July 8 2020

How is the Snohomish County Real Estate Market Holding Up?

Snohomish County has officially applied for phase 2 in reopening the economy. However, Island County opened for phase 2 last week and the Stanwood area businesses including barbershops, retail shops, and restaurants continue to open up as we go.

“Snohomish County leaders passed a resolution last Friday morning seeking the okay for the county to enter phase 2 of the states for phase a safe start reopening plan. County officials and submitted the more than 40-page request for a variance late Monday afternoon to the state secretary of health.”

Phase 2 would allow more businesses to reopen with certain restrictions such as restaurants and some retailers. This step is a series of steps in the path back to normalcy. So where does this leave the real estate market?

Over six weeks into the stay-at-home order, buyers and sellers are still coming together even though we’re doing so on a much smaller scale. Many buyers are listing more open space and less density is one of their top features were looking for a property. Larger yards and separation from neighborhoods in many suburban residential communities have become top priorities. Many high-tech employers such as Google, Facebook, and Amazon have extended their work from home options until the end of 2020 regardless of what businesses reopen and that’s making more homeowners look for properties to accommodate in-home offices and make it more convenient to work from home. With that being said, buyers are out there.

Properties in higher density buildings and townhouses may be more appealing for the shorter commute but with everyone at home, people are actually looking outside of cities into more rural areas for their real estate purchases.

With air travel reduced, the desire to have a second home within driving distance has actually increased. Many people have simplified their commitments to their dreams and have shifted to accommodate a closer to home lifestyle. Mountain homes, lake, or beachfront properties are quickly becoming in high demand.

Single-family homes have also been on the rise both in sales and rentals instead of apartments. The desire to have more room and work from home has increased greatly and there could be a push for college students to prefer renting a home instead of living in a dorm. This is great news for investors that are considering snapping up investment properties right now.

However, Snohomish County is surprisingly thriving. We suspect that when the government completely opens up the county there will be an influx of new listings, which is great news for buyers as there will be plenty of options but sellers should consider listing now even though the economy is not quite open yet. There are buyers and you’ll have less competition as a seller to get in front of more buyers. You may also be able to get more money if you consider selling now versus later on when the market may be saturated come summer.

The Market Right Now

Currently, the average sale price over the last month of Snohomish County was $509,000, up 5.6% over last year. Many homes are actually selling about 1.1% over list price. The median home value is about $509,000 as well so we’re pretty close to a hot market.

For more information on homes for sale in Snohomish County, Skagit, Island, or King County, give me a call. There are different rulings all throughout the counties and is important to stay up on these if you’re planning on buying or selling.