What is happening in the Snohomish County real estate market? There were a lot of local and national predictions for 2023 and now that we are moving into spring and getting close to being halfway through this year, what is the market doing?
Current Market Status In Snohomish County
The market in Snohomish has remained resilient through the many changes and challenges. The cost of housing has skyrocketed in recent years in Snohomish County. Upwards pressure from the housing market in the Greater Puget Sound Region and a lack of supply have driven home prices out of range for many families in our county.
There have been a much smaller amount of new listings on the market each month than previous years but the market has been following its typical seasonal patterns. Spring is starting to show more listings and more buyers, so it is expected that summer with also continue with this trend. The homes that are priced moderately have been holding strong in the market and buyers and sellers are showing a lot of interest in this price range. There are a lot of buyers and sellers within the same market price.
Inventory is still showing to be extremely low as the interest rates increased and buyers decreased. This is still reflective of the market in 2018. Seattle is currently showing. around 1 month’s supply of homes for sale and this is an extreme listing shortage. Sellers have an advantage with this. Most sellers have a lot of equity in their homes that benefit them and their ability to purchase a home after selling theirs.
There has been a lot of speculation about a rash in many cities and nationally. Even with a dip in the economy, it is important to research and understands how the real estate market is responding t the current data
It is always difficult to make predictions but you can look at three key factors. Take a look at new listings that go pending and are under contract in the first 30 days. This helps determine the intensity of the market sales. Healthy markets will have homes going into contract within 3–45 days. If it is under 30 days the market is moving fast and sellers will deficits have the upper hand. Interest rates play a huge role in the demand. In March 2023, Snohomish County home prices were down 9.4% compared to last year.
If people can not get financing, or financing that matches their needs, that will limit the demand. Any predictions you see are likely based on market history and times when we have seen this trend before. A lot of buyers are asking how higher rates will impact their mortgage pre-approval. There are several ways like “buying down” a rate with mortgage points or using gift funds from family for a down payment. Adjustable-rate mortgages, which offer lower introductory rates, have also increased in popularity.
For more information about buying or selling property in Snohomish County, contact us. We would be happy to assist you with all of your Snohomish County real estate needs.