Here’s a look at the Snohomish County Real Estate Market for January 2018. According to a report released on January 2nd, 2018 by the Northwest Multiple Listing Service (NWMLS), Prices in Snohomish County shot up 10.6 percent. The median price for single-family homes eclipsed the $400,000 mark, climbing to $441,058.
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Residential Real Estate Market in Snohomish County
The Snohomish County Real Estate Market is HOT! Residential home prices in Snohomish County as a whole are up 10.7% since last year. The average home price in Snohomish County is $479,044. Seller’s are getting their asking price with multiple offers in many areas making prices go above asking. The average seller is getting 100.1% of their asking price and usually going pending within the first few weeks. Certain areas homes are only on the market a few days. The home prices continue to increase because of the extremely low inventory we are experiencing. Last month there were only 470 homes for sale which is 13.3% less than last year. There is only 1.2 months supply of inventory in all of Snohomish County. That means if no other homes go on the market, they will all sell in just over one month.
Condo Sales in Snohomish County
The condo real estate market looks very similar to the residential market in Snohomish County. The prices of condos are up 9.3% with an average price of $335,694. Condo’s are also getting over full price with multiple offers. They are getting around 100.4% of their asking price. Last month there were only 123 condos for sale. There is only 0.4 months supply of condos in all of Snohomish County. That is down 42.9% since last year.
What does this mean if you’re Buying a House in Snohomish County?
The current market is definitely a seller’s market. However, there is still hope for buyers! If you are buying a house it is actually a really great time to buy because the interest rates are still super low. There are also lots of loan programs out there to help including many 0 down options! You just have to stay patient and have a “plan B” if you have a deadline when you need to be out of your current house. Most buyers are having to write a few offers before getting one accepted simply because there are more buyers than sellers. With that being said we have been able to find all of our serious buyers a house and deliver their keys!
According to Primary Mortgage Market Survey Today’s Rates are:
There might only be a handful of homes to look at each week depending on what your price range is. If your price range is lower than the average price range ($441,058) for Snohomish County then you will have a lot of competition. If you are above the average price point you won’t have as much competition. You will need to have patience when shopping for homes and keep a positive mindset. You might not get the first or second offer that you write. Having an experienced agent and lender representing you will help out majorly.
If you are a real estate investor in Snohomish County we advise you to look off-market for homes to buy. Anything on the market that is a “deal” is going to be overbid. If you do not know how to find homes off the market or do not have time we suggest hiring an experienced real estate broker. Part of an agents job is lead generating and they can help you find great deals! A great way to invest right now is to buy, fix and hold. There is a huge shortage of rentals and you can usually make a great profit off renting them out instead of selling right away.
Want to know more info on investing in real estate? Contact us today! 425-308-6641
What does this mean if you’re selling a house in Snohomish County?
This is the absolute best time to sell whether it’s a house, condo, land or commercial building! Many people say they want to wait until the market gets even better however for a seller you are at the top of the market right now! Do not wait until spring to sell if you don’t have to. List your house now and beat the competition! There is hardly any homes on the market and buyers desperately need houses to purchase! Many homeowners who have been upside down on their mortgage since the market crash are finally getting enough equity to sell.
Currently, there are only 74 active listings in Marysville, 26 in Monroe, 49 in Lake Stevens, and 38 in Granite Falls. That is in all price ranges! The only houses that stay on the market are overpriced, not good condition and overpriced, or are way out in the middle of nowhere. Really, the only true reason a house sits on the market is because it is listed at a price a buyer is not willing to pay.
Wondering what your home might be worth? Find out instantly with our 15-second home value tool.
Just Listed in Snohomish County: