County home sales increase, prices fall
Published 6:08 pm Wednesday, January 4, 2012
Snohomish County’s housing market closed out the last month of 2011 on the same projection as the past six months: home sales continued to rise while home prices declined.
About 846 single family homes and condos were sold in the county last month, according to a report released Wednesday by the Northwest Multiple Listing Service. Sales were up 23.7 percent from the same month in 2010.
However, the median home price fell 9.3 percent to $222,750, down from $245,700 in December 2010. Median means half the homes sold for more and half sold for less.
Fewer homes are coming on the market for sale and interest rates remain low — factors that give real estate brokers a positive outlook for 2012.
“Where we’ve been during the past year is a place of transition,” said OB Jacobi, president of Windermere Real Estate. “It has been a slow recovery, but the housing market has finally turned a corner, albeit a soft one with some bumps along the way.”
In December, 763 homes came on the market in Snohomish County. That’s down 28.4 percent from December 2010. The county’s housing supply is at about 3.2 months, which means it would take about that much time to exhaust the homes on the market at the current pace of sales if no new homes were listed.
For Seattle region, inventory is down 30 percent compared to a year ago.
“All over we are seeing healthy marketplaces emerge as the inventory levels drop,” said J. Lennox Scott, CEO and chairman of John L. Scott Real Estate. “The outlook for 2012 is the continuation of a strengthening marketplace, especially in the more affordable to mid-range priced homes.”
Pending sales rose 28.7 percent last month in Snohomish County. A pending sale is when both the seller and buyer have agreed on an offer.
Despite rising sales, Jacobi, a member of the Northwest MLS board of directors, noted foreclosures and short sales continue to cause downward pressure on prices.
“Many would-be sellers are still wary of the market, and as a result, there are fewer homes for sale,” Jacobi said. “At the same time, there are buyers who are eager to strike while the iron is hot, so in some areas, homes are selling before many buyers even have a chance to react.”
Michelle Dunlop: 425-339-3454; mdunlop@heraldnet.com.
Home sales
Snohomish County
Listings: 763, down 28.4 percent
Pending sales: 1,013, up 28.7 percent
Closed sales: 846, up 23.7 percent
Median price: $222,750, down 9.3 percent
Island County
Listings: 92, down 11.6 percent
Pending sales: 67, even with December 2010
Closed sales: 79, down 9.2 percent
Median price: $215,000, down 6.5 percent
Source: Northwest Multiple Listing Service
