Published: Tuesday, October 5, 2010
September home sales, pending sales drop in Snohomish County
Snohomish County's housing market saw another dreary month in September when the number of closed home sales and pending sales dropped.
Pending home sales declined to 895 from 906 in August, according to a Northwest Multiple Listing Service report released Tuesday. Pending home sales were down 26.8 percent from the previous September. Across the 21 counties of Washington covered in the report, the region saw a decline in pending sales of 4.9 percent from August and 24.3 percent from September 2009.
On Monday, the National Association of Realtors reported a small increase in pending sales across the nation.
“Crazy requirements” are impeding the pace of sales, said Dick Beeson, director of the Northwest Multiple Listing Service, in a press release Tuesday. “Agents are finding it's much more difficult to navigate the closing process than ever before.”
Buyers closed on 615 homes in the county in September, down from 755 closings a year ago and 642 closings in August.
The average 30-year fixed mortgage rate in Washington state remained at 4.16 percent for the second week, according to a Zillow Mortgage report. Buyers need to take advantage of low rates, noted Beeson. An interest rate increase of just 1 percent on a $300,000 mortgage increases the monthly payment $183, he said.
In this market, “sellers know they must position themselves better than their competition on all levels — price, condition, terms,” Beeson said.
Median house prices rose slightly in Snohomish County in September compared to the previous month but the number of pending sales declined. The median home price in the county increased to $261,353 in September, up from $260,000 in August. However, the median price for both condos and single family homes is still down from $282,000 last year.
“It's a slow recovery, but it's trending in the right direction,” Joe Spencer, president of John L. Scott Real Estate, said in a press release.
Spencer said he's encouraged by the month's supply of inventory at the end of September.
“The three-county area of King, Snohomish and Pierce are reporting about six months of inventory, which is a positive indicator based on the last 30 years of market data,” he said.
The levels of inventory point to a more balanced market with stabilizing home prices, according to Multiple Listing Service data.
Pending home sales declined to 895 from 906 in August, according to a Northwest Multiple Listing Service report released Tuesday. Pending home sales were down 26.8 percent from the previous September. Across the 21 counties of Washington covered in the report, the region saw a decline in pending sales of 4.9 percent from August and 24.3 percent from September 2009.
On Monday, the National Association of Realtors reported a small increase in pending sales across the nation.
“Crazy requirements” are impeding the pace of sales, said Dick Beeson, director of the Northwest Multiple Listing Service, in a press release Tuesday. “Agents are finding it's much more difficult to navigate the closing process than ever before.”
Buyers closed on 615 homes in the county in September, down from 755 closings a year ago and 642 closings in August.
The average 30-year fixed mortgage rate in Washington state remained at 4.16 percent for the second week, according to a Zillow Mortgage report. Buyers need to take advantage of low rates, noted Beeson. An interest rate increase of just 1 percent on a $300,000 mortgage increases the monthly payment $183, he said.
In this market, “sellers know they must position themselves better than their competition on all levels — price, condition, terms,” Beeson said.
Median house prices rose slightly in Snohomish County in September compared to the previous month but the number of pending sales declined. The median home price in the county increased to $261,353 in September, up from $260,000 in August. However, the median price for both condos and single family homes is still down from $282,000 last year.
“It's a slow recovery, but it's trending in the right direction,” Joe Spencer, president of John L. Scott Real Estate, said in a press release.
Spencer said he's encouraged by the month's supply of inventory at the end of September.
“The three-county area of King, Snohomish and Pierce are reporting about six months of inventory, which is a positive indicator based on the last 30 years of market data,” he said.
The levels of inventory point to a more balanced market with stabilizing home prices, according to Multiple Listing Service data.
Story tags »
• Real EstateMedian prices, closings by location
Southeast county: $349,950 median, sales down 33 percent from 2009
Lynnwood, Edmonds, Mountlake Terrace: $292,000 median, sales down 20.3 percent
Everett, Mukilteo: $273,160 median, sales down 14.6 percent
Northeast county: $240,000 median, sales up 5.4 percent
Stanwood, Arlington: $230,000 median, sales down 26.6 percent
Snohomish, Monroe, Gold Bar: $233,160 median, sales down 14.7 percent
Snohomish County
Listings: 5,768, up 5.9 percent
Pending sales: 895, down 26.8 percent
Closed sales: 615, down 18.5 percent
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