By Jim Davis The Herald Business Journal
The number of homes on the market in Snohomish County far surpasses the number a year ago, continuing a streak seen this spring.
There were 2,542 homes listed in the county in May compared with 1,777 a year ago — or a 43 percent increase year over year, according to numbers released Wednesday by the Northwest Multiple Listing Service.
The number of active listings in the county have been up year over year throughout 2014. It reached a high of 52 percent in April.
The higher number of homes on the market is attributed in part to new construction, George Moorhead, a member of the NWLS Board of Directors, said in a statement.
The MLS database shows 406 of 2,206 listings of single-family homes in the county are classified as new construction. That’s about twice the number from a year ago.
“The price points are some of the best in the market areas for size, style and overall location,” Moorhead said in the statement.
Snohomish County has a higher percentage of homes on the market compared with its neighboring counties. King County is 9.19 percent higher in 2014 over 2013. Skagit County has a 3.44 percent higher percentage than last year.
The median prices of closed sales is also up in Snohomish County. The price last month was $305,000 compared to $285,000 a year ago. That’s a 7 percent price increase in 2014 from 2013.
MLS figures show months of inventory slipped to 3.33 from April’s figure of 3.46. Snohomish County slipped from 2.47 months to 2.37. In King County, supply stayed about even with April (1.78 months of inventory in May versus 1.74 months in April). Four to six months is considered to be a balanced market.
Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership includes more than 21,000 real estate brokers. The organization, based in Kirkland, serves 21 counties in Washington state.