Snohomish County housing statistics for September 2015 are published below in 5 charts. Yet before we get to the local statistical details, we'd love to ask some questions and here your thoughts in the comment box.
- Are you looking to buy or sell prior to 2016?
- Are you anticipating big changes to the housing marketing in 2016?
- Do you think home prices have escalated to quickly?
- Does the 2015 housing market remind you of anything?
These are some questions we're pondering as the year comes to a close and what will 2016 bring for our clients. Today, Wednesday the 28th, the Federal Reserve stated it will not be raising rates even though the economic indicators remain strong and "the housing sector has improved further"- [SOURCE]
This month, we'll look at the following charts for September 2015:
- Months of Inventory
- Average Days on Market
- Supply & Demand
- Median Home Prices
- 90 Day Overview
Months of Housing Inventory
Inventory levels have remained virtually unchanged, from July, through August, and September at 2.1 months. The slight decrease may seem insignificant to sellers on the surface yet when reviewing following charts a different picture is painted.
Average Days on Market
While Snohomish County's housing levels remain steady, the average days a property stays on market is increasing. From August to September, the one month increase was 6 days, or 14%. It is normal for Snohomish County properties to experience increased market time this time of year yet I'm not so sure this increase will be normal.
Supply & Demand in Units
Both pending and sold properties slid from August to September, nearly 11% for sold properties and nearly 5% for under contract properties.
Looking in closer detail, September 2015 housing figures are:
- For Sale Properties: 3,299
- Under Contract (Pending): 1033
- Sold: 973
- Expired: 261
- New Listings: 1,056
Canceled listings are not represented in the chart.
Median Home Prices for Sold & Pending Properties
Housing prices declined from August to September with the Pending properties declined 0.73% and sold properties declined 0.85%.
Median Housing Prices for September 2015 details:
- For Sale: $384,950
- Pending: $349,950
- Sold: $355,000
- Expired: $399,000
- New Listings: $365,500
Northwest Multiple Listing Statistics
In the NWMLS September 2014 and September 2015 Sold properties comparison report, the County's 5 largest communities the experienced the following:
- Increase of 14.5% in housing Units.
- Increase of 7.8% in Average Price.
- Increase of 7.7& in Median Price.
- Decrease of 15.2% in Average Time on Market.
90 Day Perspective Report
The $300,000 to $400,000 pricing range is still the busiest price segment with 283 units selling over the last 30 days.
Housing inventory remained virtually unchanged yet market times increased and the median home price decreased which points to a slowing and natural correction of the escalating housing market. If you were thinking of when the peak might be, it very well have been July / August 2015 as the peak.