Published: Thursday, February 7, 2008
Home sales slow, prices slip slightly
Home sales in Snohomish County continued to drop dramatically in January compared to a year ago, but median prices dipped only slightly.
The number of homes listed for sale last month was 47 percent higher than a year ago, according to statistics released Wednesday by the Northwest Multiple Listing Service. The market for condominiums was especially slow, as the number of those units for sale rose 83 percent, and both pending and closed sales for condos declined by more than 25 percent.
Given that change in demand, the median sales price for condos fell more than 3.6 percent, to $224,999 last month from $233,514 a year ago.
Sales of single-family homes also were off by more than 30 percent compared to a year ago, but sales prices suffered less.
The median price for a single-family home stood at $365,000 last month, down less than 2 percent from last year's median of $370,700.
Those home prices coupled with low interest rates, a good selection of homes and a strong local economy are combining for some of the best conditions local buyers have seen in years, said Meribeth Hutchings, broker and owner of Windermere Real Estate in Lake Stevens. Additionally, financing is getting a little easier for buyers to obtain.
"We're seeing an improvement in the market," she said. "There is light at the end of the tunnel. Buyers are beginning to understand that bad market hype isn't specific to the Northwest."
Hutchings said she expects prices to level out as spring approaches, although home-owners shouldn't expect the rapid double-digit appreciation rates of the last few years. Buyers haven't had it this good since the late 1980s, she said.
Sellers can still sell quickly. Her office has had several properties sell within one to three weeks in the last month, but the key is getting a property in tiptop shape to compete with the increased inventory on the market, she said. And properties need to be priced for the current market, not for what a neighbor sold his for last year, she said.
The toughest houses to sell are in the $320,000 to $360,000 range, where she sees an abundance of inventory in the area. But that also means great deals for buyers, she said.
Barb Lamoureux, owner and broker with Lamoureux Real Estate in Everett, said the typical slow December market is over. She's seen signs the market is picking up, including a significant increase in open house traffic and even some multiple offers on properties. Her agents are expecting a busy spring.
"Sellers have come to the realization that the '05-06 market is gone and they need to move forward," she said. "And the buyers are out in force."
In King County, the median price for both condos and single-family residences actually rose last month, compared to a year ago.
On Camano Island, prices for single-family homes rose 11 percent compared to a year ago, despite steep drops in home sales and a 30 percent increase in homes offered for sale.
Reporter Debra Smith: 425-339-3197 or dsmith@heraldnet.com
The number of homes listed for sale last month was 47 percent higher than a year ago, according to statistics released Wednesday by the Northwest Multiple Listing Service. The market for condominiums was especially slow, as the number of those units for sale rose 83 percent, and both pending and closed sales for condos declined by more than 25 percent.
Given that change in demand, the median sales price for condos fell more than 3.6 percent, to $224,999 last month from $233,514 a year ago.
Sales of single-family homes also were off by more than 30 percent compared to a year ago, but sales prices suffered less.
The median price for a single-family home stood at $365,000 last month, down less than 2 percent from last year's median of $370,700.
Those home prices coupled with low interest rates, a good selection of homes and a strong local economy are combining for some of the best conditions local buyers have seen in years, said Meribeth Hutchings, broker and owner of Windermere Real Estate in Lake Stevens. Additionally, financing is getting a little easier for buyers to obtain.
"We're seeing an improvement in the market," she said. "There is light at the end of the tunnel. Buyers are beginning to understand that bad market hype isn't specific to the Northwest."
Hutchings said she expects prices to level out as spring approaches, although home-owners shouldn't expect the rapid double-digit appreciation rates of the last few years. Buyers haven't had it this good since the late 1980s, she said.
Sellers can still sell quickly. Her office has had several properties sell within one to three weeks in the last month, but the key is getting a property in tiptop shape to compete with the increased inventory on the market, she said. And properties need to be priced for the current market, not for what a neighbor sold his for last year, she said.
The toughest houses to sell are in the $320,000 to $360,000 range, where she sees an abundance of inventory in the area. But that also means great deals for buyers, she said.
Barb Lamoureux, owner and broker with Lamoureux Real Estate in Everett, said the typical slow December market is over. She's seen signs the market is picking up, including a significant increase in open house traffic and even some multiple offers on properties. Her agents are expecting a busy spring.
"Sellers have come to the realization that the '05-06 market is gone and they need to move forward," she said. "And the buyers are out in force."
In King County, the median price for both condos and single-family residences actually rose last month, compared to a year ago.
On Camano Island, prices for single-family homes rose 11 percent compared to a year ago, despite steep drops in home sales and a 30 percent increase in homes offered for sale.
Reporter Debra Smith: 425-339-3197 or dsmith@heraldnet.com
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