The influx of REO inventory has yet rear its head in Snohomish County’s real estate statistics. However, I’ve been searching for more information and after talking to REO colleagues, the word-on-the-street is more inventory is coming. To support office chatter, ForeclosureRadar.com reports shadow inventory scheduled for sale is still high and at approximately 2,700 units.
Competition is fierce, inventory is low, and will more homes become available for sale? The last part, will more homes become available for sale, whether that be from people listing their home or from the banking institutions releasing more bank owned homes, to assist in real estate stabilization for Snohomish County.
The below graph shows how Under Contract inventory has steadily decreased to record low levels. While getting through the distressed and bank owned inventory is good for a real estate market, having virtually nothing to sell is just as harmful.
Back in June of 2011 the tell tell signs of a recovering real estate market where starting to blossom. Inventory was down substantially, buyers where purchasing homes, sellers could feel relief from lienholders and the bank owned properties where flying off the shelf. Now a year and a half later it could be argued the Snohomish County market has fully recovered.
It’s not breaking news that Snohomish County has very little real estate inventory, resale and REO properties. In my opinion, the low inventory levels are steadily forcing home prices up. Great news for sellers and with the home values rising can it be a sign of a rebounding market?
Reporting on residential resale homes has left nothing to say. Inventory is still down and every offer written it is expected to have multiple offers – even on our listings. With the competition in the resale market some buyers have switched to the new construction realm due the predictability of their purchase.
Recently on RealEstate.com, the kind folks their published an article titled What’s Happening in the Snohomish County Housing Market? and this Xtranormal video is the child of copy/paste text into the veido creation software. Guess pronunciation needs work.
Boy have times changed and I wouldn’t have pegged Snohomish County to be experiencing similarities to the most recent real estate bubble. Without the sub prime markets, predatory activities, and general real estate fever, Snohomish County has been shifting back to the boom of 2003 – 2007. This something I’ve been foreseeing by watching the statistics and, in my opinion, is directly correlated to the lack of housing supply. We are one month away from my first prediction of a seller’s market in June 2011 and each successive market report has corroborated that idea.
Supply & Demand for Sold and Housing Inventory
Denoted by the blue columns, homes under contract have skyrocketed to levels not expected in a depressed real estate market. The reason the under contract homes have risen so sharply is that the housing supply has declined yet the size of the buyer pool hasn’t. The green columns indicate the number of sold homes in Snohomish County. Though not as dramatic as under contracts, sold homes are seeing a increase as well, however, it appears the sales will equal the figures of Summer 2011.
New construction is benefiting from Snohomish County’s weak inventory numbers and, since the first of the year, the number of sold new construction homes sold has skyrocketed. At the end of January, the top 4 were DR Horton, Polygon, Encore, and Pacific Ridge Homes; that has not changed yet some did swap positions. Leading the new construction builder pack after 2012′s first quarter is [drum roll please] Encore Homes with 40 units. The jump from 2nd to 1st came in the form of sales in their new plat Magnolia Estates (Arlington‘s Gleneagle and Eagle Heights neighborhoods) and sales trickling in from the Marysville Meadows.
In 2nd and 3rd position are DR Horton and Polygon who have strong Snohomish County. Complimenting their Snohomish County sales, DR Horton and Polygon have a diversified building area to bolster their Tri County sales. I look for these 4 to continue their sales volumes yet I am wondering where these 4 will start building in the county next. Critchlow, on the other hand, is a builder I know virtually nothing about as I’ve never sold one of their products.
If you are searching for a home, in process of presenting an offer on a home, or have have made offers on homes then more than likely the conversation of multiple offers has arose. Multiple offers can happen for many reasons: the property is so well priced, the property is located in a low turnover highly desirable area, the property is priced competitively and is extremely well taken care off, its located in a specific school district and a great neighborhood, or it’s near Applebee’s. Whatever the case maybe, multiple offers is a factor which buyer’s are having too navigate.
