January 2020 Numbers are in!
When the calendar turns a new year (and the Seahawks play their last game) PNW real estate begins to heat up! Without fail, 2020 is off to a typical start in the region and specifically in the Snoqualmie Valley. Agents are clamoring for listings, buyers are lining up eagerly waiting for the right home, and some wild stories out there of an already hot market.
The numbers for January 2020 are in from the NWMLS and the Snoqualmie Valley is looking great out of the gates. The numbers shown in this post are broken up into Upper and Lower Valley. Upper Valley consists of North Bend, Snoqualmie, and Snoqualmie Pass. Lower Valley consists of Fall City, Carnation, and Duvall.
To download the full report click here!
North Bend New Construction Impact
With the volume of new construction neighborhoods in North Bend (currently 9 active communities under construction) affects the North Bend numbers in a couple of ways. First is days on market. Builders get to pre list new construction, so the total days on market increases due to length of build time. Also number of homes active increases dramatically as well. There have been 3 new communities break ground since fall 2019 with build outs and availability around late spring 2020.
Duvall Continues Growth
Duvall also continues to have new construction communities impacting the market. With the access to tech jobs on the Eastside, Duvall is an easy choice for many buyers in our area. Currently in Duvall there are 2 active build communities. Carnation has smaller communities that are also being built, but not to the scale of Duvall or North Bend.
Duvall will continue to grow as the largest city in the Valley. Snoqualmie Ridge development tapped a major portion of available area to grow for Snoqualmie. I see Duvall long term being the biggest of the Snoqualmie Valley towns in terms of population.
Overall Market Growth
The Snoqualmie Valley will continue to see growth in price points, as well as new home construction in 2020. With January numbers showing that homes are selling very close to list price and number of homes closed in January, this is good news for sellers in 2020. As always though the "spring market" truly begins now. We see the most competition from February to May. Buyers will continue to venture out for showings as daylight increases and weather starts to break from the gloomy winter months.
Buyers in 2020 in the Snoqualmie Valley will have to have a few things in order to be competitive:
1. First is a lending plan in place. Pre qualified gets you started but really we are seeing more and more needs for pre underwritten. If your lender can't make that happen, then we need to talk about using a different option.
2. Strategy in place with cash to close. This goes beyond how much a buyer is using down payment or earnest money. There needs to be conversation about buffers for issues that come up before closing, inspection responses, and more. To have strong offers that get accepted often take creativity in using the available cash to close to win the deal.
3. Be flexible on timing. When viewing properties on line in the 100s its easy to get discouraged of not finding that one that makes a family want to jump. But they will come. And when they pop on, we have to be ready!