Snohomish County Housing Market Report and Real Estate News for September 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!
Fall has arrived in Snohomish County with rain and leaves falling! Typically around this time the housing market slows down a bit. We have been noticing a slight shift with longer market time and more price reductions. Snohomish County has been experiencing extreme housing inventory lows all year. We still only have 1.3 months of inventory which is the same as last month. Homes are selling between 96% – 130% in the price ranges $10,000 through $1,000,000. Anything above 1,000,000 is on average selling at 91% of list price. Anything Under $120,000 is selling at 130% of asking price.
The average days a house is on the market is 25 days for all of Snohomish County. Some areas of Snohomish County have noticed a small shift in how fast homes are selling. Bothell and Lynnwood still have a fast market time of about 27 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 9.6% year to date. All year we have been in double digit appreciation. This is the first month of seeing under 10% appreciation. 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. The current low inventory is an indicator that prices should continue to rise until there is a more balanced market. 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.
- Bothell, WA has 211 units for sale. The average price is $$562,229 and the average time on market is 20 days.
- Everett, WA has 269 units for sale, the average price is $434,386 and the average time on market is 28 days.
- Snohomish, WA has 114 units for sale, the average price is $411,577 and the average time on market is 37 days.
- Lake Stevens, WA has 163 units for sale, the average price is $358,807 and the average time on market is 29 days.
- Marysville, WA has 257 units for sale, the average price is $345,297 and the average time on market is 35 days.
As of August 31st, 2016 the current housing inventory for Snohomish County is only 1.3 months. Current Inventory means that if no other homes went on the market, Snohomish County houses will sell out within a little over one month. Currently, Snohomish County as whole homes has an average time of 28 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 Home Buyers Showing Up Despite Low Inventory
Snohomish County buyers are still actively buying homes despite the low inventory! Interest rates are still extremely low and this gives buyers huge motivation. The lower the interest rates are the more power a buyer has when buying a house. Another factor for buyers motivation right now is how expensive renting is getting. Rentals are also very low in inventory right now and harder to find than buying. One reason why inventory is low for buying and renting is that in 2008 through 2011 home builders really didn’t build anything. That puts us behind at least three years of new construction that should have been built. We also have a lot of international investors buying in our area because of all the job opportunities Washington offers. Home builders have finally started building again, yet it takes a couple years to actually catch up.
Find Homes for Sale in Snohomish County
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