Since early February, buyers have had to compete in multiple offer situations, typically in the price ranges of $120k – $160k’s. These homes are extremely well priced, sometimes have new carpet and paint, come with appliances, and are in good locations. It can be frustrating especially when the news outlets have touted a buyer’s market which isn’t exactly what’s happening.
The landscape of Snohomish County builders has changed drastically since last posting 2007′s top 30 builders yet a handful of companies are still marching forward. In this case, 5 of the 9 top January builders made the list in 07 and have kept themselves in a position to continue building. I know Encore and DR Horton have acquired lots at dirt cheap prices and are building for exceptionally low and competitive prices. In addition to top selling builders, the top selling plat are Veremonte in Everett with 6 units, Rakestraw in Marysville with 4 units, and Westlake Heights in Bothell with 3 in January 2012.
You maybe asking yourself: “What is going on with Snohomish County real estate market? I’ve submitted three different offers on three different houses and not one was accepted due to a higher offer. What is the deal?”
Monthly Supply of Real Estate Inventory
Indirectly you may have been feeling the low supply of inventory. The last 30 days gives us insight to the multiple offer situations. As of January 31, 2012 the monthly supply of real estate inventory was down to 3.7 months (6 months is a neutral market). In some respects, the Snohomish County real estate market feels as it did in the early 2000′s. With that said, it is hard to say that the market has recovered completely and sellers should expect increasing property values to accompany multiple offers and reduced inventory levels. This could be a slight surge before hundreds of bank owned properties flood the market – which may or may not happen.
Currently, there are 2,441 Active homes in Snohomish County
Snohomish County is well into 2012, with another day of snow, and December 2011′s real estate statistics are published for review. Personal Experience Moment: To the disappointment of current clients, I noticed many homes in the $75k – $150 price range dropping off the market right at the first year.
Q: Why would homes be taken off the market this time of year?
Homes are taken off the market for many reasons 1) sellers decided to rent (one of our clients rented their home), 2) sellers fire their listing agent and take time to hire another or choose to go FSBO, 3) the seller and listing agent’s contract to sell the home expired on 12/31/2011 and 4) sellers decide just to stay in the home and not sell. With bank owned properties I see item 3 be the case.
With that said, take a look at SUPER low housing inventory levels.
When meeting new people or spending time with friends the question that always arises is “how’s the real estate market?” and my response is “quite good”. With inventory levels still at record lows, for the moment, and with banks holding back a lot of inventory its allowed some stability to take hold. Prices are not decreasing at rates seen a few years ago, good news for sellers, and according to the NWMLS statistics the median home price in Snohomish County for November 2011 is only down 6.3% compared to November 2010. Seller’s are still taking a hit every month their home is on the market yet the price softening has made it affordable to own again.
Last month, clients closed on a Marysville home for $152,000 that was move in ready, 3 bedrooms, 2 bathroom, on .22 acres and almost 1,400 sq/ft. In 2007, that would have been $260 – $280,000. The buyers are extremely happy with their purchase because when they move, due to new orders, the home can then turn positive cash flow as a rental.
Listing a home to sell is much like any other buy / sell strategy. When a product’s supply is low and demand is favorable then naturally it is a good time to sell. This time of year many people ask the question: Should I list my home now or wait till spring? The common misconception is that waiting till spring brings in more home buyers since there is more daylight and the weather is favorable to being outside. There is truth embedded in that misconception yet many sellers fail to seize the winter market and miss opportunity.
Record Low Housing Inventory
October 2011 a record low 4.1 months of housing inventory. Meaning, if homes don’t become available then by March 2012 there will be zero homes in Snohomish County for sale. That is highly unlikely but it demonstrates there are fewer homes for sale right now than any previous month. Less homes for sale means less competition and a higher probability of selling.
