Home sales in Snohomish County were solid in October, but prices continued to drop significantly from a year ago, the Northwest Multiple Listing Service reported Thursday.
There were 828 homes sold in the county last month, a 43 percent increase from the same time last year. The county’s percentage increase in sales was the highest for the listing service territory, which covers most of Western Washington.
The strong sales and strong pending sales, which rose 29 percent last month, were a good sign for the housing market. But other indicators showed the local market is anything but healthy.
Median home prices in the county, for example, dropped nearly 15 percent in comparison to October 2010. That sent the combined median home price for single-family homes and condominiums to $221,142, a drop from $260,000 a year ago.
Median means half the homes sold for more and half sold for less.
The low prices kept many people from putting their homes on the market.
Listings fell to 4,045 homes for sale in October, a nearly 26 percent drop in the number of homes available from a year ago.
Snohomish County listings have fallen so much that the supply of homes available here are expected to last just about 3 months, the listing service reported. By comparison, Okanogan County in north-central Washington has an 18-month supply of homes for sale.
Most counties saw steep drops in prices. King County, for example, saw its median price fall nearly 18 percent to $287,500.
OB Jacobi, president of Windermere Real Estate Co., said the drops were expected because the loan limit for conventional financing dropped from $567,500 to $506,000, pushing more buyers into more restrictive and expensive jumbo loans.
That means fewer people are buying the higher-priced homes and median prices are falling. He said that in King County, about a third of the available homes are priced in the jumbo mortgage category.
October home sales
Snohomish County
Listings: 4,045, down 25.85 percent.
Pending sales: 1,226, up 26.65 percent.
Closed sales: 828, up 43.01 percent.
Median price: $221,142, down 14.95 percent.
Island County
Listings: 936, down 7.69 percent.
Pending sales: 121, up 55.13 percent.
Closed sales: 66, down 12 percent.
Median price: $272,500, up 0.93 percent.
Mike Benbow is business editor for The Herald; 425-339-3459, benbow@heraldnet.com.
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