South Snohomish County Quarterly Market Trends – Q3 2019

Increased pending activity is an indication of strong buyer demand which is very much being driven by historically low interest rates, a thriving job market, and an overall strong local economy. In fact, interest rates are an entire point lower than they were a year ago! This affords buyers a price point that is 10% higher over last year while maintaining the same monthly payment. A year ago, the monthly payment for a home at $550,000 is the same for a home at $605,000 today. Today’s rates coupled with tempered price appreciation provides increased affordability for buyers, which in turn is providing a healthy audience for sellers.  After many years of strong price increases, many sellers are moving their equity to the next lifestyle home they desire.

 

This is only a snapshot of the trends in south Snohomish County; please contact me if you would like further explanation of how the latest trends relate to you.

Posted on October 17, 2019 at 9:19 pm
Jill Langer | Category: Buying Homes, Economic Forecasts & Trends, Edmonds, Everett, Lynnwood, Mill Creek, Mukilteo, Selling Homes, South Snohomish County

South Snohomish County Quarterly Market Trends – Q2 2019

2019 provided a very healthy and more balanced spring market! Median price is up 3% complete year-over-year and up 1% from last June. Prices have started to find their balance as more inventory has come to market compared to the scarcity of years past. While buyers have had more choices over the last year, it is still a seller’s market with just 1.5 months of inventory based on pending sales, resulting in an average of 21 days on market and 99% list-to-sale price ratio in June. Low interest rates continue to drive demand, however sellers who overprice or don’t address condition issues will linger on the market, which is illustrated by the 16% increase in carryover inventory year-over-year.

Our real estate market continues to be driven by low interest rates, positive job creation, and upbeat consumer sentiment. Currently, interest rates sit around 4% which is still an historical low, affording buyers the ability to make moves and reduce their debt service. Price appreciation has started to temper to more normal rates, compared to the double-digit appreciation we experienced over the last 3 years due to more sellers coming to market. This has created more balance and greater opportunity for buyers. The generational shift we are experiencing as Baby Boomers move towards retirement and Millennials enter into their prime earning years is an exciting exchange happening in the market place right now.

This is only a snapshot of the trends in south Snohomish County; please contact me if you would like further explanation of how the latest trends relate to you.

Posted on July 17, 2019 at 7:52 pm
Jill Langer | Category: Buying Homes, Economic Forecasts & Trends, Edmonds, Lynnwood, Mill Creek, Mukilteo, Selling Homes, South Snohomish County

South Snohomish County 3rd Quarter 2018 Market Trends

South Snohomish County Quarterly Market Trends 

In September, the average days on market landed at 27 days and the original list-to-sale price ratio 98%. Since May, inventory growth has been noticeable, and has given buyers more options. This has led to more negotiations and fewer bidding wars, which is tempering month-over-month price growth to a more sustainable level. Back in April, the average days on market was 14 days and the original list-to-sale price ratio 104%; but months of inventory based on pending sales was 0.8 months, compared to 2.5 months currently. Year-over-year, prices are up 11%, still well above the historical norm of 3%-5% year-over-year gains—but note that the majority of this growth happened during the spring, due to constricted inventory levels. 

Supply has increased, creating more options for buyers and helping to buffer affordability issues. Many sellers are deciding to make moves and cash in on the equity gained over the last six years. An average original list-to-sale price ratio of 98% is a positive return, yet illustrates a softening in the market after some very extreme times. With 11% price growth over the last 12-months in a seller’s favor, the increase in selection has led to more nimble moves from one house to another. Where sellers need to be careful is anticipating the month-over-month price growth we saw prior to the shift in inventory. Prospective buyers would be smart to take advantage of today’s historically low interest rates and the added inventory selection. 

This is only a snapshot of the trends in south Snohomish County; please contact me if you would like further explanation of how the latest trends relate to you.

Posted on October 24, 2018 at 7:31 pm
Jill Langer | Category: Buying Homes, Economic Forecasts & Trends, Edmonds, Everett, Lynnwood, Mill Creek, Mukilteo, Selling Homes, South Snohomish County

South Snohomish County Qtr 2 Market Trends

As we head into the summer months we are seeing a healthy jump in inventory in our area. In May, we saw the biggest jump in new listings in a decade! Price appreciation has created this phenomenon, motivating many people to make big moves with their equity. In fact, prices are up 13% year-over-year. We currently sit at 1.3 months of inventory based on pending sales. This more-equal balance of homes for sale compared to the first quarter has created great opportunities for buyers, finally! While it is still a seller’s market, it has eased up a bit. The average days on market in June was 11 days and the average list-to-sale price ratio was 102%.   