Below are October’s residential housing numbers for Snohomish County. In August 2011 the real estate numbers where surprising with appreciation being seen in one price segment and housing inventory numbers being at record lows. While waiting for September 2011′s figures to be released here are the current number for Snohomish County’s housing inventory broken down by city.
In reflection of June 2011′s market statistics and analyzing how my client’s transaction have gone this summer, the statistics haven’t lied. It has been a seller’s market throughout the summer months and the most unusual in recent history – previous years have been highly in favor of home buyers. Keep in mind that a seller’s market doesn’t always mean increasing property values and can be cause by lack of housing inventory and increased demand.
Snohomish County Housing Inventory
In June 2011, inventory levels were the lowest since April 2010 and those inventory levels have continued to decline to a jaw dropping 4.3 months. The declining numbers are only going to fuel the seller’s market more but we could see a rise inventory as sales weaken towards the end of 2011. This summer, my clients had to experience competing offers, submit backup offers, and grieve as they lost a home(s) to better or an earlier accepted offer – which hasn’t been common since the market decline of 2007.
Below are July’s residential homes for sale statistics for July 2011.
Everyone who has watched the news at least once in the last 4 years knows that real estate is definitely in favor of buyers. Snohomish County real estate prices have continued to decline the first 5 months of 2011 and expectations from industry professionals and the public sector agrees housing prices will continue to decline for the remainder of the year. So what if I said this summer could be a sellers market? You would probably think I was bat shit crazy but oddly enough I am not – as of right now no one is forcing me into real estate counseling.
Snohomish County Housing Inventory
According to Broker Metrics®, Snohomish County has 4 1/2 months of real estate inventory currently available, the lowest since April 2010. What does 4 1/2 months of inventory mean? If no new homes became available for sale then at the rate in which homes are selling the inventory would be exhausted sometime around the middle of October. In a neutral market – where neither sellers or buyers have the advantage – there are 6 months of inventory. With that said, it is my belief that prices are not going to rise, which is the typical sense of a seller’s market, but the low abundance of inventory may bring competing offers. In my opinion, buyers will have to give a thoughtful look at their offer especially if a home is priced very competitive already. Just because a property is bank owned, or in a distressed situation, it doesn’t mean the sellers will take any ole offer.
I just finished reading the National Association of REALTORS®’s [Real Estate] Confidence Index report for April 2011 and their are some startling statistics. But before we get to the report you maybe wondering what a Confidence Index report is.
The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey of over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions. In addition, the “Questions of the Month,” feature results of a timely aspect of the housing market.
Essentially, NAR interviews real estate agents from 4 different regions and receives their opinion on specific housing aspects. The 4 regions are the West, Midwest, Northeast, and the South and this report focuses specifically on the West’s Region 12 – Washington, Oregon, Idaho, Montana, and Alaska.
Over the weekend I received an email from Fred B. regarding a poll posted April 2010 and inquiring if a similar poll for 2011 was in works. There weren’t any plans but that wasn’t due to no wanting to create a one yet rather not having the idea of a follow poll. After the excellent suggestion here is the poll: Is Snohomish County at the End of its Real Estate Crash?.
Far from a scientific study, April 2010′s poll does yield some interesting data on consumer confidence in Snohomish County’s real estate market. When asked if the real estate market would continue to fall, 58% of the voter said yes and they were correct with property values declining on average 1% a month during this one year period. Keep with the general opinion that values will continue to slip. On the other hand, 16% of votes said the market was at its bottom in 2010 which was not far from the mark since property values declined at a slower rate versus 2009.
My favorite votes are the 3 for Don’t care, the rock I live under is just Fine as they still took time to read then select an answer to the question. It makes me wonder why they even bothered but to their credit I say “touche”.
