Published: Saturday, September 4, 2010
County home sales decrease
Homes continued to be a tough sell in Snohomish County last month despite a continued drop in prices.
Home sales in the county dropped by nearly 19 percent in August compared to a year ago, according to statistics released Friday by the Northwest Multiple Listing Service.
There were 642 homes sold in the county last month compared to 791 sold in August 2009.
Prices also fell, with the combined median price for single-family homes and condominums set at $260,000, a nearly 9 percent drop from the $285,000 figure of a year ago.
By comparison, the median price for King County dropped only 0.16 percent to $349,450. Homes cost $89,450 more than in Snohomish County. In Island County, sales dipped 2.6 percent and prices dropped by 7.8 percent to a median of $250,000.
Median means half the homes sold for more and half sold for less.
As in previous months, price was the key factor in home sales, officials said.
"It is solidly a buyer's market," said OB Jacobi, general manager of Windermere Real Estate. "The market is good for sellers who price their homes correctly."
He called today's buyers "value hunters" with stable income and good credit.
In its news release, the listing service quoted Lawrence Yun, the chief economist for the National Association of Realtors, in his report on national home sales in July.
"Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery," he said. "Home buyers over the past year got a great deal and buyers for the balance of this year have an edge over sellers."
Yun went on to predict that buyers who purchased a home several years ago at the peak of prices may have to wait "over a decade to fully recover lost equity."
Locally, listing service board member Darin Stenvers, the managing director of John L. Scott in Bellingham, said he expects a slow recovery in the market.
"I believe we are going to see this same type of market through the end of the year and into first quarter 2011," he said.
Location and price were big factors for sales in Snohomish County. With a few exceptions, sales dropped hardest in areas with the highest prices and a closer proximity to King County.
Southeast county. Median price: $353,500, down 1.4 percent from a year ago. In this area near the King County line, which has the county's most expensive homes, sales were down 33.9 percent last month.
Lynnwood, Edmonds, Mountlake Terrace. Median price: $275,250. Sales were down 32 percent.
Everett, Mukilteo. Median: $260,000. Sales down 9.7 percent.
Northeast county. Median: $242,000. Sales down 5 percent.
Stanwood, Arlington. Median $230,000. Sales were down 9.6 percent.
Snohomish, Monroe, Gold Bar. Median: $227,000. Sales were down 23 percent.
August home sales
Snohomish County
Listings: 5,989, up 7.7 percent.
Pending sales: 906, down 23.8 percent.
Closed sales: 642, down 18.8 percent.
Median price: $260,000.
Home sales in the county dropped by nearly 19 percent in August compared to a year ago, according to statistics released Friday by the Northwest Multiple Listing Service.
There were 642 homes sold in the county last month compared to 791 sold in August 2009.
Prices also fell, with the combined median price for single-family homes and condominums set at $260,000, a nearly 9 percent drop from the $285,000 figure of a year ago.
By comparison, the median price for King County dropped only 0.16 percent to $349,450. Homes cost $89,450 more than in Snohomish County. In Island County, sales dipped 2.6 percent and prices dropped by 7.8 percent to a median of $250,000.
Median means half the homes sold for more and half sold for less.
As in previous months, price was the key factor in home sales, officials said.
"It is solidly a buyer's market," said OB Jacobi, general manager of Windermere Real Estate. "The market is good for sellers who price their homes correctly."
He called today's buyers "value hunters" with stable income and good credit.
In its news release, the listing service quoted Lawrence Yun, the chief economist for the National Association of Realtors, in his report on national home sales in July.
"Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery," he said. "Home buyers over the past year got a great deal and buyers for the balance of this year have an edge over sellers."
Yun went on to predict that buyers who purchased a home several years ago at the peak of prices may have to wait "over a decade to fully recover lost equity."
Locally, listing service board member Darin Stenvers, the managing director of John L. Scott in Bellingham, said he expects a slow recovery in the market.
"I believe we are going to see this same type of market through the end of the year and into first quarter 2011," he said.
Location and price were big factors for sales in Snohomish County. With a few exceptions, sales dropped hardest in areas with the highest prices and a closer proximity to King County.
Southeast county. Median price: $353,500, down 1.4 percent from a year ago. In this area near the King County line, which has the county's most expensive homes, sales were down 33.9 percent last month.
Lynnwood, Edmonds, Mountlake Terrace. Median price: $275,250. Sales were down 32 percent.
Everett, Mukilteo. Median: $260,000. Sales down 9.7 percent.
Northeast county. Median: $242,000. Sales down 5 percent.
Stanwood, Arlington. Median $230,000. Sales were down 9.6 percent.
Snohomish, Monroe, Gold Bar. Median: $227,000. Sales were down 23 percent.
August home sales
Snohomish County
Listings: 5,989, up 7.7 percent.
Pending sales: 906, down 23.8 percent.
Closed sales: 642, down 18.8 percent.
Median price: $260,000.
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