By Todd Fahlman
Since 2015 Marysville has continued to be recognized as one of the fastest-growing cities in the U.S. with populations between 50,000 to 100,000.
We have seen a massive increase and demand for housing in our city. Marysville has been growing on an average of 2.27 percent per year for the last three years, adding just less than 1,500 residents every year, reaching a population of 67,626.
Marysville has become the hot market to find affordable housing. Investors and first-time homebuyers are recognizing that Marysville has a lot to offer at a very good price. The median sales price for a home in the area in 2017 at the end of January was $325,000, compared with this year’s median home price of $348,725.
Compare that with the median home price of $542,000 in South Snohomish County and you instantly realize why people are considering the Marysville housing market more than ever. Last month in a three-city area of Marysville, Arlington and Stanwood real estate brokers added 167 new listings and reported 248 pending sales. Marysville is seeing on any given day between 40 and 57 total active listings for buyers to select from.
This massive shortfall of available housing in the Marysville market will continue to drive up prices and create headaches for buyers competing for available listings. According to the National Association of Realtors a balanced market has between four-to-six months of inventory. Currently we have .97 months of inventory available. We are in a serious sellers market.
We are seeing an early surge of springtime homebuyers. This is a result of the Federal Reserve not increasing interest rates when they met last month. Homebuyers believe the Federal Reserve will increase interest rates during their next meeting in April and are in a heated rush to purchase before interest rates increase.
There are four factors that are driving the Marysville housing market skyward. The first-time homebuyers, the second-time homebuyers, empty nesters and investors who are focused on taking advantage of low interest rates and affordable prices.
Todd Fahlman of the Fahlman Property Group will be writing a monthly real estate column for us.