There has been some exciting news within the Snohomish County job sector with Boeing winning the tanker contract. With that said, the unemployment figures still haven’t been released and a rumor bounced into my office that the unemployment numbers have dropped by 2%. That would be great news but I will wait till the figures are released to make a determination whether there has a been a decline or not. In related news, today’s article at the Snohomish County Business Journal it has been reported that “Skotdal Real Estate has started the second phase of construction at its Library Place apartment complex in downtown Everett”, full story, and a quote regarding the job outlook from Craig Skotdal says “The 2012 employment market in Everett looks good to us”.
So Is Snohomish County at the End of its Real Estate Crash?
Comparing April’s Active listing figures to March’s there is virtually no change; a little increase and little decrease depending on city. Meaning, inventory entering the market is almost equal of inventory that is leaving the market which could be stabilization indicator. On the other hand, Pending inventory in four Snohomish County cities have seen dramatic changes: Bothell had a decrease of 65%, Everett had a increase of 20%, Marysville had the largest increase totaling 233%, and Stanwood, a little deceiving, increased 13,500% but Pending units went from 4 to 54 units. On the sale side, Sold listings in Marysville increase 11% and Sold listings in Mukilteo declined 61% from last month’s figures.
Snohomish County Real Estate Snapshot April 2011
Holy surge in listings Batman! Everett and Lynnwood’s listings numbers have significantly increased for early March 2011. In Reviewing Everett’s January, February, and March’s figures, it can be said that Everett is the most volatile real estate markets within Snohomish County; January 970, February 606, and March 946. Lynnwood on the other hand, even though it has seen a 43% increase in listed properties from February, it is closer to January’s figures of 477.
What Does this mean for Sellers?
Seasonality is an undeniable factor in Washington State and with the approaching spring and summer months are you preparing to sell? The info graphic below demonstrates the increasing number of listings starting in February and ending in July (both 2009 & 2010). Real estate sellers will have higher competition making it increasingly more difficult to sell if the property is priced out of the market.
When comparing early February’s residential listing figures to early January’s, Granite Falls is the only city in Snohomish County to increase in Active listings, rising from 75 to 93. Everett showed the most dramatic change in Active listing from 970 to 606, a 38% decrease in listing inventory.
Snohomish County’s 2nd Quarter lot sales statistics are available and surprisingly there has been a increase, 13% over 1st Quarter 2010 to be exact. The largest single sale was in Marysville with 100 lots and was purchased by Encore Homes, Inc which doesn’t include the entire plat in which is the Meadows in Marysville.
Snohomish County Lot Sales 2nd Quarter 2010
The following document was released by the NWMLS on January 5, 2011.
December’s volume of pending sales around Western Washington nearly matched the total for the same month a year ago, which was the best December since 2006.
Sellers accepted offers from 4,359 buyers last month, only 40 fewer than a year ago when members of Northwest Multiple Listing Service reported 4,399 pending sales of single family homes and condominiums. In 2008, members notched 3,255 pending sales, down from 2007‟s total of 3,950 pendings and the 2006 figure of 5,744 mutually accepted offers. Eight counties had year-over-year increases in pending sales for December, with two others equaling the year-ago totals.
Looking at buying or selling a home in 2011? Here are the Snohomish County’s real estate statistics as of 11:30am 1/3/2011 – total active listings in the county are 4809.
What does it mean for Buyers?
Selection. Buyers have the benefit of large volumes of inventory in which to choose from and don’t have to settle on a property that doesn’t meet the long list of requirements. Location, construction quality, year built, lot size, inside-outside city limits, school districts, and commute times are just some of the factors making up the home buying decision. Start looking today and don’t miss the bargains.
What does it mean for Sellers?
Competition. Resale sellers are having to compete against banks and institutions that are slashing prices, new construction builders who have dramatically cut construction costs, and fire sale tactics to get their property sold. The best strategy for resale sellers is to properly and competitively price the property as not to accumulate 180 – 365 day market time.
