Snohomish County WA Home Values For September 2011 [Video]

Snohomish County Homes Trends 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:

We’re here to talk about Snohomish County real estate statistics. For those of you who aren’t available to attend the whole class, we are going to do the 30-second brainwash here of what you should get out and what we have missed.

The statistic that you should know–and this is for September 2011–right now, our average price year-to-date for 2011 versus 2010 is down 12.3%. What that really means right now is your real estate is depreciating approximately 1% a month.

Sales for the month of September 2011 versus 2010 were up 22.9%. So here in Snohomish County, we were highly active in what was going on.

The market has been depreciating faster since June of 2011. What is very interesting is when we look at the year-to-date and then the month-over- month numbers, we are seeing a trend where we have been picking up velocity in a downward direction, and right now ending at that 12.3% number.

Next we have our month’s worth of inventory. We have five month’s worth of inventory, so basically that puts us in a sellers’ market. Another way to look at months of inventory–you could talk about it–there are five sellers for every one buyer, or if no new properties came on the market today, it would take us five months to sell through the remaining product.

Right now, the lowest level of inventory we have is in Lynnwood, with 3.8 months. The highest level of inventory that we have is in the city of Snohomish, with 7.4 months. Remember, anything that is over six months is putting us into a buyers’ market.

Prices–very interesting–are actually appreciating in that $120,000 to $170,000 price range. If you are representing a buyer in this pool, expect to maybe have to pay above list price, or if you’re representing a seller, expect that you could receive multiple offers and you may be able to price very aggressive, at market or slightly above.

Next, we are going to talk about our foreclosures. Right here, this is what we have been seeing for foreclosure activity here in the Snohomish County filings, so those are the Notice of Trustee Sales, when we compare September to the year before, actually down 61.07%.

Our cancellations, those are ones where the foreclosure auction has been scheduled, but it is being cancelled, are down 12.4%. Our back-to-the-bank, aka becoming an REO, and they define back-to-the-bank as a property that does not sell at the foreclosure auction and so it immediately reverts back to the bank–that number is also down 23.23%. We are averaging right now about 250 properties a month in Snohomish County are reverting back to the lienholder, which will then become a bank-owned, aka REO property.

What we have seen is a decrease in the auctions scheduled of 41.57%. It is very interesting. What that really means to a lot of us is that the banks are working hard on their short sales, on their loan modifications, on their work-outs, because they are taking these off of the auction. The most interesting thing here, and that is why I have highlighted it a few times, is even though a lot of these foreclosure indicators are down, the level of REO inventory is still growing. It is growing 27.37% for a total of 2,443 units that are aka bank-owned REO properties, not necessarily on the market, but they have reverted back to the lienholder.

Hey, I hope everyone can join us next time. Please leave us your comments and thoughts, and we will do whatever we can to help. Thanks a lot.

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