohomish County, as we’re looking at the rest of the summer, I do expect for it to be similar to this. We might see prices dip off a little bit here. It’s fairly typical during the summer to see things kind of peaking around the summer, plateauing a little bit, maybe dipping a little bit, bumping up again a little in the fall, and then it’s kind of slowly dropping off into the winter months. And I would say this is probably the buyer’s dream scenario right now with the caveat that mortgage rates are high. Now we’re hovering right around 7% still according to Mortgage News Daily’s site. And every day we’ve been going up a little bit down a little bit. We’ve seen mid sixes, we’ve seen mid sevens, but really recently we’ve been hovering or almost flatlined in the 7% range across the board. So I think buyers, we know what to expect.

We know interest rates are going to be right around seven. We haven’t seen a cut yet. Maybe we will see one, maybe we won’t. I’m not really sure, maybe right before the election to stimulate things a little bit. But at this point, I think that we have fairly transparent pricing, not as much over asking price. We also have more options out there, more opportunities. And so if you’re somebody who doesn’t like the multiple offer game or doesn’t want to play it, this is going to be that time window for you here this summer. Thanks so much for watching my Snohomish County Real Estate market update. I know that if you made it to the end that you found some value here. So please help me out. Consider subscribing to the channel if you want to follow along with these updates on a regular basis. If you know somebody who could benefit from these videos, please consider sharing it with them. And of course, if there’s any way that I can bring value to your situation, whether you’re thinking about buying or selling here in Snohomish County, I’d love to be a resource for you