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Snohomish County Housing Market Update October 2024: Pending Sales Surge

Welcome to your October 2024 Snohomish County Housing Market Report! This month, we’re seeing a sharp rise in pending sales and buyer activity thanks to a much-needed rate cut by the Federal Reserve. With the Fed slashing rates by 50 basis points and mortgage rates falling to 6.12%, buyers are returning to the market in full force, and it’s heating up quickly! 🔥 Chapters: 0:00 - Introduction: Fed Drops Rates Learn how the Fed's 50 basis point rate cut is sparking a surge in Snohomish County home sales. 0:12 - October 2024 Housing Market Overview A quick look at how mortgage rates dipping to 6.12% is heating up the Snohomish County real estate market. 0:26 - Key Market Indicators Breakdown Find out the three major indicators shaping the market: Sales Activity Intensity™, inventory levels, and interest rates. 0:34 - Sales Activity Intensity™ Explained A deep dive into the "surge" category: 56.1% of homes are going pending within the first 30 days. 0:49 - Snohomish County Inventory Update Inventory is up slightly to 1.5 months, but competition for homes remains fierce. 1:04 - Interest Rates & Buyer Boost How the Fed's rate cut to 6.12% is boosting buyer power and increasing competition in the market. 1:22 - Final Thoughts: Time to Act Advice for both buyers and sellers in this fast-paced, competitive market. Now’s the time to act! 1:30 - Closing & Call to Action Stay informed! Subscribe and hit the notification bell for more real estate updates. Key Market Highlights: Pending sales are up 21.5% year-over-year, jumping from 783 to 952 homes. Sales Activity Intensity™: Now in “surge” mode, with 56.1% of homes going under contract within the first 30 days. Inventory: A slight uptick to 1.5 months, but still in the "shortage" range, signaling strong seller conditions. Mortgage rates: Dropped to 6.12% after the Fed’s rate cut, providing much-needed relief to buyers. Average sold price: $810,694 in Snohomish County, with homes selling in just 25 days on average. What Does This Mean for Buyers and Sellers? Sellers: With demand surging and homes moving fast, you’re still in a strong position. However, as inventory slowly rises, pricing your home smartly and making sure it’s market-ready will be key to securing top offers. Buyers: Snohomish County’s market is heating up, and homes are flying off the shelves! Now’s the time to lock in those lower mortgage rates and act quickly. Be prepared for competition—get pre-approved and ready to move fast. Detailed Breakdown of Market Indicators: Sales Activity Intensity™: Homes are going pending faster, with 56.1% of properties moving in under 30 days—up from 51.3% last month, putting Snohomish County into "surge" territory. 🏠 Inventory: Slightly higher at 1.5 months, but still far from being a balanced market. Expect competition, especially for homes in the $350K-$1M price range, which are the hottest commodities right now. Interest Rates: After the Fed’s 50 basis point rate cut, mortgage rates have dipped to 6.12%, making homeownership more accessible for many buyers who were previously priced out. What’s Happening by Property Type? Resale Homes: Activity remains robust with homes selling in an average of 25 days. Though inventory is creeping up, buyers are still out in full force. Condos: First-time buyers are back in action, but make sure you factor in HOA fees, which can impact overall affordability. New Construction: New builds are drawing interest thanks to modern features and lower financing costs—buyers are flocking to energy-efficient homes in this competitive landscape. Looking Ahead: The Fed’s recent rate cut has lit a fire under the Snohomish County housing market, sparking a surge in pending sales and keeping demand strong. As we head into the fall season, sellers should expect continued buyer interest, but pricing smart and staging well will be crucial as more homes come online. For buyers, now’s your chance to lock in lower rates—but be ready to move fast as competition remains fierce. 📈 Want the full scoop? Read the full report: https://www.themadronagroup.com/snoho... A detailed look at what’s driving Snohomish County’s housing market this October, and get expert insights on how to navigate the fast-paced conditions whether you're buying or selling! Visit The Madrona Group website for more resources: https://www.TheMadronaGroup.com Follow us on social media for updates and tips: Facebook -   / themadronagroup   Instagram -   / themadronagroup   Contact us for personalized guidance and support: 206-899-5155.