Q3 2023 Market Report Snohomish and King County

snohomish County | q3 2023

IT'S A

SELLER'S MARKET VS. BUYER'S MARKET HOMES SOLD IN

2,074 QUARTER 3| 2023 average SELLING PRICE $754,333 Down .5% FROM Q3 2022

AVERAGE

21 DAYS ON MARKET

AVERAGE

99.7%

SALES VS LIST PRICE

INTERESTED IN BUYING OR SELLING? THE CARRIE FREEMAN REAL ESTATE GROUP CARRIE FREEMAN

ALEXIS KELLEY

BROKER/OWNER 206-355-6230 CARRIEFREEMAN@JOHNLSCOTT.COM

BROKER 425-407-2883 ALEXISKELLEY@JOHNLSCOTT.COM

MARKET OVERVIEW - SNOHOMISH CO. This year, Q3 in the housing market felt a little different that previous years during the typical seasonality of the market. While homes get listed at the highest rate at the end of June, we should see home sales drop drastically each month in Q3 as both buyers and sellers prepare for the winter months ahead. With about 30% less homes listed overall this year compared to last, we didn’t see a big difference in homes listed as we typically do through the 3 months of Q3, thus extending the “selling season” that normally ends in June. It feels like the market is stuck in a “no man’s land” zone, meaning, there is very little inventory for buyers to chose from (which should cause price increases), but with interest rates being as high as they are, the buyer demand is still low due to buyer affordability.

Why is buyer demand so low? September saw the LOWEST number of mortgage applications in OVER 3 DECADES, showing the devastating impact mortgage rates are having on buyer affordability. So what are interest rates? They change every day but at the time of this writing (first week of Oct), rates passed through 8% and are currently sitting in the high 7’s. As we head into Q4, expect to see the housing market continue to stay mostly flat with a possibility of a small pull back in pricing as less and less homes hit the market. Home values in 2023 YTD have recovered much of the steep losses that we experienced in the back half of 2022, but it seems like we are unable to push much higher as we are hitting a theoretical ceiling. The experts believe the only way we are going to get out of this weird “no man’s land” market is to see the fed lower interest rates to help with buyer affordability.

Q3 was a very exciting time within our John L Scott Snohomish office and community. JLS Soho continues to focus on the “Small Town, Big Impact” mentality and finding ways to affect positive change in Snohomish and beyond. We again were the Title Sponsor to the 3rd Annual Snohomish Block Party. During that event, we also held a silent auction with more than 20 items donated. All the funds raised (over $3,000) were donated directly to the Snohomish Community Food Bank, helping them replenish the shelves to feed our local families in need.

Our passion to serve others is always at the forefront of how we do business and life in general.

One of the most exciting times in JLS Soho history happened in July. Our office grew in size by acquiring a “sister” office to the family and now own/operate John L Scott Arlington. With Arlington being built on history and tradition similar to Snohomish, it provided the perfect opportunity for us to continue our reach and impact another small local community is best as possible. We are still at the beginning stages, but we are excited to implement A LOT of the systems, events and community service in Arlington that has made us so special in Snohomish. If you are ever in the area, we would love for you to pop into our Arlington office to say hello : )

WHAT'S NEW WITH

&

OCT. 31 | DOWNTOWN TRICK OR TREAT | DOWNTOWN SNOHOMISH

COMMUNITY EVENTS Here’s what’s going on in and around Snohomish & Arlington in the months of October, November, & December.

NOV. 10 - DEC. 23 | HOME FOR THE HOLIDAYS | DOWNTOWN SNOHOMISH

OCT. 28 | HOMETOWN HALLOWEEN | DOWNTOWN ARLINGTON

DEC. 2 | HOMETOWN HOLIDAYS | DOWNTOWN ARLINGTON

IT'S A

King County | q3 2023

SELLER'S MARKET VS. BUYER'S MARKET HOMES SOLD IN

4,838 QUARTER 3| 2023 Average SELLING PRICE $1,164,666 Down 2.4% FROM Q3 2022

AVERAGE

23 DAYS ON MARKET

AVERAGE

99%

SALES VS LIST PRICE

INTERESTED IN BUYING OR SELLING? THE CARRIE FREEMAN REAL ESTATE GROUP CARRIE FREEMAN

ALEXIS KELLEY

BROKER/OWNER 206-355-6230 CARRIEFREEMAN@JOHNLSCOTT.COM

BROKER 425-407-2883 ALEXISKELLEY@JOHNLSCOTT.COM

MARKET OVERVIEW - KING CO. This year, Q3 in the housing market felt a little different that previous years during the typical seasonality of the market. While homes get listed at the highest rate at the end of June, we should see home sales drop drastically each month in Q3 as both buyers and sellers prepare for the winter months ahead. With about 30% less homes listed overall this year compared to last, we didn’t see a big difference in homes listed as we typically do through the 3 months of Q3, thus extending the “selling season” that normally ends in June. It feels like the market is stuck in a “no man’s land” zone, meaning, there is very little inventory for buyers to chose from (which should cause price increases), but with interest rates being as high as they are, the buyer demand is still low due to buyer affordability.

Why is buyer demand so low? September saw the LOWEST number of mortgage applications in OVER 3 DECADES, showing the devastating impact mortgage rates are having on buyer affordability. So what are interest rates? They change every day but at the time of this writing (first week of Oct), rates passed through 8% and are currently sitting in the high 7’s. As we head into Q4, expect to see the housing market continue to stay mostly flat with a possibility of a small pull back in pricing as less and less homes hit the market. Home values in 2023 YTD have recovered much of the steep losses that we experienced in the back half of 2022, but it seems like we are unable to push much higher as we are hitting a theoretical ceiling. The experts believe the only way we are going to get out of this weird “no man’s land” market is to see the fed lower interest rates to help with buyer affordability.

Q3 was a very exciting time within our John L Scott Snohomish office and community. JLS Soho continues to focus on the “Small Town, Big Impact” mentality and finding ways to affect positive change in Snohomish and beyond. We again were the Title Sponsor to the 3rd Annual Snohomish Block Party. During that event, we also held a silent auction with more than 20 items donated. All the funds raised (over $3,000) were donated directly to the Snohomish Community Food Bank, helping them replenish the shelves to feed our local families in need.

Our passion to serve others is always at the forefront of how we do business and life in general.

One of the most exciting times in JLS Soho history happened in July. Our office grew in size by acquiring a “sister” office to the family and now own/operate John L Scott Arlington. With Arlington being built on history and tradition similar to Snohomish, it provided the perfect opportunity for us to continue our reach and impact another small local community is best as possible. We are still at the beginning stages, but we are excited to implement A LOT of the systems, events and community service in Arlington that has made us so special in Snohomish. If you are ever in the area, we would love for you to pop into our Arlington office to say hello : )

WHAT'S NEW WITH

&

OCT. 31 | DOWNTOWN TRICK OR TREAT | DOWNTOWN SNOHOMISH

COMMUNITY EVENTS Here’s what’s going on in and around Snohomish & Arlington in the months of October, November, & December.

NOV. 10 - DEC. 23 | HOME FOR THE HOLIDAYS | DOWNTOWN SNOHOMISH

OCT. 28 | HOMETOWN HALLOWEEN | DOWNTOWN ARLINGTON

DEC. 2 | HOMETOWN HOLIDAYS | DOWNTOWN ARLINGTON