Snohomish County Average Home Prices Remain Stable For February 2010

Click on graphs to enlarge


Snohomish County average sales prices remained stable for February 2010. Prices have remained between $310,000 and $315,000 for the last 6 months, which is a good indicator of market stablization.

Distressed home sales still weigh heavily on home prices. 27% of the currently available inventory (residential only) are either short sales or bank owned properties.

Currently listing activity (residential only) shows 3,893 homes. Of those, 761 are short sales and 311 are bank owned properties.

Snohomish County Foreclosures January 2010

CLICK ON GRAPHS TO ENLARGE

We saw the January foreclosure rates jump up because of the November-December break. Perhaps the banks chose to not foreclose during the holidays. The average of the three months together is 183 per month.

The foreclosure rates for the last 6 months are running about 200 per month. The next 6 months should give us a better indicater of whether Obama's Home Affordability Mortgage Plan (HAMP) is working on home mortgage modifications as new orders come down from the White House putting pressure and timelines on the banks to quit sitting on the modfication applications and push them through.

We hope the banks are finally see the light "loan modifications cost less money than foreclosures"!

Bank Foreclosures Absorbed Into Market Sales - No Excess Inventory

Current statistics show that for the last 6 months of 2009, most bank foreclosed properties that came on the market were sold through the Northwest Multiple Listing Service.

The Snohomish County Treasurer reported 1,155 foreclosures and the Northwest Multiple Listing Service showed 920 bank properties sold in the same period of time. Adjusting for the few that are sold through auction, left us a total of only 185 unsold for the end of the year.

The numbers show that approximately 153 bank owned properties were sold per month on average leaving slightly more than one month of standing inventory of bank owned properties.

Average days on market for residential properties was 57 and they sold for 98.6% of asking price. Current statisics show that for the last 6 months of 2009, most bank foreclosed properties that came on the market were sold through the Northwest Multiple Listing Service.

The Snohomish County Treasurer reported 1, 155 foreclosures and the Northwest Multiple Listing Service showed 920 bank properties sold in the same period of time. Adjusting for the few that are sold through auction, left us a total of only 185 unsold for the end of the year.

The numbers show that approximately 153 bank owned properties were sold per month on average leaving slightly more than one month of standing inventory of bank owned properties.

Average days on market for residential properties was 57 and the and they sold for 98.6% of asking price.

Bank Foreclosures Absorbed Into Market Sales - No Excess Inventory

Current statisics show that for the last 6 months of 2009, most bank foreclosed properties that came on the market were sold through the Northwest Multiple Listing Service.

The Snohomish County Treasurer reported 1, 155 foreclosures and the Northwest Multiple Listing Service showed 920 bank properties sold in the same period of time. Adjusting for the few that are sold through auction, left us a total of only 185 unsold for the end of the year.

The numbers show that approximately 153 bank owned properties were sold per month on average leaving slightly more than one month of standing inventory of bank owned properties.

Average days on market for residential properties was 57 and the and they sold for 98.6% of asking price.

Snohomish County Foreclosure Rates For 2009

The foreclosure rates for Snohomish County dropped off during the holidays to their lowest levels of the year. However, Notice of Defaults remain steady at around the 400 mark. This tells us that about 25% of the homes that are delinquent on their mortgage turn in to actual foreclosures.

Many distressed homeowners are either applying for home loan modifications through the Making Home Affordable plan put in place by President Obama or are attempting to sell their homes before a foreclosure takes place through a "short sale". A short sale is a transaction where the home sells for less than what is owned on the mortgage.

2012 Graphs