December home sales dropped in Snohomish County, but prices continued to rise, according to information released Friday by the Northwest Multiple Listing Service.
Sales for both condominiums and single-family homes dropped about 15 percent last month in comparison with a year ago.
December followed the trend for about the last six months where listings rose dramatically, sales slumped and prices continued to climb. Unlike many areas of the country, prices in the county continue to rise each month. In 2006, the monthly increases were more moderate than in 2005.
Prices rose by 14.3 percent in December, a little less than year-ago figures. Listings, the number of homes for sale, were about 3,636 in December, a 34 percent increase from December 2005, when there was a shortage of available homes.
One slight difference in comparison with the recent trends is that pending sales, those under way that didn’t close, dropped only by 6 percent in December. In November, pending sales were down 21 percent from the previous year. The change could mean that sales will be stronger in January, or it could just be an aberration.
While the market has declined in recent months, sales overall for 2006 were strong, industry experts say.
Windermere broker Vern Holden, who owns the Everett and Mill Creek offices, said sales were particularly good for new homes.
He noted that 35 percent to 40 percent of his business in 2006 was in new construction.
“The market is really healthy now,” he said. “I think everyone prefers the more balanced market we have today compared to a year ago.”
Holden noted that inventory is up for buyers, but there isn’t a big glut of condominiums on the market. He said he expects plenty of homes to be available in 2007 based on building permits.
“While builders held out on building out all their land last year, I think we’ll see more building permits being applied for in 2007,” Holden said.
December sales
610: Sales,138, up 22 percent; median price, $437,425, up 4 percent.
730: Sales, 205, up 1 percent; median price, $354,900, up 10 percent.
740: Sales, 260, down 18 percent; median price, $324,975, up 12 percent.
750: Sales, 72, down 22 percent; median price, $347,473, up 17 percent.
760: Sales, 90; down 16 percent; median price, $296,750, up 10 percent.
770: Sales, 170, up 6 percent; median price, $314,950, up 21 percent.
780: Sales, 25, up 8 percent; median price, $489,500, up 47 percent.
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