Reviewing Snohomish County’s 4th Quarter 2009 lot sales report it appeared that the new construction segment 2010 would experience a positive shift for 2010. With lot sales prices down to 1990 levels it was only a matter of time till cash based buyers would make their move. At the close of the 1st Quarter 2010 sales volume increased a dramatic 129% to yield a total of 303 units. 4th Quarter 2009 seen 234 lots record with the 1st Quarter of 2010 yielding 303 total sales, a 129% increase, another indicator that the market is moving in the right direction. With that said, the 1st Quarter of 2010′s ending figures indicate the positive momentum has continued.
A notable mention in 1st Quarter’s lot sales is Bothell. The Bothell area continues to have more development than any other area in Snohomish County by a large margin. Over the next few years, Bothell will see its new construction inventory rise a few fold, and if predictions are correct, and competition between developers will be fierce making prices great for consumers.
In a poll released today by Fannie Mae, nearly 2/3 of Americans say right now is a good time to purchase a home and the bottom has arrived. With that said, Snohomish County is still experiencing high volumes of inventory and ever increasing amounts of short sales and bank owned properties.
Residential Market Snapshot for 4/6/2010
– 308 Active Bank Owned Properties on the Market
– 727 Active Short Sale Properties on the Market
– 4,318 Total Active Properties on the Market
– 25% of inventory is either Banked Owned or a Short Sale
This morning, I received the Snohomish County Notice of Trustee Sale report and 87 more properties are heading to auction on June 25, 2010 and will become available for sale sometime in July or August. Even though the national real estate market trend is showing stabilization and/or growth, the greater Snohomish County area has yet to feel any relief.
The lot sales in the 4th quarter of 2009 Snohomish County has increased by 36% over 3rd Quarter 2009, a significant gain since it’s not typical for banks to be lending to builders. More impressively, the prices on vacant land have decreased an astounding 66% from the beginning 2006 to the end of 2009.
Lot Sale Increase
The increase in sale volume has surged due to the high availability of vacant lots and limited number willing and able buyers. National building chains have seized the opportunity to purchase large volumes of lots for cheap. DR Horton purchased 38% of Snohomish County’s total lots with their single largest plat having 27 individual lots — Camden Meadows.
As the second to last day of 2009 is upon us, I would like to take a moment to reflect on some things that I will associate with this year.
First Time Homebuyer Tax credit
From January to November sales in Washington increased from 2,650 total units to 5,523 total units with the highest month being October with 5,970 total units. During that time, even with rising unemployment rates, buyers who where on fence turned out in record numbers to capitalize on low housing prices, an abundance of inventory, and government incentives like the First Time Homebuyer Tax Credit. It is hard to discount the effects of the tax credit on sales but for 2010 it will take much more than incentives to get the economy going.
*June 2006 there was 11,187.00 total units closed.
Today President Obama spoke on job creation and how America needs to “spend our way out of this recession”. The plan touches on job creation through major infrastructure projects, tax incentives for small business owners (which don’t seem to impact the mom & pop businesses), and take the monies not spent from TARP and inject them into job creation instead of deficit reduction.
Looking at the national unemployment rate of 10.2%, local unemployment rate remains at 8.8%, it is hard to argue that Americans need jobs to aid the national recovery process. The flip side of Obama’s job creation plan is a further increase in the national deficit. So far the Republicans have been very vocal about this section – funny – as they where in control when the deficit was rising faster than any other time in history.
Ask any real estate agent the answer to that question and it is all the same – Right Now! Wish that was the case though. The right time to buy is not an impulse decision. It is a well thought out and planned decision because the home ownership landscape and dramatically changed over the last few years.
Even though 2009′s data shows an increase of property sales exceeding an increase of a 100% (114% to be exact), a healthy economy was not the precursor. The First Time Home Buyer Tax credit was the major driving force in 2009′s sales – buyers seized the opportunity to receive a government bonus while purchasing a home that maybe undervalued.
Yesterday the Senate voted 98-0 to pass the extension and expansion of the homebuyer tax credit and the House is expected to vote on it any day. In a recent post, I shared my reasons why the tax credit should be extended but I have found the government usually doesn’t give my opinion a lot of attention.
