Home sales in Snohomish County rose in January, providing some hope for real estate agents who have survived tough times in recent months.
There were 533 homes sold last month, the Northwest Multiple Listing Service reported Feb. 3. That’s a 7.7 percent increase from January of 2010.
The listing service noted that activity at open houses increased last month, typically a poor selling time for homes.
“There is a strong belief in the industry that the worst is behind us, and we can look forward with confidence,” Darin Stenvers, a John L. Scott broker in Bellingham, said in a listing service news release.
Many areas in Western Washington posted slight sales increases last month, as listings and prices continued to fall in many areas.
In Snohomish County, the number of homes for sale dipped by about 4 percent. The median price fell by 10.8 percent in comparison to the year-ago prices. The combined median for single-family homes and condominiums, which means half the homes sold for more and half sold for less, was $239,000 in January and $267,995 a year ago. The last time homebuyers in the county saw such a low price was in 2003, when the median was $230,950.
By comparison, King County’s combined median price was $333,500.
Brokers attributed the continuing drop in prices to foreclosures and impending foreclosures.
“Distressed properties are making up an increasingly greater share of sales than a year ago, and that trend is expected to continue,” said Windermere President OB Jacobi. “It’s no surprise that a greater percentage of low-priced distressed properties is pulling down the median price.”
He said bank-owned homes and other distressed deals are selling at 20 percent to 30 percent less than normal sales.
Poulsbo broker Frank Wilson of John L. Scott said he expected it would take perhaps five years to work through the number of short sales or bank-owned properties.
Stenvers noted that many owners are deciding to rent their homes until the market recovers. He said there is a new group of renters out there — people who have had to sell their homes in a short sale and are renting over the long term to help repair damaged credit.
January sales
Snohomish County
Listings: 4,691, down 4.3 percent
Pending sales: 938, down 1.2 percent
Closed sales: 533, up 7.7 percent
Median price: $239,000, down 10.8 percent
Island County
Listings: 845, down 8.5 percent
Pending sales: 68, down 20 percent
Closed sales: 45, down 27.4 percent
Median price: $258,000, down 3 percent
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