Snohomish County Real Estate News and Housing Market Report for January 2017
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Real estate market data for Snohomish County is 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!
Snohomish County’s weather might be freezing, however, the real estate market is hot! There was a short slow down last month due to the holidays. January is back in full swing! Zillow actually ranks the Greater Seattle Region as the projected second hottest market in the nation for 2017. The homes that are priced right at market value are selling fast with multiple offers. While the homes that are priced over the market value are the homes you see sitting for longer. We have seen that buyers are very serious when house searching because everyone wants to buy before that interest rates go up. There was a total of 938 active residential homes in Snohomish County last month. Homes are selling anywhere from 97% – 107% of list price. When you get up in the $1,000,000 price range homes are selling around 82% of the list price.
The average days a house is on the market is 31 days for all of Snohomish County. Depending on what city you live in your market time may be more or fewer days. Lynnwood has the least market time in Snohomish County, around 23 days. Other cities in Snohomish County sell in 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.
January Snohomish County Home Prices
Snohomish County home prices have gone up 10.3% year to date. Prices have gone up in the double digits in all cities of Snohomish County within the last month. Bothell and Snohomish have the highest appreciation in their value this month. Low inventory is helping drive home prices up. It is also causing multiple offer situations.
You’ll want to have a buyers agent that does a thorough market analysis of the home on which you are making an offer to make sure you don’t overpay on a house. The average sales price in Snohomish County last month was $424,711. New construction is everywhere and helping the average price of Snohomish County increase. Bothell has the highest average home price at $633,484.
- Bothell, WA has 98 active homes for sale. The average price is $633,484 and the average time on market is 35 days.
- Everett, WA has 197 active homes for sale, the average price is $408,612 and the average time on market is 35 days.
- Snohomish, WA has 124 active homes for sale, the average price is $406,391 and the average time on market is 37 days.
- Lake Stevens, WA has 165 active homes for sale, the average price is $358,840 and the average time on market is 40 days.
- Marysville, WA has 246 homes for sale, the average price is $343,847 and the average time on market is 43 days.
Low Inventory – Still An Issue in Snohomish County
Snohomish County is still experiencing extremely low housing inventory. Last month we only had 1.3 months of inventory. As you can see on the graph, the last two Decembers we had significantly more inventory. Each January, inventory has dropped quite a bit, so this month historically is always lower in inventory. That means less competition for sellers and more competition for buyers.
There are multiple reasons for low inventory. For one, sellers are worried that if they sell their home they won’t find a home to move into because of low inventory. Consequently, if sellers wait for more inventory that means more competition when selling. Another reason for low inventory is that there are a lot more buyers out looking than people wanting to sell. There are first-time home buyers, move-up buyers, people downsizing, and it has been enough time that people who lost their house in the recession can start buying again. All of these buyers are hurrying before the rates go up.
Buying A House In Snohomish County
In January, we are noticing a big wave of motivated buyers. Even more so than previous months. We are seeing a lot of first-time home buyers. Not only are buyings taking advantage of low rates, also the FHA-approved mortgages now have a lower Annual Mortgage Insurance Premium. The combination of those two factors makes home buying even more affordable! Many people are anxious to buy a house before the interest rates rise. Interest rates have been slowly rising within the last month.
Renters in Snohomish County are still struggling to find available rentals. Not only finding a rental but finding one that is somewhat affordable. These days, it can cost you less monthly to buy a house than paying rent every month. With first months rent, a deposit, and sometimes an extra pet deposit that is required you could use that money to buy a house.
Selling A Home In Snohomish County
If you have been wanting to sell and waiting for the height of the market we would suggest listing now! You have close to no competition and prices are great right now. We have been seeing a lot of people’s secondary homes and rental homes go up on the market recently. There is really no better time to sell than when buyers are motivated to find a house. Investors are continuing to sell their single-family homes and doing a 1031 exchange to buy multi-family properties. We can help you invest your money into multi-family that can give you the highest return on investment.
Multi-Family in Snohomish County:
New Construction In Snohomish County
We have been seeing new homes pop up everywhere in Snohomish County! There is land being developed everywhere you look! As of right now there are 227 active new construction homes for sale. Bothell, Lake Stevens, Monroe, Snohomish, and Stanwood seem to have the newest homes for sale that are available. Downtown Arlington has the cheapest new construction starting at $319,950. The most expensive new home for sale is in Edmonds for $2,095,000 with over 5,000 square feet.
Find Homes for Sale in Snohomish County
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