There is buzz on the tax credit and rightfully so. In recent months, leading up to the November 30, 2009 deadline of the tax credit, Washington housing sales have increase from 2,402 in January 2009 to 5,132 in September 2009, a 114% increase with the largest volume in July 2009 of 5,527 units. When the next NWMLS activity reports are made available look to see home sales increase (my educated opinion) to around 5,700 – 5,900 sales then slow down to 4,500 after the first year.
Is Snohomish County seeing a recovery in lot sales? I won’t get ahead of myself and say “yes” but it does seems that there is some signs of the new construction segment recovering. Recovery could be stemming from a few areas: banks are loosening their grip on money and lending to builders/developers, builders are seeing consumer confidence rise and want to provide new inventory, and/or builders are seizing the opportunity to pick up vacant lots up for mid 1990 prices.
Cheap prices seem to be driving lot sales primarily just like in the resale market but the resale market has the tax credit to help it along the way. 44% of the lot sales in 2009′s 3rd quarter have been purchase from banks or REO companies in what John Wahl calls the “new business”. When this “new business” is gone will prices rise back to where they were before the economic downturn? I highly doubt it.
As I have posted before, Snohomish County has seen an ever declining market in the vacant land and lot sales sector. Market corrections and slow economic times have forced a lot of builders, developers and custom builders out of business, builders to abandon projects, and/or projects to be foreclosed on.
With that said, there are two types of business out there when looking at raw and vacant land: old business and new business.
Old business are lots and developments that builders and developers could hold onto and continue to build on with the hopes of future sales. New business are the lots and developments that have been foreclosed on and are now back up for sale at a price reflecting current Snohomish County real estate conditions.
The chart below shows the market areas in Snohomish County and the number of plats with the sales over the last 12 months.
With 5,695 lots and homes to sell at an average of 118.65 sales per month we have a 48 month supply; this does not take into account the 1,123 developer held lots.
In the calendar year of 2008 we average 159 new construction closings per month as compared to 310 closings per month in 2007.
The average sale price for a new home in Snohomish County is $385,128 which is a decline of 13% from one year ago at $435,194.
Snohomish County has not been protected or isolated from the national housing crunch and real estate sellers are feeling the affect of bank owned properties on their property values more and more each day. As short sales, distressed properties and foreclosured properties start to saturate the Snohomish County real estate market homes prices will continue to adjust.
According to a NAR (National Association of REALTORS®) the national median home price has fell to $180,000, a 12% loss in 2008, though Snohomish County’s median prices are still much higher. That does not mean that local real estate is still in the unaffordable range and good buys cannot be found throughout the county. Quite the opposite.
When the real estate market corrects itself like it has in the 2007 and 2008 year it is not just the home being owner who is affected. The whole process is slowed and as such builders and developers have continued to reduce their risk by choosing not to purchase buildable lots. Some builders and developers have had even to close their doors in the face of the crisis while others sit back wait for bank owned lots to come available.
Either way, the lots sale have continued to slow since the summer of the 2006 but the 4th quarter did show increase to 222 total sales. This statistic is not an accurate picture of Snohomish County’s lot sales because 148 of those lots where purchased by the Navy for military housing project and more than likely those lots will never be sold to the general public. The corrected number puts the total sales at 74 which is only 7 more sales than 3rd Quarter 2008. The lot sale pipeline could face shortages in the future if the economy shifts back to a growth phase, more than likely that won’t be any time soon, and numbers will probably remain low until bank starting having fire sales.
Snohomish County’s lot supply pipeline and new construction inventory is full of developments, vacant lots and new construction homes that are having difficulty selling. Through the real estate growth of the new millennium, builders were participating in one of the largest land grabs in recent history and it’s that land grab that developers have to deal with now.
