The Snohomish County housing market as of data from May 2024 shows strong continued strength for home prices and sellers. Here's an in-depth look at the latest data:

Average Sales Price:
May 2024: $826,000
The average sales price has rebounded to $826,000, reflecting a significant increase of 8.5% from May 2023 ($761,000). This indicates a strong market recovery, approaching the all-time high of $848,000 set in May 2022.
New Listings:
May 2024: 1,605
There has been a substantial increase in new listings compared to May 2023 (1,182), up by 35.7%. However, the number is still below the peak of 1,891 new listings in May 2022, suggesting that while seller confidence is improving, the market isn't yet at pre-2023 levels.
Homes For Sale (Inventory):
May 2024: 1,397
Inventory levels have risen by 27.3% from May 2023 (1,098) but are still lower than the 1,531 homes available in May 2022. The increase in inventory provides buyers with more options, though the market remains tight.
Average Days On Market:
May 2024: 16
Homes are selling quickly, with an average of 16 days on the market. This is a significant improvement from May 2023, where the average was 23 days, though slightly higher than the 12 days in May 2022. The quick turnover indicates strong buyer demand.
Average Sale Price as a % of Original Listed Price:
May 2024: 101.4%
Homes are selling for slightly above the list price, averaging 101.4% of the original listed price. This is an improvement from 100% in May 2023, though lower than the 106.2% in May 2022. This suggests competitive bidding, although less intense than in 2022.
Average Shows to Pending:
May 2024: 12
The average number of showings before a home goes pending is 12, down from 14 in May 2023 and close to the 13 showings in May 2022. This indicates that buyers are making quicker decisions in the current market.
Market Analysis and Future Outlook:
Current Market Dynamics:
Seller's Market: The combination of rising prices, quick sales, and homes selling above the list price confirms that Snohomish County remains a strong seller's market.
Improving Inventory: While inventory levels have increased, they remain lower than in 2022, indicating ongoing supply constraints.
Impact of Interest Rates:
Current Rates (Mid-2024): The Federal Reserve has maintained interest rates between 5.25% and 5.50%, which has kept borrowing costs high and somewhat constrained buyer affordability.
Expected Rate Changes: Anticipations of interest rate cuts later in 2024, projected to fall to around 4.00% to 4.25% by the end of the year and further to 2.25% to 2.50% by the end of 2025, could enhance buyer affordability and stimulate further market activity.
Outlook for Remainder of 2024 and into 2025:
Continued Seller Advantage: Sellers will likely continue to benefit from high demand and low inventory throughout 2024.
Potential Buyer Relief: Expected interest rate reductions could lower mortgage costs, potentially making homes more affordable and attracting more buyers into the market.
Stable to Modest Price Growth: Prices are expected to stabilize or grow modestly, balancing between the current strong demand and the expected increase in buyer activity due to lower interest rates.
Summary
The Snohomish County housing market is demonstrating strong health with increasing prices, quick sales, and rising inventory levels. Buyers should act swiftly in this competitive market, while sellers can expect favorable conditions to persist throughout the year. Looking ahead, potential interest rate cuts could further invigorate the market, benefiting both buyers and sellers.
Please remember I’m only reviewing and providing opinions on Snohomish County housing data. Housing markets vary greatly from one market to the next. In fact, they can differ significantly from zip to zip, and even from neighborhood to neighborhood.
If you want to learn more about the Snohomish County housing market—whether by zip code, community, or neighborhood—or if you're curious about other counties, cities, or states, and the best times to buy, sell, or rent, please contact me. I'm happy to discuss this with you at no cost or obligation.
To view the Snohomish County housing trends, mortgage rates, and other data that I used for this market update, please visit: https://www.joefrankrealtor.com/data
Thank you for taking the time to read this article!
If you have any questions or comments, please feel free to comment below, email, text, or find me on social.
Cheers!
-Joe
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