Homes in Snohomish, King counties getting snapped up quickly

Published 2:22 pm Monday, June 6, 2016

With fewer choices and escalating prices, home buyers are continuing to feel the squeeze in Snohomish County.

One real estate agent estimates that 80 percent of homes coming on the market in Snohomish and King counties sell within the first 30 days.

“Many sell within the first week,” said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, in a statement. “A healthy normal market would have 30 percent selling in the first 30 days.”

There were 1,505 active listings in Snohomish County in May, according to the Northwest Multiple Listing Service. That’s down nearly 30 percent from a year ago, when there were 2,129 listings.

There is barely more than one month of supply of housing stock in the county — well below the four to six months that many experts believe is the sign of a balanced market. Months of supply is how many months it would take to sell the current inventory of homes given the current pace of home sales.

With limited supply, home prices continue to grow. The median closed sales price for the county increased to $367,250 last month, up 9.6 percent from the previous year when homes sold for $335,000.

The median price for single-family homes grew to $389,950 in the county, up 11.4 percent from last year when it was $350,000. The median price for condos was at $257,500, up 9.6 percent from $235,000.

This is making it difficult for first-time home buyers — and even people who are looking to return to the market who lost their homes during the recession.

Many of the housing projects that went idle during the Great Recession of 2008 to 2012 are being completed and built out, said Northwest MLS director George Moorhead, in the statement. That’s leading to builders buying more lots with tear-downs or looking for land farther away from urban areas.

And that’s meaning longer and longer commutes for people. Real estate agents are advising their clients to consider buying in areas near future light rail stations or other transit services.

The hot real estate market is causing problems for more than just home buyers. People who may be willing to sell face their own conundrum.

“With less than two months of inventory, every new listing seems to draw multiple offers,” said Frank Wilson, branch managing broker at John L. Scott in Poulsbo, in the statement. “If we sell today, will we be able to buy tomorrow?”