South Snohomish County real estate has been an affordable option compared to “in-city” real estate. In fact, the median price in June was 41% higher in Seattle Metro. Sellers are enjoying great returns due to buyers choosing to lay down roots in our area, and buyers are securing mortgages with minor debt service due to low interest rates. The easing of inventory is a welcome change and is helping to temper price growth. 

This is only a snapshot of the trends in south Snohomish County; please contact me if you would like further explanation of how the latest trends relate to you. 

Posted on July 19, 2018 at 4:19 am
Jill Langer | Category: Buying Homes, Economic Forecasts & Trends, Edmonds, Everett, Lynnwood, Mill Creek, Mukilteo, Selling Homes, South Snohomish County

Local Splash Parks

 South Snohomish 

Daleway Park 

19015 64th Ave W, Lynnwood WA 98036 

 

Edmonds City Park 

600 3rd Ave S, Edmonds WA 98020 

 

 North Lynnwood Park 

18510 44th Ave W, Lynnwood WA 98037 

 

Rotary Centennial Water Playground 

802 E Mukilteo Blvd, Everett WA 98203 

 

Willis D. Tucker Park 

6705 Puget Park Drive, Snohomish WA 98296 

 

Seattle 

Georgetown Playfield 

750 S Home St, Seattle WA 98108 

 

Northacres Park 

12718 1st Ave NE, Seattle WA 98125 

 

Pratt Park 

1800 S Main St, Seattle WA 98144 

 

Eastside 

Crossroads Water Spray Playground 

999 164th Ave NE, Bellevue WA 98008 

 

Grass Lawn Park 

7031 148th Ave NE, Redmond WA 98052 

 

Sammamish Commons 

801 228th Ave SE, Sammamish WA 98074 

Posted on June 7, 2018 at 4:46 pm
Jill Langer | Category: City Guides, Community, Eastside, Edmonds, Everett, Lynnwood, North King County, Seattle Metro, South Snohomish County

South Snohomish County Quarterly Market Trends

It is the time of year when our market starts to take off. Spring is here and we are starting to see seasonal increases in inventory. In fact, there was a 47% increase in new listings in March compared to February. That increase was matched by a 48% rise in pending sales, illustrating very strong demand for housing in your area. Last month, the average list-to-sale price ratio (the amount the sale price topped the list price) was 103%, indicating that multiple offers were the norm. We ended the quarter with 0.5 months of inventory – the lowest level yet. More inventory would be absorbed by happy buyers looking for more selection and would help temper price growth, which is up 15% year-over-year.

South Snohomish County real estate has been a hot spot due to reasonable commute times and overall affordability compared to “in-city” real estate. In fact, the median price in March was 47% higher in Seattle Metro. Sellers are enjoying amazing returns due to this phenomenon, and buyers are securing mortgages with minor debt service due to low interest rates. This is a very strong seller’s market, but buyers who are securing a home are already enjoying appreciation in equity.

This is only a snapshot of the trends in south Snohomish County; please contact me if you would like further explanation of how the latest trends relate to you.

Posted on April 29, 2018 at 9:35 pm
Jill Langer | Category: Economic Forecasts & Trends, Edmonds, Everett, Lynnwood, Mill Creek, Mukilteo, South Snohomish County

Price Appreciation Case Studies – Wow!

What the Same House Sold for 3 Years Later!
Price Appreciation Case Studies in South Snohomish & North King Counties

18407 62nd Pl W, Lynnwood  •  3 bedroom  •  1,305 sq ft

Sold in September 2014
$315,000
Sold in July 2017
$450,000
$135,000 INCREASE IN HOME VALUE: 42.85%

 
17836 1st Ave NE, Shoreline  •  4 bedroom  •  2,917 sq ft

Sold in November 2014
$560,000
Sold in January 2018
$800,000
$240,000 INCREASE IN HOME VALUE: 42.85%

 
Since 2014, home values have grown by over 10% each year, resulting in a resounding 35% or more return in pricing. Above are some examples of actual homes sold in late 2017 to early 2018 that also sold in 2014, and that were not remodeled or significantly improved in between sales. These examples show the growth in home values that we have experienced over the last three years due to our thriving local economy. I pulled these examples to show you actual pound-for-pound market data versus the statistical percentages I often quote in these market updates. I thought these examples were pretty telling and quite exciting.

This phenomenon has been driven by a lack of available housing inventory and super high demand due to the robust job market in our area influenced by companies like Amazon. In 2017, there were 1,000 people moving into our area each week! According to census data, that trend is supposed to continue.