New construction homes are just not selling at the rate in which builders had become accustom to in 2000-2007 and now, late 2008, new home sales are continuing to decline. In March 2007 there were 486 new construction sales, in March 2008 there were just 243 and in September there were 155. The result is mass standing inventory that is selling at a slower rate each month and it just just can’t be absorbed with price slashing techniques and/or buyer incentives.
So it would seem that Snohomish County’s lot sales have flat lined. In the 1st quarter there where 47 sales, 2nd quarter increased to 69 and in the 3rd quarter there where 67 sales, a decrease of 2.9%. In the current real estate climate, builders are not to anxious to purchase additional lots and it seems the purchases were made by custom builders picking up a few lots here and there.
Northcreek did boast the most sales in a single area with 19 in the Westcastle *edited: plat but unfortunately the lot sizes where not available* and the second biggest sale was in Marysville with 14 lots. Marysville continues to sell lots all across the city but the numbers are not what they used to be.
Yesterday John Wahl stopped by the office and shared a Puget Sound Market Trends report from New Home Trends, Inc. The Puget Sound Market Trends report covered King, Kitsap, Thurston, Pierce and Snohomish County and most of what the local real estate industry is experiencing is reflected in the data.
Housing prices increased dramatically from 2002 until 2007 which was amplified by the loose lending restrictions and the flipping craze. It seemed that everyone was purchasing multiple properties, leveraging one property to purchase a second, with a smooth sailing forecast of rising housing prices. But that bubble came to an end and now many are facing the results of a correcting market.
Yesterday I received the 2nd Quarter 2008 lots sales figures and to my surprise there was a 46% increase. That is not saying much though since lot sales increased to a meager 69 for all of Snohomish County from 47 in the first quarter.
The price in which a lot sells for is the most important factor when forecasting what a new construction home will sell for on that lot. If a developer gets into a piece of dirt for X amount of dollars and forecasts a selling price of Y but the current market will only bear Z it leaves little to no margin for the developer as well as the future builders.
Active Snohomish County Listings Year-to-Date
New Construction: 1,594
Pending Snohomish County Sales Year-to-Date
New Construction: 864
Closed Snohomish County Listings Year-to-Date
New Construction: 667
Even though it looks like contractors are still buying, developing and building homes the statistics show something different.
Snohomish County lot sales have dramatically fallen in the 1st Quarter 2008 by over 80% from 4th Quarter 2007 and more than 94% from 1st Quarter 2007. 1st Quarter 2008 produced 47 total lot sales where as in 1st Quarter 07 there were 889. This massive decrease reflects contractor’s skepticism to buy, develop and build in such an unstable real estate market.
The report is just in and the results are astounding. Throughout Snohomish County we see many builders from the very large to the very small, the quality compared to price builders (shown by the higher Avg. $/Sq.Ft) and who offers the most Avg. Sq.Ft across their new construction homes.
Snohomish County Market up-date (listings, pending sales and close sales) for December 2007 have just been announced.
Snohomish County Lot Sales 4th Quarter 2007 lot sales showed a 36% increase over 3rd quarter 2007 lot sales and could be an early indicator of a rebounding real estate market. Dispite the increase, lot sales in Snohomish County are still dramatically lower than the 1st and 2nd quarter 2007 lot sales.
Interesting enough there were still 5 areas that posted 30 or more lot sales in a single development: Alderwood, Marysville, Northcreek and Northwest. [Read more...]
Washington’s real estate statistics definitely show the real estate market is having some difficulty returning to more activity.
Washington State closed sales statistics June 2007 to October 2007
– Total closed sales reduced 33%, from 10,109 6,760.
– The median closed home price also decreased 5%, from $317,500 to $299,900.
– The average closed home price also decreased 2.5%, from $371,055 to $361,426. [Read more...]
For the most part Snohomish County is most known for its ability to offer affordable single family housing. But as the county increases in population cities will have to make plans for the future growth. In the southern cities of Snohomish County there has been change going on for some time. [Read more...]