LYNNWOOD—Real estate broker Jason Fox says Snohomish County’s housing market is experiencing a meaningful shift this spring, with rising inventory giving buyers more breathing room even as homes continue to sell.
In a YouTube video posted May 12 titled “Seattle Inventory Is Surging… So Why Are Homes Still Selling?,” Fox, of The Madrona Group, offered context on reports of sharply higher inventory levels across the Puget Sound region. While some headlines have pointed to inventory surges as high as 88% above normal in Seattle, Fox cautioned that such figures require perspective, particularly when compared against the unusually tight conditions of the COVID-era market.
Homes are still selling, Fox said in the video, but buyers are clearly slowing down: “Buyers are still active. Listings are definitely increasing. But the way people are making decisions right now, that’s what’s different.”
Data from The Madrona Group for Snohomish County in May showed sales activity intensity reaching 49%, meaning nearly half of new listings went under contract within the first 30 days. While that remains strong — a balanced market typically sits around 30% — it reflects less frenzied competition than in recent months. Inventory in Snohomish County has climbed to 2.2 months of supply, the firm reported for May, still in seller’s market territory but a noticeable increase from the tighter conditions of previous years.
Fox noted that across the broader region, including Seattle, months of supply have reached 2.6, still below the three to four months generally considered neutral.
Mortgage rates have held steady near 6.44% for a 30-year fixed loan, according to Mortgage News Daily figures cited by Fox. That level continues to challenge affordability and has changed how buyers approach purchases.
“Buyers today, they’re not reacting to the price first,” Fox explained. “They’re really looking at that monthly payment.”
The result of this higher interest rate is a more deliberate buyer pool. Listings in the region have risen substantially, with homes for sale up around 30% in recent reports. Days on market are increasing and the number of showings per listing has edged lower. Buyers are comparing more properties and moving only when a home truly fits their needs and budget.
Fox observed that the market is no longer uniform. Single-family homes in the $750,000 to $1.5 million range remain the most competitive segment, particularly in desirable Snohomish County communities near employment centers, transit and shopping. In contrast, condos, townhomes, detached accessory dwelling units and new construction projects are seeing greater inventory buildup, giving buyers more negotiating power.
This evolving dynamic comes at the height of the spring buying season, when inventory traditionally peaks. Fox said the current conditions represent a normal seasonal adjustment rather than any kind of collapse.
“The market didn’t stop,” Fox said. “It’s just adjusted.”
For those weighing whether to buy or continue renting, Fox offered a practical guideline. If a buyer plans to stay in a home for at least three years, purchasing often makes more financial sense because of the opportunity to build equity. Shorter time horizons may still favor renting, he said.
The Madrona Group’s analysis shows the Snohomish County market remains active overall with the average sold price at $787,838 last month, down 3.8% from a year earlier, while single-family resale homes averaged around $870,000. The median sales price has hovered near $750,000 in recent months, with well-presented and realistically priced homes still attracting solid interest. New listings were up more than 31% and total active inventory reached 2,456 homes, an increase of 58.2% from the same period last year.
Fox pointed to the leadership change at the Federal Reserve with the appointment of Kevin Warsh by President Donald J Trump, who could introduce volatility in interest rate expectations and further influence buyer behavior. For months, President Trump has been pushing for the Federal Reserve to slash interest rates to boost economic growth and cut borrowing costs.
For now, the message from Fox is one of cautious optimism for both sides of the transaction—sellers who price their homes thoughtfully and prepare them well continue to find buyers and at the same time, increased flexibility in choices have handed prospective purchasers greater leverage in the Snohomish County market than they have held in years.
Author: Mario Lotmore
