Snohomish County Housing Market Report and Real Estate News for March 2016
Real estate market data for Snohomish County, WA provided by North West MLS.
View all Snohomish County Real Estate today HERE and see all houses listed in the North West MLS. Call 425-308-6641 to Buy or Sell a House in Snohomish County, King County or Skagit County today.
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We have been seeing a HOT market staying strong in Snohomish County through the winter and now into the spring. Snohomish County has been experiencing all time lows for months now. Right now the county as a whole sits at 1.1 months supply of inventory. If you are contemplating selling, now is better than later being that there is literally no competition. Homes are selling between 97% – 101% in the price ranges $10,000 through $1,000,000. Homes are selling exceptionally fast because there are more buyers than there are homes listed and also, interest rates are still very low. When interest rates are low it helps the buyer be able to afford more when buying a house.
Snohomish County Home Prices
We have seen many straight months of listing price increases on home prices in Snohomish County and the lack of inventory is helping the prices to increase. If you are considering buying a home you can still find deals on a house in Snohomish County but having a good real estate agent who understands the market is a must. Don’t wait on the sidelines for too long, many of our listings are selling within a few days of hitting the market in many cities. As you can see from the graph below, listings are mostly selling exactly for asking price. To make sure you don’t overpay for your home, you’ll want to have an agent that does a thorough market analysis of the home on which you are making an offer.
As of February 29th, 2016 the current housing inventory for Snohomish County is only 1.1 months. Low inventory will suggest that homes are not sitting on the market for very long. Currently in this area of Snohomish County, homes have a median time of 34 days on the market before they sell. This would suggest that buyers are in a great position to make an aggressive offer on a home. Sellers should make sure to price their home near the market value if they expect to get an offer from one of those interested buyers. Low inventory in Snohomish County has multiple offers coming in on homes similar to what we saw back in 2007. However, homes are not running up quite as fast as they did back then because banks have gotten a lot stricter on lending guidelines and are no longer giving a loan to anyone with a pulse. But low inventory is one indicator that prices should continue to rise until there is a more balanced inventory.
Snohomish County Real Estate Report Summary
The median list price in March for single family homes in Snohomish County has gone up 9.6% year to date.
The median sale price in March for single family homes is $380,000. This has been calculated from all 11,038 listings on the NWMLS.
Mortage rates are low, inventory is low which means it is a grea time to buy financially and a great time to sell with harldy any competition.
Find Homes for Sale in Snohomish County
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To find out what you home is worth in the current market use our FREE Home Evaluation Tool or call 425-308-6641.