Snohomish County Real Estate Market Report October 2021
SNOHOMISH COUNTY HOUSING MARKET FORECAST
HOME PRICES, MARKET TRENDS, GRAPHS VIDEO AND INFOGRAPHICS
We Discuss Why We See An Increase In Sales Activity Intensity in the Snohomish County housing market for OCTOBER 2021
This article will be about the current and future state of the Snohomish County housing market. We’ll start with an infographic and some quick stats we think are important, then we’ll dive into what story the statistics are telling us.
Then you can check out my 60 second video pointing out the 3 key indicators and how they affect the market. Next we will hear from the 24th most influential person in real estate, Lennox Scott and what he sees happing in the Snohomish County market.
We will do a short breakdown on Sales Activity, Days on Market, Price, Interest Rates, Timing and Job and Population Growth. A complete list of the MLS Infospark stats for Snohomish County.
Lastly, don't forget to check out the newest Snohomish County homes for sale.
TABLE OF CONTENTS
- Average Sales Price DECREASED by $11K ($686K)
- Pending Sales DECREASED to 1,655 (+407 Same Month 2019)
- New Listings DECREASED to 1,701 (+230 Same Month 2019)
- Homes For Sale DECREASED to 1,119 (-1,424 Same Month 2019)
- % Sold Price/List Price DECREASED to 103.4%
- Interest Rates INCREASED to an Unbelievable 3.10%
- Home Inventory INCREASED to .5 Months of Supply
Every month we gather all the facts, data and statistics about the Snohomish County Housing Market and share them with you. We will discuss the 3 major factors in determining the strength of the market.
- Percentage of Homes That Go Pending In First 30 Days
- Interest Rates
The data tells a story about the current state of our local residential real estate market.
What this story tells me is…
Even after we received a total of 11,141 new listings the last 6 months (1,856 a month vs. 1,732 in the same 6 months of 2019), the highest 6 month total we have seen since 2010, we are still seeing only .5 months of inventory which is considered an Extreme Shortage. That means that the demand for resale residential real estate remains sky high in Snohomish County.
We did continue to see a slight loosening up for buyers again this last month as many of our clients were only competing with a couple offers and often times no other offers. There were fewer bids on each home and we have started to see home inspections come back.
That being said the total number of homes for sale is still only at 1,119. We are usually in the mid to high 2 and 3 thousands in September.
As we have been talking about for a few months Seattle has the 2nd highest percentage of tech workers in the country. Tech jobs bring people in from all over the world and tend to be come with an above average salary. So what do tons of new people with above average salaries need when they get to Seattle, a place to live.
According to ApartmentList.com Seattle's median two-bedroom rent is $2,170 month. Which equates to approximately a $460K townhome with 20% down on a 30 year fixed 3.10% interest rate loan.
We are seeing the huge increase in tech workers spill over into the Snohomish County market. That is bringing more home buyers at higher price points. Our inventory, or the number of houses for sale, can not keep up with. We have more demand than we have supply.
When you add the large number of high income tech workers with the unbelievable low interest rates and the desire for people to move into larger homes that accommodate all the at home activities that people have gotten used to it is easy to see how all those new listings continue to sell.
We are also seeing new investors enter the market as a popular new trend of turning rentals into VRBO's and Air BnB's continue to grow.
Both of the these factors have driven people to the more affordable and more space that is available in Snohomish County.
With the low interest rates, and a low level of inventory the last couple of years in the Snohomish County real estate market it should remain in the surge to frenzy status through the Spring of 2022.
Although WA has essentially opened back up we continue to follow all state mandated safety guidelines and take extra precautions. We are focusing on delivering Virtual Real Estate Services to the Snohomish County housing market.