The large price gains might seem familiar to the gains of the previous up market of 2004-2007 that resulted in a bubble, but this environment is much different, which is why we are not headed toward a housing collapse. Previous lending practices allowed people to get into homes with risky debt-to-income ratios, low credit scores, and undocumented incomes. A large part of why the housing bubble burst 10 years ago was due to people getting into mortgages they were not equipped to handle, which lend to the eventual fall of sub-prime lending and the bubble bursting. Matthew Gardner, Windermere’s Chief Economist speaks to this topic in this video.

It is supply and demand that is creating these huge gains in prices. An increase in inventory would be healthy and would temper price growth. Many folks who have been waiting for their current home values to return in order to make big moves involving their retirement, upgrading homes, investing, or even buying a second home are well poised to enter the market. If you are one of those people, I hope these examples provide insight on the increase in home values and how they might pertain to your goals.

Potential buyers might shy away from the market due to affordability. While it is expensive to buy a home in the Greater Seattle area, the people that have become homeowners over the last three years have built some amazing wealth. Interest rates remain low, helping to absorb the cost of a home in our area. Last month, I wrote a Love Letter to Buyers which helped layout the advantages of participating in today’s market and how to be successful. If you or any one you know is considering making a purchase, it is worth the read.

As we head into the active spring and summer months, if you’d like me to provide you a complimentary Comparable Market Analysis (CMA) on your home, so you have a better understanding of your home’s value, I’d be happy to do that. This would be an important component in charting your 2018 financial goals, and what a great time of year to gather that information! It is my goal to help keep my clients informed and empower strong decisions.

 

 

 

 

Celebrate Earth Day with us! Bring all your sensitive documents to be professionally destroyed on-site by Confidential Data DisposalLimit 20 file boxes per customer.

We will also be collecting non-perishable food and cash donations to benefit Concern for Neighbors Food Bank. Donations are not required, but are appreciated.

Saturday, April 21st, 10am – 2pm. EARTH DAY!
4211 Alderwood Mall Blvd, Lynnwood 98036

*This is a shredding-only event. Only paper will be accepted – no electronics or recyclables.

 

 

Spring Gardening Tips to Help Get
Your Yard Flourish-Ready 

It is approaching that time of year when April showers will start to bring May flowers, so no better time to get outside to start prepping the garden. First, one must get their hands dirty cleaning out the beds, tending the soil and trimming back plants to prepare for new plantings and fresh growth. For a complete list of Spring gardening tips, click here.

Posted on April 2, 2018 at 12:39 am
Jill Langer | Category: Buying Homes, Economic Forecasts & Trends, Lynnwood, Monthly Newsletters, North King County, Selling Homes, Shoreline, South Snohomish County

Lynnwood

Welcome to Lynnwood!

Treasured for its convenience, value, and many shopping opportunities, Lynnwood is nestled in a central area with great commuting options! Located north of Seattle next to Edmonds and Mountlake Terrace, commuters love that Interstate-5, Highway 405, and Highway 99 all pass through Lynnwood.

Not only is Lynnwood a haven of convenience, but it’s also home to some fabulous amenities. Schools include Edmonds Community College and a Central Washington University location, gorgeous parks are aplenty, and it’s hard to find better options for dining and shopping anywhere else in Snohomish County!

For those who are thinking about moving to Lynnwood, you can expect a large range of choice when it comes to real estate. Whether you’re looking for an older home from the 1950s or ‘60s on a larger lot or searching for new construction, Lynnwood real estate offers some excellent home options.


Getting Out & About

“[Lynnwood is] Retail Mecca—how do you choose just one area? Looking for a new car, a couch, organic groceries, jewlery or a specialty bottle of wine? Come to Lynnwood! Total Wine, Whole Foods… only spot in Sno Co to find these stores (and many others).” –Jen Bowman

“One of the reasons my husband and I purchased in Lynnwood was due to the city’s focus on varied park & green spaces. The city offers several larger community parks like Wilcox Park (AKA Flag Park) and Lynndale Park, and many smaller neighborhood parks with play areas and or splash pads.” –Claudette Meyer Mitts

“[Take advantage of] splash pad parks, ice skating, [and the] Lynnwood skate and bowl!” –Jen Bowman


Commuting from Lynnwood

[Most people commute using] cars, bikes through the Interurban Trail, and park and rides.”  – Jen Bowman


Homes in Lynnwood

“Home buyers have a wide range of options to choose from including one-story homes built in the 1950s and ‘60s; split-level homes built in the 1970s and later years; and lots of new and newer construction 2-story homes located East of the freeway.” Claudette Meyer Mitts

Click here to search for homes in Lynnwood!


Want to learn more about living in Lynnwood?

Keep exploring on our blog:

Posted on June 14, 2017 at 3:48 pm
Jill Langer | Category: City Guides, Lynnwood, South Snohomish County