Spring has sprung – April 2017 Snohomish County Real Estate Update confirms that inventory is rising but not fast enough for the demand.
According to the NWMLS, Brokers expected an uptick in the number of new listings during March, and that expectation was met with a significant gain – up more than 50 percent from February! Total active inventory across the 23 counties in the Northwest MLS service area remained below 10,000 for a second straight month. The selection of active listings rose to 9,774 for a 7.5 percent improvement on February’s volume, but compared to a year ago inventory plummeted nearly 23 percent.
Snohomish County real estate is moving at a frenzied pace. More than 75% of properties are selling within the first 30 days, many with multiple offers. The housing situation in Seattle is really putting pressure on our county. Many of my buyers are working in downtown Seattle and are willing to commute in order to find an affordable home.
The lack of supply continues to put upward pressure on Snohomish County home prices. The median price on last month’s sales of single family homes and condos was $355,000, up 10.9 percent from the year-ago figure of $320,000. For single family homes only (excluding condos), year-over-year prices jumped 11.5 percent, from $327,300 to $365,000.
Snohomish County continues to have less than a 1-month inventory. Pending sales are down from a year ago, due to the lack of supply. There is a concern that a bubble may be developing. Most new construction in our county is sold before the foundations are poured.
As Summer approaches, inventory will begin to rise, giving sellers the selection they need to see before putting their homes on the market. This should help balance things a bit but prices are predicted to continue to rise as long as our region continues to see low unemployment, decent wages and a favorable economic forecast.
We are here to partner with you to navigate the the real estate waters – whether you are a seller wishing to sell or a buyer dreaming of becoming a home owner. Let us know how we can help.