Snohomish County WA Home Values For October 2011 [Video]

Snohomish County HomesTrends and Values.  Learn where the market is  going, what is affecting Snohomish County Home Prices and why.

A class on WA Real Estate Statistics  where we dove into Snohomish County Real Estate Statistics and the  market.  How the  market is being affected by Bank Owned Properties,  Short Sales,  the Economy, etc.  and When did Snohomish County Real  Estate Peak?

Snohomish County graphs and pictures used in this presentation:

 

 

 

 

 

 

 

 

 

 

 Snohomish County WA Home Prices Video:

Video Transcription:

Hey everyone. What’s going on? Anton Stetner, with the Real Estate Solutions Group, here in the office. Basically, what I’m going to do for you real quick is vomit Snohomish County stats real estate onto you for you slackers that missed the whole class.

So, Snohomish County real estate statistics for October, 2011, here’s basically what’s happening. Our year-to-date average price, we’re down
12.5%, but ** follow this magic arrow over. Under 250K showed actual price appreciation. So remember when you’re talking about a property in specific, make sure that you’re considering the price, considering the neighborhood,considering the overall competition when you’re reviewing pricing. Very good indication that the lower end of the market is stabilizing though. And what’s happening there is, the reason we’re saying it’s appreciating is you’re list to sales price ratio has been above 100%.

These cities are doing worse in overall in Snohomish County. Lake Stevens, we’re down 15.1%. Lynnwood down 13.6%. Marysville down 15.6%.

Okay, months of inventory, right now we’re low. We’re at 4.8 months’ worth of inventory. Remember, months of inventory, we can talk about as 4.8 sellers for every 1 buyer, or we can say if no new homes came on the market today, it would take us 4.8 months to sell through everything. In Monroe, Monroe is down to 3.9. Definitely a seller’s market over there in Monroe. Very interesting tidbit, all of this has been trending down since May of 2010. In May of 2010, there were 11.8 months’ worth of inventory. We’ve been consistently going down from there.

Okay. Let’s get to our foreclosures real quick. Snohomish County foreclosures. Notice of trustee sale filings, trending down. Very interesting right there. Notice of trustee sales, trending down. Scheduled for auction, down. Cancelations about the same. Sold at auction, about the same. One of the things that’s very interesting here is you’ve been seeing notice of trustee sales trend down since that robo-signing thing that happened late last year. One of the things I believe the banks are doing is we’re doing more loan mods. We’re working out more short sales. We’re doing things to delay that overall foreclosure process. I don’t believe we’re through the inventory yet, but the numbers are showing we’re trending down.

REO inventory is slightly up. Then also in the class we took a brief moment to take a guesstimation. We took our total REO inventory that was on the market. We took the REO properties that had been foreclosed on that weren’t yet on the market. We figured out there was about 4.4 months’ worth of shadow REO inventory here in Snohomish County. And when I mean that shadow REO inventory, I’m only talking about properties that have been foreclosed on already that the banks have yet to put on the market. So a lot of those properties are probably ones where they’ve got a title issue, they’ve got tenants, there’s some sort exorbitant lien against the property. There’s some sort of issue, and they’re not quite on the market yet.

Got to move to this side. I apologize, this is absolutely horrible handwriting, but I told everyone I would figure this out. Last month for October, here in Snohomish County, 50.3% of our sales were distressed. That means it was either a short sale or an REO sale. Conversely, about 50% of the market was still then a traditional sale. With short sales making up 13.1% and the REOs making up 13.8% [sic]. There was a total of 640 sales. 84 of them were short. The short sales, they sold in a lot longer than average time on market. The average days on market for a traditional sale is about 77. A short sale took 130 days, with a list to sales price ratio of 97.56%. They sold for an average price of $236,000.

There were 248 REOs that sold in October. They sold in 74 days for an average price of $195,683, with a list to sales price ratio of 98.5%t. One of the things to notice right here is that if you’ve got a buyer or someone who’s, like, they want to make an offer that’s $50,000 less, on an REO or a short sale, it’s most likely not going to happen. This says the typical REO only sold for 1.5% off of its list price, and the typical short sale only sold for 2.5% off of its list price.

One of the other – and I didn’t write this number up here – the average sales price for October was $258,528. So $258,000 for a traditional sale,
$236,000 for a short sale, and $195,000 for an REO. So if you’ve got a short sale that’s getting ready to go to auction, please fight with your negotiator in regards to that. You can show them that basically it’s going to cost them approximately $41,000 if they take it from a short sale to an REO. That’s a true number right there.

Okay, ladies and gentlemen, please leave your comments below. Ask me any questions, send me e-mails. We’ll do whatever we can to help. Thanks.

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