We haven't published Snohomish County real estate and housing statistics since June 2014 and over the last 3 months a lot has happened. From our perspective, we can feel a market change with increased listing times, less buyer urgency, and generally slower feel, which is not uncommon for this time year. However, could the slowing last into 2015?

June 2014's Housing Inventory

Since late 2013 to till around June/July, Snohomish County's housing inventory has declined from almost a balanced market, 6 months of standing inventory, down to a low of 2.3 months. However, the increase since June/July hasn't been a cause of concern since Snohomish County hasn't been flooded with homes. On the contrary, it shows negotiating leverage is still in the seller's favor at 2.8 months.

Average Days on Market

Even though inventory levels favor sellers, Average Days on Market for pending properties is picking up momentum. The increase started in July 2014, typically Snohomish County's busiest month, and climbed through September, with September's average being nearly 60 days. The market's velocity is definitely slowing.

Median Home Price for Pending & Sold

Sold home prices have nearly come to a standstill between July and September with very little increase or decrease. Another indicator the real estate market is starting to slow. The Pending (under contract) home prices are declining; however, a few more months will determine if it's a meaningful decline or just seasonal norms.

Snohomish County's 90 Day Perspective Report

Over the past 90 days, the majority of closed home activity happened in the $300,000 to $400,000 price range, 240 closed units. Also in that price range, the List Price-to-Sales Price ratio was a 100% (extremely close to a 100% for this chart). Other strong price ranges, with over 100 units, are: $200,000 - $300,000, $250,000 - $300,000, and $400,000 - $500,000.

In Conclusion

The Snohomish County real estate market indicates a slowing on the horizon. Could it be a temporary change due to time of year or could lead us to believe housing prices increased so quick that prices outpaced economic growth and wages in the area?

What are your thoughts, insights, and gut feelings as we go through the 4th quarter of 2014?