Life in Snohomish County & King County | Powered by Lisa Bender at SPIRE ONE Realty
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😮 Snohomish tourism boost, new 405 toll rates & home prices up

😮 Snohomish tourism boost, new 405 toll rates & home prices up

Stay up to date on what's happening in the Snohomish County economy.

Lisa Bender
February 16, 2024

Happy Friday!

There are lots of updates on the list for The Bender Buzz today.

Recent grants in tourism are lighting up the future for Snohomish County, and new maximum toll rates are in the works!

We are also taking a look at how home prices are up in our area and what this could mean for the real estate market.

— Lisa

🏔️ Dozens of Snohomish County Groups Receive Tourism Grants

Driving the news: In a significant boost to local tourism, Snohomish County has awarded $600,000 in grants to 39 diverse organizations, ranging from a bridge tournament in Lynnwood to a wine festival in Mukilteo and the Arlington SkyFest.

Details: Funded by the county’s Hotel-Motel Small Fund, these grants aim to support and promote tourism-related activities across the county.

Tourism in Snohomish County is a major employment driver, with 15,105 jobs, or about 5% of the county's total employment, directly linked to the industry.

Why it matters: Tourism plays a vital role in the local economy of Snohomish County, not only showcasing its unique attractions but also supporting thousands of jobs.

With an injection of $1.45 billion from visitors in 2022, the sector is a lifeline for many families in the region.

The big picture: Snohomish County is renowned for its diverse natural beauty, dynamic small business scene, and leading aerospace industry, drawing visitors globally.

Between the lines: These grants are more than financial aid; they're an investment in the county's future, ensuring that the attractions that make Snohomish unique continue to thrive and draw visitors.

What’s next: With these funds, expect an array of enhanced and new attractions that promise to enrich the tourism landscape of Snohomish County, bringing more visitors and further economic benefits.

The bottom line: This strategic move by Snohomish County to support tourism through grants is a testament to the sector's importance to the local economy and the community's well-being, setting a sustainable path for growth and development in the region.

🎥 What Does $600K Get You In Snohomish County?

Want to know what houses up to $600,000 look like in Snohomish County and which is the best place to live according to your case? In this video, you will accompany me on a search for the best house x best location.

👇 Watch the video now or save it for later 👇

🚗 What $15 Tolls Could Mean for WA Drivers, State’s Budget

Driving the news: Starting March 1, Washington State drivers will face a new maximum toll rate of $15 on Interstate 405 and Highway 167.

This adjustment, from the current $10 cap, aims to manage congestion and address the state's financial needs amidst rising construction costs.

Details: The toll rate will now vary from $1 to $15, with increases based on traffic volume.

The Washington State Department of Transportation (WSDOT) also plans to extend peak toll hours on I-405, requiring three-person carpools for toll-free access until 8 p.m.

By the numbers: In the fiscal year ending mid-2023, the average toll during commuting hours was $3.59, with daily usage of the I-405 toll lanes by 35,800 vehicles.

The new toll structure is expected to generate an additional $4.8 to $8.3 million between March 2024 and June 2025.

Why it matters: This move is designed to ensure express lanes maintain a minimum speed of 45 mph, facilitating smoother traffic flow and potentially increasing overall highway capacity.

The big picture: The toll increase is part of a broader strategy to cope with national construction inflation and fund major highway projects.

Tolls are a key revenue source, but they cover only a portion of the total costs.

Between the lines: While toll lanes offer a faster option for those willing to pay, they raise questions about equity and the long-term effectiveness of tolling as a congestion management tool.

Critics argue that simply adding more lanes, tolled or not, can lead to increased traffic in the long run.

What’s next: WSDOT is also considering a road-user charge as a potential replacement for the gas tax.

The bottom line: Tolls are a complex tool in the state's transportation funding and traffic management arsenal.

While they can provide immediate relief for some drivers, their long-term impact on congestion, equity, and state finances remains a subject of debate.

🏠 Seattle Region's Home Prices Up In January

Driving the news: The Puget Sound area, encompassing Seattle and its surrounding counties, has seen a notable increase in home prices this January.

Limited inventory coupled with persistent high interest rates is shaping the market dynamics.

Details: The latest data from the Northwest Multiple Listing Service highlights a significant year-over-year price surge, particularly in Kitsap County, where the median sales price for single-family homes jumped over 12% to $549,995.

Pierce and Snohomish counties weren't far behind, with increases around the 4% mark, setting median prices at $539,975 and $729,990, respectively.

In King County, homebuyers faced an 8.8% hike in median prices, reaching $849,850. The Eastside, known for its affluent neighborhoods, saw an almost 11% rise to $1.47 million.

Seattle itself experienced an 8% increase, with median prices at $869,000.

Why it matters: These price adjustments reflect the continuing challenge of low inventory against a backdrop of high demand, particularly in desirable areas like West Bellevue and Medina, where median prices soared to $3.9 million.

Conversely, areas like Des Moines/Redondo in South King County presented more accessible options, with the lowest median price at $581,000.

The big picture: Despite the market's tight conditions, mortgage rates have remained relatively stable, hovering around 7.25%.

However, the overall inventory in the Puget Sound region has significantly dwindled, down over 24% from last January, exacerbating competition among homebuyers.

By the numbers: At the end of January, active listings in the four key counties of the Puget Sound area stood at 2,979, marking a stark reduction from the previous year.

Snohomish County witnessed the most dramatic inventory decline at nearly 46%, while King County saw a drop of over 28%.

Between the lines: The reluctance of sellers to enter the market, combined with the stagnation of interest rates, is contributing to the inventory squeeze.

This scarcity is driving up prices and fueling competition, despite a slight decrease in the number of closed sales, which remained nearly steady at 1,934.

What’s next: With inventory levels remaining low and demand high, the market is likely to stay competitive in the coming months.

Potential buyers should brace for continued challenges in finding affordable homes in the Seattle region.

The bottom line: The Seattle housing market's dynamics continue to be defined by limited inventory and rising prices, making it increasingly difficult for buyers to find a home.

📊 Our Current Local Market Data

The real estate market in Snohomish County, WA is starting to pick up for 2024.

The median sale price of a home in Snohomish County was $680K last month, up 2.7% since last year. The median sale price per square foot in Snohomish County is $391, up 7.9% since last year.

If you want to buy a home in this market, you’ll need a solid strategy for searching and making strong offers. Your home search could take a while, but you’ll have to move quickly when you find a home you like.

I’m staying on top of the market daily and there are even financing options that can help you purchase at a lower rate.

If you ever have questions, don’t hesitate to ask.