As we continue through the summer, the Snohomish County real estate market remains robust and dynamic, reflecting both resilience and growth. Whether you’re a prospective homebuyer, a seller, or simply keeping an eye on the local market, staying informed about the latest trends and statistics is critical to making informed decisions. Here’s your monthly update with a detailed look at the numbers and what they mean for you.
Snohomish County Residential Market Overview
The residential real estate market in Snohomish County has consistently grown in July 2024, building on the momentum we’ve seen throughout the year.
New Listings and Inventory in Snohomish County
New Listings: The number of new listings in July increased by 10.0% compared to July 2023, with 947 new homes coming onto the market. Year-to-date, we’ve seen a 16.5% rise in new listings, signaling a healthy influx of properties for buyers to consider.
Inventory: The inventory of homes for sale has grown significantly, with a 37.5% increase, bringing the total to 1,137 homes. This rise in inventory is a positive development for buyers, offering more choices and reducing some of the competitive pressure we’ve seen in previous months.
Months Supply of Inventory: The months’ supply of inventory has also risen to 1.8 months, up 50.0% from last year. While this is still considered a seller’s market, the increase in supply is moving us closer to a more balanced market.
Sales Activity in Snohomish County
Pending Sales: Pending sales have increased slightly by 1.8% from last year, with 790 homes under contract in July. Year-to-date, pending sales have increased by 2.7%, indicating steady demand.
Closed Sales: The number of closed sales rose 3.3% year-over-year to 723 homes, with a year-to-date increase of 2.8%. This growth underscores the continued strong demand in our market.
Pricing and Market Competitiveness in Snohomish County
Median Sales Price: The median sales price for homes in Snohomish County climbed by 8.7% to $815,000 in July, reflecting the ongoing appreciation in home values. Year-to-date, the median price has risen by 5.4% to $780,000.
Average Sales Price: The average sales price increased by 6.7%, reaching $895,260 in July. Year-to-date, the average price is up by 6.7% to $870,563, reinforcing the upward trend in property values.
Days on Market: Homes are selling slightly faster this year, with the average days on the market dropping by 5.3% to 18 days in July. Year-to-date, homes are selling 28.6% faster, averaging just 20 days on the market.
Percent of List Price Received: Sellers are still receiving solid offers, with homes selling at 100.7% of their list price on average in July. This is a slight decrease from last year but reflects a market where sellers can still expect to receive offers at or above their asking price.
Snohomish County Condo Market Overview
The condo market in Snohomish County is experiencing even more dramatic changes, with substantial growth in listings and sales activity.
New Listings and Inventory in Snohomish County
New Listings: Condo listings have surged 36.4% year-over-year, with 180 new condos hitting the market in July. Year-to-date, there’s been a 21.9% increase in new condo listings, providing more options for buyers looking for affordable alternatives to single-family homes.
Inventory: The inventory of condos has increased by 82.0% to 202 units. The months’ supply of condo inventory has doubled, now standing at 1.6 months. This significant rise is an encouraging sign for buyers who have been facing limited options in the past.
Sales Activity in Snohomish County
Pending Sales: Pending sales for condos have skyrocketed by 44.2%, with 163 units under contract in July. Year-to-date, pending sales have risen by 7.4%, reflecting the growing interest in condos.
Closed Sales: Closed sales increased by 15.8% year-over-year, with 139 condos sold in July. However, year-to-date closed sales are slightly down by 0.2%, indicating that while the market is strong, it may still catch up from slower periods earlier in the year.
Pricing and Market Competitiveness in Snohomish County
Median Sales Price: The median sales price for condos has jumped by 10.8% to $540,000 in July, with a year-to-date increase of 9.5% to $520,000. This significant appreciation shows that condos are becoming increasingly valuable in Snohomish County.
Average Sales Price: The average sales price for condos increased even more, reaching $619,429 in July. Year-to-date, the average price is up by 10.2% to $590,802, highlighting the strong demand and limited supply.
Days on Market: The average days on the market for condos remained steady at 17 days in July, while year-to-date, the average has decreased by 20.8% to 19 days. This stability suggests that well-priced condos are selling quickly.
Percent of List Price Received: On average, condos are selling at 100.1% of their list price, a slight decrease from last year but still indicative of a competitive market where buyers are willing to pay full price.
What This Means for You
The real estate market in Snohomish County is thriving, with strong demand, increasing home values, and a growing inventory of properties. This is still an excellent time for sellers to list their properties, as buyers are motivated, and homes sell quickly, often at or above asking prices. For buyers, the increase in inventory provides more opportunities to find their dream home, but acting quickly is vital in this competitive market.
Whether you’re looking to buy, sell, or explore your options, I’m here to help. At Diemert Properties Group, we combine our deep local market knowledge with a warm, approachable, and client-focused approach to ensure you have the best possible experience. Reach out today, and let’s navigate this exciting market together!
