Market Updates

Published on November 6, 2024, by Kim Pelham, The Pelham Group Northwest at Katrina Eileen Real Estate

October’s Dynamic Real Estate Market in Snohomish County

October brought an energetic pace to the Snohomish County real estate market, showing strong growth despite fluctuating mortgage rates and increasing inventory. Here’s an in-depth look at the numbers and trends that shaped the month.

 

Surge in New Listings and Sales Year-Over-Year

The market saw 1,051 new listings in Snohomish County, a 25.8% increase compared to October 2023, offering buyers more choices. Closed sales also rose significantly, with 927 homes sold—a 20.08% increase from the same period last year. This growth reflects the enduring appeal and resilience of Snohomish County as a sought-after location.

Rising Median Sales Price in Snohomish County

The median sales price in Snohomish County reached $753,000, marking a 7.52% increase over October 2023. This upward trend is promising for sellers, as it reflects balanced demand and supply in a market influenced by economic changes. Maintaining this steady price growth underscores Snohomish County’s established value in the region.

Regional Market Trends

According to the Northwest Multiple Listing Service (NWMLS), October brought significant shifts across Washington state, with inventory, closed sales, and pricing seeing notable changes:

• Inventory Growth: While active listings declined slightly month-over-month, there was a 29.8% increase in inventory year-over-year statewide. Counties like Grant and Pacific saw high inventory growth, offering new opportunities region-wide.
• Closed Sales Increases: Closed sales rose by 11% month-over-month and 22.5% year-over-year, signaling a strong period for transactions.
• Median Sale Price: Statewide, the median sale price for homes rose to $650,000, reflecting an 8% increase year-over-year. Snohomish County maintained one of the highest median sale prices in the state, highlighting its pricing strength.

What’s Ahead for the Market?

Looking forward, both buyers and sellers in Snohomish County should consider a balanced approach. Buyers can benefit by monitoring interest rate changes closely, while sellers may capitalize on the region’s stable and growing median price by working with experienced agents for optimal pricing and timing strategies.

For more insights and expert guidance in this evolving market, reach out to The Pelham Group Northwest at Katrina Eileen Real Estate. Our team is ready to help you navigate Snohomish County’s real estate opportunities and achieve your goals.

 

September saw strong activity in the Snohomish County real estate market, with 1,158 new listings coming onto the market and 1,001 properties going under contract, marking a 12.98% increase in pending sales compared to September 2023. Closed sales also saw an uptick, with 898 properties sold—a 4.3% increase year-over-year. The median sales price for single-family homes and condos in Snohomish County rose to $760,000, reflecting a 6.29% gain compared to the previous year.

This data, provided by the Northwest Multiple Listing Service (NWMLS) in its October 2024 report, showcases a market that remains resilient despite ongoing affordability challenges across Washington state.

Interest Rates and Market Trends

Although mortgage rates experienced a slight decline in September, affordability remains a key issue for buyers. The 30-year fixed mortgage rate averaged 6.08% in September, which is still significantly higher than the 3.01% rates available just three years ago. Higher rates have impacted buyers’ purchasing power, yet some relief may come if the Federal Reserve continues its efforts to stabilize the housing market by reducing interest rates further.

Despite these hurdles, Snohomish County’s market continues to offer opportunities for both buyers and sellers, with increased inventory and steady demand for residential properties.

Snohomish County Compared to Other Regions

Snohomish County remains one of the more expensive housing markets in the region, with a median sale price of $760,000 for residential homes and condominiums. While this is lower than King County’s median price of $859,995, it highlights the ongoing demand for homes in the area. As the market begins to stabilize, price growth has slowed compared to the rapid increases seen in previous years, providing a more balanced environment for both buyers and sellers.

More Inventory and Closed Sales

Across the NWMLS coverage area, inventory levels increased significantly, with a 31.4% rise in active listings compared to September 2023. This increase in homes for sale gives buyers more options, even as they navigate higher interest rates. In Snohomish County, closed sales were also up by 4.3%, demonstrating that buyers are still active in the market despite the affordability challenges.

Looking Ahead

As we move further into fall, Snohomish County’s real estate market continues to offer promising opportunities for both buyers and sellers. If you’re thinking about buying or selling a home in Snohomish County, Kim Pelham and The Pelham Group at Katrina Eileen Real Estate are here to guide you through the process. With expert market insights and personalized support, Kim will help you make informed decisions and succeed in today’s dynamic market.

Contact The Pelham Group today to learn more about the current market and how we can assist you in your real estate journey!