Home prices rise 14 percent year over year

  • Thu Feb 6th, 2014 9:37am

By Jim Davis HBJ Editor

The median price of residential houses and condominiums in Snohomish County rose 14 percent in January from the price posted over a year ago.

Home sales closed at $269,000 in January compared with $235,950 around the county in January 2013, according to the Northwest Multiple Listing Service.

Still the January price is down from December when the median price for houses and condos was $290,000.

The biggest gain year over year was in the southwest corner of Snohomish County or NWMLS area 730, which includes Edmonds, Woodway and Mountlake Terrace.

House and condos sales rose 27.45 percent year over year or an increase to $325,000 from $255,000.

The next biggest jump was in the northwest corner of the county or NWMLS area 770, which includes Marysville, Tulalip, Arlington and Stanwood.

Home prices rose 22 percent to $244,000 from $199,950.

All six of the NWMLS in the county saw increases in the median prices for houses and condos. The lowest increase came in NWMLS 760, which includes Granite Falls, Lake Stevens and Darrington.

Home sellers saw a median price increase of only 2.62 percent to $221,664 last month from $216,000 in January 2013.

For the month of January, single-family residential homes around the county sold for a median price of $295,000. Condos sold for a median price of $175,000.

There was an increase in the number of houses and condos on the market in Snohomish County. In January, 2,155 homes were for sale compared with 1,548 homes a year ago or about a 39 percent increase, according to the NWMLS.

Mike Gain, CEO and president of Berkshire Hathaway HomeServices Northwest Real Estate, said in a news release that last year was the worst year for inventory in his 35 years of practicing real estate, adding that he expects an active market once the number of listings increase.

“We are literally starving for inventory. We need more homes to sell, especially in the most desirable neighborhoods,” Gain stated.

Overpriced homes are a concern in Snohomish County, said Diedre Haines, regional managing broker in Snohomish County for Coldwell Banker Bain in the news release.

“Even though we have a nearly 40 percent increase in inventory compared to a year ago, many listings are overpriced, and buyers are not interested in making offers on those properties,” Haines said.

She added: “We are not yet fully recovered from the recession and sellers need to be realistic in expectations of the value of their homes.”