Published: Friday, June 5, 2009
Inventory of unsold homes down in Snohomish County
Compared with last year at this time there are now 25 percent fewer homes for sale in Snohomish County.
Snohomish County is starting to sell through its inventory of unsold homes, according to statistics released Thursday by the Northwest Multiple Listing Service.
There were 5,656 homes on the market last month. That compares with 7,472 homes for sale a year ago, a drop of nearly 25 percent, the listing service reported.
Inventories were down by double digits in every county in the listing service except San Juan and Skagit, indicating the market is stabilizing.
"Builder inventory is being absorbed and there are fewer incentives," said Kathy Estey, a listing service director and a managing broker of John L. Scott's downtown Bellevue office. "In January, builders were giving away the farm, by March it was only half the farm and now they may just give away a chicken or two in order to make the deal."
She said that inventories for more affordable homes are reaching what she described as normal levels.
Listings weren't the only thing to fall.
Prices continued their slide, falling by more than 9 percent in May. The combined median price for a home or condominium in the county last month was $299,950, according to the listing service.
There were 666 homes sold last month, a 14 percent drop from a year ago. Pending sales, however, rose by 31 percent. In May, buyers agreed to 1,160 deals that weren't closed that month. That compares with 883 pending sales during the same month of 2008.
Estey said there were very few home sales during the first three months of the year, but that things were clearly picking up, especially in the more populated areas.
While the increase in pending sales is deemed a good sign by real estate agents, the increased number of short sales and foreclosure sales have been a drag on the market, they said.
Meribeth Hutchings, a listing service director and an owner of the Windermere Lake Stevens brokerage, said her office represents a buyer in a short sale that has been pending since October.
"Every time we think we are getting close, the lender changes what they want," she said.
Short sales are sales that fall short of the amount owed on the home and often involve bank-owned properties.
A large number of the pending sales -- an estimated one in three -- are short sales that are taking months to complete, officials said.
There were 5,656 homes on the market last month. That compares with 7,472 homes for sale a year ago, a drop of nearly 25 percent, the listing service reported.
Inventories were down by double digits in every county in the listing service except San Juan and Skagit, indicating the market is stabilizing.
"Builder inventory is being absorbed and there are fewer incentives," said Kathy Estey, a listing service director and a managing broker of John L. Scott's downtown Bellevue office. "In January, builders were giving away the farm, by March it was only half the farm and now they may just give away a chicken or two in order to make the deal."
She said that inventories for more affordable homes are reaching what she described as normal levels.
Listings weren't the only thing to fall.
Prices continued their slide, falling by more than 9 percent in May. The combined median price for a home or condominium in the county last month was $299,950, according to the listing service.
There were 666 homes sold last month, a 14 percent drop from a year ago. Pending sales, however, rose by 31 percent. In May, buyers agreed to 1,160 deals that weren't closed that month. That compares with 883 pending sales during the same month of 2008.
Estey said there were very few home sales during the first three months of the year, but that things were clearly picking up, especially in the more populated areas.
While the increase in pending sales is deemed a good sign by real estate agents, the increased number of short sales and foreclosure sales have been a drag on the market, they said.
Meribeth Hutchings, a listing service director and an owner of the Windermere Lake Stevens brokerage, said her office represents a buyer in a short sale that has been pending since October.
"Every time we think we are getting close, the lender changes what they want," she said.
Short sales are sales that fall short of the amount owed on the home and often involve bank-owned properties.
A large number of the pending sales -- an estimated one in three -- are short sales that are taking months to complete, officials said.
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