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Home costs go through the roof

Published 9:00 pm Monday, October 23, 2000

By MIKE BENBOW / Herald Writer

By MIKE BENBOW

Herald Writer

Home costs in Snohomish County rose to a new record in September after two months of falling prices.

The combined median price for single-family homes and condominiums was $194,808 last month, up from $188,000 in August, the Northwest Multiple Listing Service reported Monday.

The previous record median price, the point at which half the county’s homes sold for more and half sold for less, was $189,950 and was set in June.

For single-family homes alone, the county median price last month hit $200,000 for the first time. That compares with a year-ago figure of $185,000, meaning house prices have increased by more than 8 percent during the past year.

Condos alone sold for a median price of $146,475 in September, up almost 11 percent from the year-ago price of $132,000.

Lennox Scott, president of John L. Scott Realty, said his company had its best September in history and credited it to Boeing’s unexpectedly strong year, continued creation of new jobs, a healthy business climate and a "very good interest rate environment."

Scott is a member of the listing service board, which represents brokers in 11 counties in Western Washington.

Perhaps because of the higher prices, homes are spending an average of eight days longer on the market this year, selling in an average of 52 days. Last year it was 44.

Here’s a rundown on area sales and prices for the county and for Camano Island in Island County:

  • Arlington, Stanwood, Marysville: The median price was $170,000. The 166 homes sold spent an average of 60 days on the market.

  • Camano: Some 38 homes sold last month for a median price of $159,475, the area’s lowest. They spent an average of 94 days on the market.

  • Cathcart/Maltby: Again the area with the highest prices, primarily because so many of the homes sold here are brand new. The median price was $256,000, with the 137 homes sold in March averaging 51 days on the market.

  • Everett, Mukilteo, Mill Creek: Homes here sold for a median price of $203,908 and did so in an average of 48 days. There were 336 sales here in September, the most in the county.

  • Lake Stevens, Granite Falls, Darrington: Ninety-five homes sold here for a median price of $176,950 and an average listing period of 54 days.

  • Lynnwood, Edmonds, Mountlake Terrace: This is the county’s hottest area, with 212 homes sold averaging just 38 days on the market and selling for a median price of $216,500, the second-highest in the county.

  • Snohomish, Monroe, Gold Bar: Some 114 homes sold here for a median price of $175,195 after spending an average of 68 days on the market.

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