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

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

Mukilteo

Welcome to Mukilteo! 

Known for its supportive, strong community and gorgeous waterfront location, Mukilteo is a destination for work, play, and fun! Brimming with excellent city amenities to take advantage of and several top-notch opportunities for outdoor adventure, Muktileo is ready to be explored. Whether you’re looking for a scenic, relaxing day at the beach, a day of shopping, or hoping to head out for a day of mountain biking, you can find it all in this city by the sea.

Mukilteo is also known for its aviation-focused museums, jobs, and events. Home to some excellent aviation museums, a Boeing manufacturing plant, tens of thousands of jobs in the aviation industry and more, Mukilteo is the ideal place to visit or live in whether you’re trying to inspire an interest in aviation, an aviation enthusiasts, or someone with a career in aviation. “Industry is also second to none,” says Janet Buehler. “Mukilteo draws some of the world’s and regional high tech, aeronautic, medical, and innovative industry. That brings to our community a cornucopia of brilliant minds.”

When it comes to real estate in Mukilteo, there’s something for everyone. Home to a diverse range of real estate, you can find everything from smaller starter homes to elaborate residences with impressive views of the Puget Sound. Click here to search for homes in Mukilteo!


Getting Out & About

“Who wouldn’t want to be from the MUK! The sticker says it all. Mukilteo is a quaint community that not many people know about and even fewer who know how to pronounce the name. I happen to think one of the best beaches in Snohomish county is right in the MUK. Our beach features built in fire pits, a fantastic beach side playground, a substantial shelter perfect for parties all year round, boat launch, lighthouse, plus ice cream and fish & chips within walking distance to the beach.” – Jenny Eglian

“I read that Mukilteo in the native language of these parts originally means ‘good place to camp.’ It would be cool to know if that is true or not!” -Aurora Pedrola

“Love love love Big Gulch trail. One minute you’re in the middle of civilization and the next you’re far far away in a place that could be hundreds of miles away.  Just a small sign marks the trailhead across from the fire department. I’ve spent many hours breathing, thinking, singing on that trail!!”Janet Buehler

 ‘There is also the infamous garden club, historical society, and orchestra.  But don’t forget the landmark graveyard. Headstones tell the story of our founder’s lives and untimely deaths including the young from influenza and those that built and called Mukilteo “good camping spot” their permanent home.” Janet Buehler


Commuting from Mukilteo

“Train, ferry, plane, bus, bike, what did I miss… oh, yes cars too. Located at the tip of I-5 & I-405 and also easily accessible to 99, commuters have a variety of routes to choose from to get just about anywhere.” -Jenny Eglian

Mukilteo offers a myriad of options for commuting, including the ferry that runs between Mukilteo and Clinton on Whidbey Island. You can view the ferry schedule here!

“The Sounder Commuter train stops in Mukilteo daily on its way to and from Seattle to Everett.” -Jen Bowman

Click here to view the Sounder Train morning and evening schedules for the Seattle to Everett commute.


Homes in Mukilteo

 “Mukilteo offers a very wide range of homes. From the most expensive and elaborate that enjoy unique spectacular views of the Olympic Mountains, Islands, and Puget Sound waters with its ever changing nautical and aquatic traffic. Mukilteo also offers many affordable carefree communities of well maintained condominiums. In between the most elaborate homes and lovely condos there is a choice of every price range and neighborhood in between. In other words there is a place for everyone on Mukilteo.” -Greg Buehler


 Want to learn more about living in Mukilteo?

Keep exploring on our blog:

Posted on August 8, 2017 at 11:44 pm
Jill Langer | Category: City Guides, Mukilteo, South Snohomish County