Over the last 10 years so much has changed within the Snohomish County real estate market.
In 2012, residents were approaching the end of the tunnel yet were still experiencing longer market times, persistent declining home values, an excess of homes for sale, and an abundance of distressed properties.
Now in 2022, the housing market is in a completely different place with homes and properties selling over asking price, the area has the lowest housing inventory levels seen in history, days on market is virtually at zero, and there are zero foreclosures and short sales County wide.
With these significant changes over the previous 10 years, I thought it would be good to see visual representations of what has transpired with: The Median Sales Price, Available Homes for Sale, and Days on Market for Residential Properties, Vacant Land, and the New Construction segment.
*Note: These are interactive map so individual time points can be viewed.
Median Sales Price: In January 2012, Snohomish County's median home price was $240,000 and as of February 2022 the median home price climbed to $686,071. The graph shows that in August 2019 was the point at where the median home price really started to spike.
Available Homes for Sale: In January 2012 there were about 4,000 active homes for sale compared to February 2022's 498. Summer/Fall 2014 and Spring/Summer 2019 saw housing inventory rise yet that increase was short lived. The current shortage is high contributing factor to escalating housing prices.
Days on Market: During the recession it was common to have a 90 day market time which isn't represented on the graph. In January 2012 the average days on market was 45 days where as February 2022 that number is declined to 5. Why not zero? Since most listed properties have an offer review period of at least 5 days that is why days on market number has settled there.
Median Sales Price: Vacant land followed the same trend, as residential homes, with the median price steadily climbing from January 2012 through February 2022. I've been searching for land for a few clients over the past year and 5 buildable acres now goes for $350,000 - $400,000 in Snohomish County and substantially more if the parcel is located in south county.
Available Lots for Sale: Not surprising, in January 2012 there were so many vacant lots for sale with the majority being located in Bothell - DR Horton purchased mostly finished lots for .... err ... dirt cheap - approx. $35k a finished lot. Now County wide there were 222 lots for sale in February 2022.
Days on Market: Vacant land market times have been up and down from January 2012 to December 2020 and then the days on market took a steep plunge to less than 30 days in February 2022.
Median Sales Price: This graph has a very distinct gap at its beginning and the reason is that all building had stopped during that time. The Great Recession was not kind to the new construction industry and only returned in June of 2013 with the median price being $479,936. Since that time, the median home price steadily climbed to mid 2020 where the median price spiked up to $729,950.
Available Homes for Sale: As in the previous graph, building was a stand still in 2012 and only seen movement in May 2013. Since then the availability of new construction homes was fairly plentiful trhoughout Snohomish County yet that would come to an end as well. In April 2021 new construction homes slipped below 200 units county wide.
Days on Market: Days on Market peaked in May 2015 at 46 days and decreased to 6 days as of February 2022. Builders saw their inventory fly off the shelf and we could attest to as our plat, Braidwood Village II, sold just as fast as they could be listed since new construction was filling the void in the resale market.
Creating these graphs brought back a lot of memories from listing and selling homes through the Great Recession and generated a lot of conversation regarding Then and Now in Snohomish County.
Do you have thoughts on where the Snohomish County real estate & housing market is going? Please share them with us.
Also, are there graphs that you didn't see, or stats you'd like to know, that didn't make it into this 10 year recap of Snohomish County residential, vacant land, and new construction sales article? If so, send and email to firstname.lastname@example.org with what information you'd like to know.