Southern Snohomish Co. real estate: Inventory up, prices too

When it comes to houses for sale in Southern Snohomish County, the demand is there -- but the choices are a bit limited.

Given the current real estate market, it's possible a house for sale on Spruce Street in Edmonds might be in line with Seattle prices.

"South Snohomish County is little bit closer to what's happening in Seattle than probably what going on the mid- or north Snohomish County,"  Greg Hoff, owner and designated broker at Windermere Real Estate in Edmonds, said.

Hoff explained the changes he's seen recently in the housing market  in Edmonds, Mountlake Terrace and Lynnwood, given the proximity to Seattle.

"We've got a lack of inventory, which is pushing the sold price of the home upwards," he said.

The average price for a home in Mountlake Terrace is $400,000. In Lynnwood, it's 436,000. The average in Edmonds is $581,000.

That's 8-10 percent higher than a year ago, Hoff said.

Hoff explained a "median price" is typically slightly lower than the "average price."

The media prices for the three communities are:

• Mountlake Terrace: 388,000.
• Lynnwood: $425,000.
• Edmonds: $500,000.

Countywide, inventory is up 36 percent since March, but it's still down from a year ago. This means there aren't as many homes to choose from.

"It kind of forces them to kind of make really quick decisions. A lot of times they're not comfortable with how fast they need to make the decisions," Hoff said.

And many buyers are competing with those able and willing to pay all cash like some buyers in Seattle. 

As far as who gains and who suffers, "I think right now if you are a seller that doesn't have to buy you're a big winner," Hoff said.

Someone retiring and moving to a lower-cost area is a prime example, Hoff said. 

"The people that are probably hurt the most are the first-time home buyers," he said. "They also need to push the limits of what they're probably comfortable with on a price of a home and price of a payment."

It's possible first-time home buyers will have to look farther out for a more affordable home.

Either way, Hoff advises buyers to find someone they trust in the market and to talk to a lender before home-shopping. 

Cox Media Group