What's the Snohomish Real Estate Market Doing Right Now - January 2024
What's the Snohomish Real Estate Market Doing Right Now
January 2024
The past year brought some intriguing changes in Snohomish Real Estate, with key trends shaping the market.
Snohomish Real Estate Prices:
We saw shifts downward in both median and average sales prices in Snohomish Real Estate. As we head into this new year, inventory of homes is low, while interest rates are steadily decreasing, making a classic supply and demand game. There aren’t enough homes for sale to fill the demand of the market. Home prices will rise in 2024.
January-March of 2024 will be the best times to buy a home this year.
The chart below shows a slight increase in new listings in December 2023, but a significant decrease for the year-to-date.
The median and average sales prices saw a slight decrease in December 2023 compared to December 2022. The percent of list price received increased, indicating a market where homes sell close to the asking price. Similar to the condo market, the inventory of homes for sale and months supply of inventory decreased markedly.
Condo Segment in Snohomish Real Estate:
Notably, the Snohomish Real Estate market's condo segment saw an increase in median sales prices, reflecting growing interest. Condos have become a more affordable way to enter into the real estate market.
The chart below shows a decrease in new listings by 25.0% in December 2023 compared to December 2022, and a year-to-date drop of 32.1%.
Pending sales and closed sales also decreased both in December and year-to-date. However, the median sales price increased by 16.3% in December 2023 compared to the previous year.
The days on market until sale decreased significantly, indicating a quicker turnover.
Inventory of homes for sale and months supply of inventory both decreased, reflecting a tighter market.
Strategic Insights for Snohomish Real Estate
In this active Snohomish Real Estate market, buyers should be prepared for swift decisions, and sellers must price wisely to attract the right audience.
Understanding the nuances of Snohomish Real Estate is key. Whether you're buying or selling, keeping up with Snohomish Real Estate trends is essential.
The Key Points
Quickening Sales Pace
Condos: Decrease in days on market until sale.
Residential: Similar decrease in days on market until sale.
Homes are selling faster, which could suggest an even stronger seller's market is developing, with high demand and buyers needing to act quickly.
Rising Prices for Condos
Condos: Increase in median and average sales prices.
-Despite fewer closed sales and new listings.
-Suggesting growing condo market interest.
The condo market is seeing an increase in median and average sales prices, despite a decrease in closed sales and new listings. This could point towards a growing interest in more affordable housing options, with condos becoming more attractive to buyers, possibly due to a combination of affordability, location, and amenities.
Inventory Tightening
Both Markets: Significant decrease in inventory and months supply.
Impact: Potential upward pressure on prices due to limited supply.
Both markets have experienced a significant decrease in the inventory of homes for sale and the months supply of inventory. This tightening of inventory typically leads to upward pressure on prices, especially if the demand remains steady or increases.
Price Adjustments
Residential: Slight decrease in median and average sales prices.
-Offset by increase in pending sales.
-Indicative of aligning prices with buyer expectations.
The residential market shows a slight decrease in median and average sales prices. This adjustment, combined with the increase in pending sales, may indicate that pricing is becoming more aligned with buyer expectations, which can stimulate transaction activity.
High Sale-to-List Price Ratio
Residential: Increase in percent of list price received.
Homes selling closer to asking prices.
The percent of list price received in the residential market has increased, suggesting that homes are selling closer to their asking prices. This trend may continue, especially in a market with decreasing supply.
Market Attractiveness
Suggesting growing market attractiveness.
The increase in pending sales in December for residential properties suggests a growing attractiveness of the market, potentially due to seasonal adjustments or improving economic conditions.
Given these factors, the market in Snohomish County is healthy, with a trend towards a strong seller's market, particularly for condos. However, as inventory tightens and prices adjust, both buyers and sellers will need to stay informed and act strategically.
Sellers could capitalize on the faster sales pace and closer-to-list sale prices, while buyers might face more competition but could benefit from the slight price adjustments in the residential market. It's a complex market that requires nuanced understanding and quick action, whether buying or selling.
