Published: Tuesday, April 7, 2009
Pending home sales offer hope for local market
Home sales and prices in Snohomish County continued to fall in March in comparison with a year ago, but real estate agents were given hope by a surge in pending sales, according to the Northwest Multiple Listing Service.
There were 485 homes sold in the county last month, a 41 percent drop from March 2008. Pending sales of 865 -- offers that were accepted, but not closed -- represented a 5 percent drop from a year ago, but it was the highest monthly total since last fall.
"As expected, the numbers reflected in the March report continue to show year-over-year declines," said Ron Sparks of Tacoma, managing vice president of Coldwell Banker Bain. "However these historical comparisons fail to tell the story of the real-time market, which is beginning to show true signs of improvement in many areas."
The listing service, which records sales in most of Western Washington, said pending sales surged by 25 percent in the region compared with February. Pending sales are typically higher in March than in February because of improving weather, but usually not by that much.
Listings also fell by 16 percent in March, an indicator that buyers are starting to sell through some of the excess inventory.
The combined median price for single-family homes and condominiums was $304,950, a nearly 9 percent drop from March 2008. That was a lower drop than in many other counties in the region. In Pierce County, the median price was $228,375, a drop of 11.6 percent. Kitsap County saw prices fall 11.2 percent. King County saw its median price drop 17.3 percent, hitting $335,000, or about a $30,000 drop from Snohomish County.
In recent years, home prices in King County were about $50,000 higher than in Snohomish County, pushing many buyers north to purchase a home.
In Island County, prices fell only 4.4 percent, to a median of $248,500. Median means half the homes sold for more and half sold for less. Pending sales there were up by 16.5 percent and closed sales fell about 11 percent.
There were 485 homes sold in the county last month, a 41 percent drop from March 2008. Pending sales of 865 -- offers that were accepted, but not closed -- represented a 5 percent drop from a year ago, but it was the highest monthly total since last fall.
"As expected, the numbers reflected in the March report continue to show year-over-year declines," said Ron Sparks of Tacoma, managing vice president of Coldwell Banker Bain. "However these historical comparisons fail to tell the story of the real-time market, which is beginning to show true signs of improvement in many areas."
The listing service, which records sales in most of Western Washington, said pending sales surged by 25 percent in the region compared with February. Pending sales are typically higher in March than in February because of improving weather, but usually not by that much.
Listings also fell by 16 percent in March, an indicator that buyers are starting to sell through some of the excess inventory.
The combined median price for single-family homes and condominiums was $304,950, a nearly 9 percent drop from March 2008. That was a lower drop than in many other counties in the region. In Pierce County, the median price was $228,375, a drop of 11.6 percent. Kitsap County saw prices fall 11.2 percent. King County saw its median price drop 17.3 percent, hitting $335,000, or about a $30,000 drop from Snohomish County.
In recent years, home prices in King County were about $50,000 higher than in Snohomish County, pushing many buyers north to purchase a home.
In Island County, prices fell only 4.4 percent, to a median of $248,500. Median means half the homes sold for more and half sold for less. Pending sales there were up by 16.5 percent and closed sales fell about 11 percent.
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