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Snohomish
County Market Summary – June 20, 2025
Stats by
Kat
Inventory: The Snohomish County housing market continues
to hum along with steady energy, though signs of shifting momentum are
beginning to show. Last week, 188 new listings came on the market while 137
homes went under contract. Inventory now sits at 1.5 months, still leaning
seller-friendly, but offering more breathing room for buyers than we've seen
recent months.
How Fast are Homes Selling? For
sellers, the pace has been slowing somewhat. However, homes that are priced
well and presented properly are still moving quickly, with 28% of listings that
hit the market in early June going under contract in just seven days. That
number climbs to 40% when we expand the window to 14 days for homes listed
between mid and late May. The median days on market for recently sold homes is
just 6, reinforcing the power of a strong launch. But the average sits at 17,
signaling that overpriced or under-prepared listings are beginning to linger.
Current Contract Terms: Buyer behavior reflects a slightly more
cautious but still competitive landscape. Of the sales negotiated between June
11th and 17th, 26% of sellers received multiple offers. Many buyers are
including key contingencies in their offers, 40% of contracts contained an
inspection contingency (this number remains low because it has become much more
customary in our area for sellers to provide an Inspection Report to buyers)
and 74% contained a financing addendum. Buyers are being a lot more selective,
taking their time to make decisions and are being far less reckless.
Home Sales Data for Previous 30 Days: When it comes to pricing, the results speak
volumes. Forty-three percent of homes sold above asking price over the past 30
days. Fourteen percent sold for 5% or more above list, 6% topped 10% over, and
a small but noteworthy 2% closed for 15% or more above asking. That said, 30%
of homes sold below list price, a clear indicator that the market is not
rewarding overly ambitious pricing. In this environment, strategic pricing is
essential to capture attention early and avoid chasing the market down later.
Year Over Year: Lets look at May 2025 versus May 2024
data. There were 10% more new listings
coming on the market this May than last year and there were 43% more homes
available for sale in Snohomish County. And Month’s Supply of Inventory was up 29%.
However the total number of closed sales was down 1% YoY for May. So there were
less buyers buying homes, but there were more new listings and a lot more homes
for sale. May 2025 was definitely a much softer market for sellers than May
2024.
Conclusion: So… where do things stand as we head into
summer? The market remains active and rewarding for sellers who list their
homes with a smart strategy. But buyers now have a bit more leverage, and
they’re using it. Interest rates remain a key factor and demand is starting to
wane with buyers becoming more selective.
The bottom line: If you’re selling, your first week on market is
still your best shot at success. And if you're buying, opportunities are out
there, 74% of the buyers that got under contract last week did not have to
compete!! As always, the key is preparation, positioning, and having a smart
plan in place.
Ready to make your move? Let’s talk strategy.
— Kat
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