Sales Activity Intensity™

Current Effect:

The Sales Activity Intensity™ in Snohomish County has jumped to 62%, up from 59.5% in February, pushing the county deeper into “Surge” territory. This means more than 6 out of every 10 homes are going pending within the first 30 days, a clear sign that buyer confidence is surging despite affordability challenges.

• Homes are averaging 41 days on market, down from 43 days last month.
• It’s taking just 7 showings to go pending, down sharply from the typical 16 showings we saw over the winter — evidence of faster buyer decisions and heightened competition.

Buyers are acting decisively, especially in the $500K to $800K range, where affordability and supply constraints combine to fuel multiple-offer scenarios.

What This Means:

📌 For Buyers:

• Competition is intense, especially in the core price bands under $800K.
• Being pre-approved and ready to write strong offers is critical. Flexible terms, clean offers, and creative concessions (like appraisal gap coverage) could give you the edge.

📌 For Sellers:

• You’re still firmly in control. Well-prepped, accurately priced homes are flying off the market.
• With buyer activity accelerating, now’s a prime time to list — before even more competition arrives in late spring.

Monthly Inventory Levels

Current Effect:

Snohomish County inventory has inched up slightly to 1.2 months, but remains far below balanced levels (3-4 months). This persistent inventory shortage keeps sellers in the driver’s seat across most price points.

• 1,042 new listings hit the market in March
• 553 homes sold
• 839 homes went pending

The takeaway? Buyers are scooping up homes faster than new listings can replenish supply, keeping competition elevated.

What This Means:

📌 For Buyers:

• The low inventory squeeze isn’t easing anytime soon — especially under $800K.
• Be prepared to act quickly, and work with an agent who can spot off-market opportunities or pre-listing options.

📌 For Sellers:

• Low inventory = more buyer attention on your home.
• Listing now, ahead of the peak spring inventory wave, helps maximize your exposure and potential for multiple offers.

Interest Rates

Current Effect:

The average 30-year fixed mortgage rate in March 2025 sits at 6.74%, a slight dip from February’s 7.05%. While rates are still in the “uncomfortable” zone, the slight improvement is pulling more buyers back into the market.

What This Means:

📌 For Buyers:

• Explore rate buy-downs, adjustable-rate mortgages, or seller concessions to lower your monthly payments.
• Waiting for rates to drop further may backfire if home prices climb faster than rates fall.

📌 For Sellers:

• Offering rate incentives or closing cost assistance can help attract buyers stretched by affordability limits — especially in higher price brackets.

Overall Market Trends

Snohomish County remains in a fast-paced, low-inventory seller’s market, with buyers acting aggressively to lock in homes before both rates and prices climb further.

• Homes are selling at 99.5% of list price, meaning buyers are willing to pay nearly full asking price — especially in competitive price ranges.
• The $500K to $800K range continues to see the highest levels of competition.
• Luxury homes over $1.5M are moving at a steadier pace, with buyers prioritizing quality, location, and lifestyle amenities.

Key Takeaways:

For Sellers:

✔ Presentation + Price Matter. Even in a competitive market, overpricing leads to longer days on market.
✔ Capitalize on Low Inventory. Listing now, before the late spring surge in new listings, gives you maximum exposure and negotiating power.

For Buyers:

✔ Pre-Approval is Non-Negotiable. Be fully pre-approved before you shop — there’s no time for delays in this market.
✔ Negotiate Creatively. Seller-paid rate buy-downs and closing cost assistance can help offset higher monthly payments.

Residential Resale, Condos & New Construction

Residential Resale

• Average sale price: $818,475
• Average days on market: 41 days
• List-to-sale price ratio: 99.5%

Condos

• Condos remain a more affordable entry point, especially for first-time buyers.
• Average condo price per square foot: $410
• Buyers should factor in HOA fees, which can substantially impact affordability.

New Construction

New construction in Snohomish County continues to draw strong interest, particularly from buyers seeking modern layouts, energy-efficient features, and builder incentives.

• Average new construction sale price: $903,000
• New construction inventory: 1.7 months — still low, but slightly more breathing room than resale homes.
• Average days on market: 30 days
• List-to-sale price ratio: 99.5%
• Average price per square foot: $396
• Total closed new construction sales volume: $154.4 million
• Showings to pending: 7 — faster than resale, showing strong demand.
• Average showings per listing: 2.6 — meaning most new construction homes attract interest quickly.

Key New Construction Trends:

📌 Builder Incentives: Rate buy-downs, appliance upgrades, and closing cost credits are becoming standard to help offset financing challenges.
📌 Move-In Ready Matters: Buyers want turnkey homes — pre-built with modern finishes, energy-efficient systems, and tech-friendly features.
📌 Demand for Flex Spaces: Home offices, gyms, and multi-gen layouts continue to appeal, especially for remote and hybrid workers.

The Rent vs. Buy Conversation

Rents in Snohomish County continue to rise, making the buy vs. rent calculation increasingly favorable for those planning to stay put for at least 3-5 years.

• Average 3-bedroom rental: $3,100/month.
• Estimated monthly payment for a $500,000 home with 20% down at 6.74%: ~$3,100/month (including taxes, insurance, and HOA if applicable).

Key Takeaway:

Even with higher rates, homeownership offers fixed payments, tax advantages, and long-term equity growth — benefits renters simply don’t get. With home values appreciating over 29% in the past 5 years, waiting is likely to cost buyers more in both price and missed appreciation.

The Fed’s Influence

The Federal Reserve has held rates steady, signaling that while future cuts could come later in 2025, they won’t arrive fast enough to dramatically lower mortgage rates this spring.

What This Means:

• Buyers: Don’t wait for rate cuts — the cost of rising prices could outweigh the benefit of a slightly lower rate later this year.
• Sellers: Offering rate buy-downs is an effective way to attract more buyers without lowering your asking price.

Seasonality

Snohomish County is now entering the early Spring Surge Phase, when both listings and buyer traffic accelerate sharply.

What This Means:

📌 For Sellers: Listing now means you beat the full wave of spring competition, giving your home maximum visibility.
📌 For Buyers: More homes are coming, but so are more buyers — acting now means less competition and stronger negotiating power.