Published: Saturday, September 5, 2009
Snohomish County home sales holding steady
Pending sales were up 28 percent in August over the same month in 2008 as buyers take advantage of tax incentives.
The Snohomish County housing market seems to be saying one thing: Recovery is coming. It’s just not here quite yet.
Home sales stayed the course in August, with listings and median prices down from 2008 and pending sales increasing.
That means trends mostly held steady through spring and summer months, real estate’s prime selling time.
“A healthy, balanced market is in everyone’s best interest, and the August report tells us we’re definitely getting closer,” said Ron Sparks, managing vice president for brokerage Coldwell Banker Bain.
Snohomish County’s pending sales — where offers were made but transactions hadn’t closed — were up 28 percent over August 2008, according to data released Friday by the Northwest Multiple Listing Service.
Closed sales showed improvement over August 2008, growing slightly from 763 to 791. The median price of those sales was $285,000, an 11 percent drop from $320,000 one year ago.
Active listings in the county were down by 24 percent compared to last year — from 7,360 to 5,559.
County trends closely mirror those in the rest of the listing service’s 19-county membership region. Condominium prices are down 6 percent from January, but single-family home prices increased 3 percent during that time.
During August, brokers say the usual end-of-summer slowdown didn’t happen — maybe because of first-time buyers taking advantage of the tax incentive programs.
Upward trends in pending sales could be misleading in light of unusual barriers in the closing process.
Listing service director Kathy Estey said in a statement that many prospective buyers are missing their closing date “for seemingly irrational reasons.” Lenders are making last-minute demands, and the process is often delayed by final underwriting reviews.
“Inexperienced appraisers are gumming up the works as well,” Estey said.
That means first-time buyers who qualify under the federal government’s $8,000 tax-credit incentive should expect delays as the program’s Nov. 30 deadline draws closer.
Amy Rolph: 425-339-3029; arolph@heraldnet.com.
Home sales stayed the course in August, with listings and median prices down from 2008 and pending sales increasing.
That means trends mostly held steady through spring and summer months, real estate’s prime selling time.
“A healthy, balanced market is in everyone’s best interest, and the August report tells us we’re definitely getting closer,” said Ron Sparks, managing vice president for brokerage Coldwell Banker Bain.
Snohomish County’s pending sales — where offers were made but transactions hadn’t closed — were up 28 percent over August 2008, according to data released Friday by the Northwest Multiple Listing Service.
Closed sales showed improvement over August 2008, growing slightly from 763 to 791. The median price of those sales was $285,000, an 11 percent drop from $320,000 one year ago.
Active listings in the county were down by 24 percent compared to last year — from 7,360 to 5,559.
County trends closely mirror those in the rest of the listing service’s 19-county membership region. Condominium prices are down 6 percent from January, but single-family home prices increased 3 percent during that time.
During August, brokers say the usual end-of-summer slowdown didn’t happen — maybe because of first-time buyers taking advantage of the tax incentive programs.
Upward trends in pending sales could be misleading in light of unusual barriers in the closing process.
Listing service director Kathy Estey said in a statement that many prospective buyers are missing their closing date “for seemingly irrational reasons.” Lenders are making last-minute demands, and the process is often delayed by final underwriting reviews.
“Inexperienced appraisers are gumming up the works as well,” Estey said.
That means first-time buyers who qualify under the federal government’s $8,000 tax-credit incentive should expect delays as the program’s Nov. 30 deadline draws closer.
Amy Rolph: 425-339-3029; arolph@heraldnet.com.
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