Today, I will be looking at market data and comparison between King County and Snohomish County for a macro overview of the market, as well as looking forward at possible trends moving into the end of 2014 and early 2015.  In August 2014, 2582 homes were sold  (AKA, closed) in King County, this does not include pending/contingent sales.  The graph below demonstrates months supply of inventory as well as list price/sale price ratio.

In August, King County had 2.3 months supply of inventory, up slightly from July.  As of September 15th, 2014 we are slightly lower than 2.3 months supply and are hovering at 2.0 months supply.

August matched July in average days on market and sellers continue to get close to 100% of list price.  September is showing no signs of slowing down like it has historically and will be interesting to see what it looks like at the end of the month as we move into October.

Now, lets look at Snohomish County….

As of September 15th, 2014 Snohomish County has 3.4 months inventory, which is up slightly from 3.1 months inventory in August.

Snohomish County is has also seen consistency in sale price/list price as well as hovering around 45 average days on the market.

It may seem like King County is where the hotbed is, home prices are at and in some areas exceeding the prices at the peak of the market and are selling at the speed of light.  What is interesting about this and good news for Snohomish County is this type of market will not carry on this way forever.  Markets ebb and flow and Snohomish has room to grow and improve, which I predict will continue through next year.  Right now, purchasing in Snohomish County allows for more immediate equity in the purchase of a home as well as appreciation as the greater Seattle area continues to see record job growth as well as one of the top 5 places to live in the United States.

Why are we seeing such a demand in the housing market? the Northwest Multiple Listing Service’s data shows that the top four reasons for the booming market are foreign investors coming into the area, job growth, low interest rates and overall market stability.  It is a VERY exciting time to be involved in the real estate market.  Please contact me at rachelwagner@johnlscott.com or 425.324.0302 if you or someone you know is interested in buying/selling home or you have any questions as they relate to real estate.

Fall is moving into the Pacific Northwest, but today as I sit on my porch looking out at Lake Washington on this beautiful Labor Day, I am reminded of just how amazing it is to live here.  Labor Day typically represents an end to the “Real Estate” season, school starts, weather changes and the focus shifts.  This year, however, we are not seeing that happen as interest rates are still low and consumer confidence is growing.  Now is a great time to take advantage of low interest rates and a fantastic selection of inventory.  

This week we are looking at Southwest Snohomish County, this includes Bothell, Lynnwood, Mill Creek, Edmonds and surrounding areas.  As of September 1st, 2014 there are 375 active listings and 707 sold in the last 90 days! This means there are 1.59 months of inventory based on closed sales in Southwest Snohomish County.  Wow!  Currently, there are also 230 properties currently pending in the last 30 days, which demonstrates that homes are not only selling but people are also buying these homes quickly! Many homes are seeing multiple offer situations and buyers are waiting for the next property to come on the market.

At the end of July we saw months of inventory at 2.1 and drop to almost 1.8 months in August.  As of September 1st, we are at 1.59 months of inventory based on closed sales.

Average days on market are also continuing to go down, which is partially due to the lack of new inventory on the market as demand increases.  In a healthy market, these numbers are quite a bit higher which is another key reason why it’s important for buyers to be prepared when looking at homes. Pre-approval letters are now the norm, connecting with a mortgage broker or lender is imperative to a successful transaction.  

Average price per square foot increased only slightly by the end of July, resulting in still affordable home prices.  Southwest Snohomish County is a great place to invest in your future.  

Also, thank you to all of you who followed my blog for the Full Circle Drawing! A winner has been picked and will be announced this week (at his/her permission) along with a great interview with a mortgage broker.  Stay tuned and feel free to contact me with any questions you may have as they relate to real estate!

Happy Labor Day!

This week, we are looking at what is happening in the real estate market for single family homes in the city of Lynnwood.  Lynnwood is home to many professionals who work in Seattle and is also considered a “hub city” of South Snohomish County due to all of the retail shopping in the area.  The cool thing about Lynnwood is that being just north of Seattle, it is an easy commute to the city but also minutes from the ferries, mountains, wineries and an ideal gateway to nearly everything the Northwest has to offer.  As the greater Seattle area continues to grow, Lynnwood is already seeing a marked increase in new developments as well as a desirable place to own a home! My prediction is that Lynnwood home prices will continue to see an increase and is a smart choice for a great long term investment.  With that, what does the market look like?

As of August 25th, 2014 there are 66 active listings for single family homes in Lynnwood.  The price range is $229,990-1.4 million with the median list price being approximately $419,000.  In July 2014, there were 209 homes for sale, with 88 homes sold and 103 pended.  In the last 90 days there have been 122 homes sold, which brings the months supply of inventory to 1.8 months based on closed sales.  This number changes when pending sales are considered, but the numbers indicate that it is still what is considered a “sellers market”. 

The graph below displays months of inventory in Lynnwood through July, notice the spike in January/February.  The months of inventory here are still not above 6 months, which is what is considered a balanced market.  It will be interesting to see what happens as the economy continues to improve and we also continue to see growth in the greater Seattle area.  We are in a very exciting time in real estate and I will continue to keep all of you updated on what is unfolding!

It’s Monday! That means it’s time for another look at what’s happening in the real estate market.  Last week was a busy week for us, lots of sellers and buyers and great deals coming up, even in what is considered a “sellers market”.  This week, I wanted to paint a picture of what is happening outside of King/Snohomish county and include Pierce, Kitsap, Thurston, Island and Skagit counties.  

If there is a certain market you are interested in specifically, leave a comment and I will feature that market in the coming weeks or contact me directly with any questions you may have..  

If you look at median sale prices of homes in July 2014 vs. July 2013, prices are up from a year ago everywhere except for Skagit county.  Snohomish county saw an increase of 10%, a bigger jump than any of the others.  With continued job growth, a growing economy, competitive mortgage rates and affordable housing, this will likely keep the market in an upward trajectory.  Overall, homes listed for sale are up 12.9% from this time last year and closed sales are up 7.6%.  

The graph below demonstrates the amount of homes for sale vs. closed sales.  Currently, we are at 2.7 months of inventory when all counties are included in the data.  This changes slightly, however, when each county is displayed individually.  2.7 months inventory is still considered well below a “balanced market” and although buyers are still finding themselves in competitive, multiple offer situations, the inventory is slowly improving showing no signs of the bubble experienced before the subsequent crash.  

Closed sales fell in July edged up just barely compared to a year earlier in the close-in counties and Kitsap. Thurston saw the biggest sales gain, up 7 percent from last year. Island, Skagit, and Whatcom all saw sales drop from last year’s levels.

According to the Seattle Times, Seattle is the fastest growing city in the US, with a 2.8% increase in population in 2013!  Of course, I can see why people would want to move here! Beautiful scenery, a healthy economy, job growth, mild weather…..the list goes on.  For homeowners or those interested in buying a home in the Seattle area, there’s no better time to be part of this exciting market!