Buying a home in Snohomish and Island counties got a lot tougher last month and there’s no end in sight.
Prices hit record highs and the number of homes on the market are unusually low, according to statistics released Thursday by the Northwest Multiple Listing Service, which represents most Western Washington real estate agents.
The combined median price for single-family homes and condominiums in Snohomish County hit $265,000 last month, a new record. For single-family homes alone, the median was $279,640. For condos it was $185,495.
Median means that half the homes sold cost more and half cost less.
Ann Schroeder Osterberg of the Snohomish County Housing Authority said that while a number of programs are available to help home buyers, the steady increase in prices is either pushing people out of the market or making their purchases more risky.
“Clerical workers, teachers, police, firefighters – those are the people who get priced out first and who are commuting long distances (to work here) from Skagit or Island counties,” she said.
The median price of homes sold last month was 10.42 percent higher than last year at this time. That makes it important for buyers to make sure they understand their financial commitments, she said.
“Lenders are more creative,” she said. “People may be able to still get into a house. But there are so many loan products and so many options that people are stretching more to get into a home. There’s always the risk that with any blip in their finances they’re not going to be able to stay in there.”
Bud Alkire, executive director of the Everett Housing Authority, agreed.
“Low-income folks and even some people of moderate incomes are being priced out,” he said.
He noted his agency recently purchased a 60-unit apartment building in south Everett that it’s converting to condos for lower- income residents who would like to buy a home. Prices of the two-bedroom, one-bath units will likely be around $115,000, he said.
“We have already, without any advertising, had people contacting us,” he said. “It obviously is very difficult to find housing at these levels.”
In addition to high prices, listings were way down in April, resulting in quick sales and multiple offers in many cases. There were 26.7 percent fewer homes to choose from last month in comparison to April of 2004.
Homes also spent much less time on the market last month, selling in an average of 51 days, 10 fewer than in April 2004.
Home buyers’ fair
A homeownership fair designed to help people realize their dreams will be from 10 a.m. to 5 p.m. May 14 at Everett Station, 3201 Smith Ave.
Housing agencies and businesses will participate in the fair. It also will include seminars on the ownership process, improving your credit, getting down payment assistance and finding the right home.
For more information, call 425-337-1394.
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