EVERETT — The median price for a Snohomish County home broke the $400,000 line for the first time ever in July.
The price for a single-family home climbed by $10,000 from the previous month to $405,000, according to Northwest Multiple Listing Service, which released its monthly housing market data report Thursday.
However, housing prices are still lower than before the Great Recession, when adjusted for inflation. The county’s pre-recession peak of $382,500 in March 2007 is equal to nearly $444,700 in 2016, based on the Bureau of Labor Statistics’ Consumer Price Index.
Housing prices in the county have sharply risen since bottoming out at less than $250,000 in 2011 in the wake of the recession and real estate market crash. Mill Creek, Mukilteo, North Creek and other areas in Snohomish County’s south end have led the sticker price surge.
More homes sold in July than the prior month, increasing by 4.5 percent. The number of homes listed for sale increased even more — by nearly 10 percent over June. At the current pace of sales, there are enough homes on the market to meet demand for about 1.3 months. King, Kitsap and Pierce counties also still have less than two months worth of inventory.
Short supply has pushed prices higher around Puget Sound for the past few years. The situation in Snohomish County is not getting better. While listings outpaced sales, there were nearly 22 percent fewer homes on the market this past month compared to July 2015.
With multiple buyers often competing on each listing and prices climbing, “buyers are feeling the squeeze every day,” Northwest MLS director George Moorhead said.
That has pushed demand to outlying areas, where demand appears to be picking up, he said.
Increased competition has led to some buyers to waive inspections and other standard due diligence, said Diedre Haines, Coldwell Banker Bain’s principal managing broker for South Snohomish County.
That can expose both buyers and sellers to unexpected — and costly — problems later on.
Dan Catchpole: 425-339-3454; dcatchpole@heraldnet.com; Twitter: @dcatchpole.
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