Snohomish County Housing Market Report and Real Estate News for October 2016
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Real estate market data for Snohomish County, WA provided by the North West MLS. To get your instant home valuation Click Here! You may be surprised what your home is worth in today’s market!
The Snohomish County Real Estate Market is still going strong! Historically around this time of the year, the market slows down until spring. We have seen a slight increase of the time a house sits on the market. We are not seeing quite as many multiple offers as previous months. Snohomish County is still experiencing extreme housing inventory lows. This month there is a total of 1.7 months of inventory in Snohomish County. There is a total of 1,642 active homes in Snohomish County. Homes are selling anywhere from 95% – 118% of list price. Condo prices rose nearly 9.8% last month.
The average days a house is on the market is 25 days for all of Snohomish County. Depending on what city you live in your market time may be more or fewer days. Bothell and Lynnwood still have a fast market time of about 19 days. North Snohomish County is about 10 to 15 days longer average market time. What really determines how fast your home will sell is what specific area you are in and if you price competitively.
Snohomish County Home Prices
Home prices have gone up 9.8% year to date. This is the second month of seeing under 10% appreciation. This is a good thing for the Snohomish County Market to have a more balanced housing market. Each city in Snohomish County is different, some home prices are steady and others are still rising. As you can see from the graph below, listings are mostly selling around full price and over.
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. The average sales price in Snohomish County last month was $425,619. Bothell WA had the highest average price point in the county.
- Bothell, WA has 229 active homes for sale. The average price is $544,849 and the average time on market is 20 days.
- Everett, WA has 409 active homes for sale, the average price is $413,344 and the average time on market is 27 days.
- Snohomish, WA has 224 active homes for sale, the average price is $$396,809 and the average time on market is 38 days.
- Lake Stevens, WA has 295 active homes for sale, the average price is $$366,928 and the average time on market is 24 days.
- Marysville, WA has 459 homes for sale, the average price is $332,653 and the average time on market is 269 days.
Snohomish County Low Inventory
As of September 30th, 2016 the current housing inventory for Snohomish County is only 1.7 months. Current Inventory means that if no other homes went on the market, homes in Snohomish County will sell out within two months. Currently, Snohomish County as whole homes has an average time of 25 days on the market before they sell. If you are a buyer you will want to consider making your best offer on a home. Do not rely on a seller countering back because they will most likely have more than one offer. If you are a seller you will want to price your home in line with comparable homes around yours. Buyers are very educated with what other homes are listed for sine you can see everything online. We see homes that are overpriced end up sitting on the market for an extended period of time. Buyers usually want to write lower offers when homes have been on the market for a long period of time.
Snohomish County Buyers
Snohomish County buyers are still buying homes despite the low inventory! Buyers are anxious to get into a home before the interest rates rise. This seems to be the big drive for buyers looking right now. Another big factor is that rental houses are extremely expensive right now. For most buyers, they can buy a house and their mortgage will be less than renting a house. Besides the fact it is expensive to rent right now, it is also very hard to find an available rental house. Home buyers are considering homes that have been on the market a long time because they need to look at all options. The month of September 2016 had the lowest new listings since February 2016. Usually, the inventory drops in November up to 50%, it is a good chance that it will get more difficult to find a house in the next few months. An experienced agent can help you look into for sale by owners and off-market properties to help increase your options.
Sellers are taking advantage of the market and selling their homes and either buying right away or finding a place to stay until they find a house to buy. Many people who have a home other than their primary residence are selling their homes to get the highest price possible in this seller’s market. Investors are using their money from selling their homes and using the money to buy multi-family homes that will give them the best return on investment.
Appraisals in Snohomish County
Not only are we having a shortage of houses but we are also having a shortage of appraisers in Snohomish County. Appraisers are extremely busy right now so buyers are paying rush fee’s or putting a longer close date on purchase and sale agreements. Sometimes, putting a longer close date is not an option in competitive markets. This leads to the buyer paying more for their appraisal to speed up the process. We have seen many contracts having to get extended due to appraisals taking a long time to get turned into the lender. The reason for the shortage on appraisers is nearly half went away when the new rules and regulations took place.
We are also having a hard time with appraisal times due to the lack of inventory. It is hard for an appraiser to find comparable homes when in lots of areas there really isn’t anything that sold recently to compare to. There have been more appraisal reports coming in with low values due to the lack of comparable homes. When this happens buyers can either come up with the difference in price and pay it in cash at closing or negotiate the seller to come down in price.
Find Homes for Sale in Snohomish County
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