LYNNWOOD, Wash. - March 5, 2020 - Winter is the New Spring!
We are nearing the end of the winter market in real estate and the Snohomish County housing market is in an Extreme Frenzy state. 85% of new listings went pending in the first 30 days on the market.
• Interest Rates remain at a historic low of 3.23% (Mortgage News Daily)
• We have shifted into an EXTREME FRENZY Market
• .6 months of Inventory is a Severe Shortage level
• Unsold inventory is down 49% from last year
• The average sales price crept back up over $500k
• The number of homes for sale, 1,169 was the 2nd lowest total for a month in over 10 years.
• The number of Pending Sales 1,389, was almost double that of the same month last year
According to the Seattle Times and US Census Bureau, Seattle is the fastest growing city of the decade.
"After another year of employment stability, Washington economists predict more of the same in 2020." (Seattle Times)
What that story tells me is that people are not putting their homes on the market right now, and buyers are hungry for new listings.
View The Complete Report: Snohomish County Housing Market Report
https://youtu.be/U99QPrSC4AI
SNOHOMISH COUNTY MARKET STATS BY INFOSPARKS:
• $510,889 was the average sold price for listings in the Snohomish County
• 1,235 new listings were added to the MLS for Snohomish County
• 1,169 homes were for sale in Snohomish County
• 1,389 home were in pending status
• 882 homes sold in the county
• .6 months of inventory available in Snohomish County
• 35 was the average days on market for a home to sell in the county
• 100.2% was the average listing price vs. sales price percentage
• $267 was the average price per square foot in Snohomish County
• 3.23% was the average interest rate (source: Mortgage Daily News)
• 85% of homes sold in the first 30 days in Snohomish County
SUMMARY
The average days on market decreased slightly to 35 days, the percentage of sale price to listing price increased slightly to 100.2%, and the average sales price increased slightly. The percentage of homes that went pending in the first 30 days increased to 85%. Showing that with the job growth rate remaining high and interest rates low, people are hungry for new listings.
We should continue to see a surging to frenzy market through the year 2020.
Contact
THE MADRONA GROUP
Jason Fox
