Home sales in Snohomish County continued to slip in October, but prices are still seeing double-digit growth from a year ago.
The combination of slower sales and continued price increases are viewed by professionals as a leveling of what had been almost completely a seller’s market.
“Housing sales are down, but this has created a greater balance in the market between buyers and sellers,” said Lennox Scott, chairman of John L. Scott Real Estate. “Since we’ve come off of the frenzy market of the past year, buyers have more selection, there’s less competition for homes and interest rates are still low.”
Scott noted that prices, which have fallen in many areas of the country, are still rising locally. “We’re on track to have the third most productive year in the history of real estate,” he said.
Last year was the best and Ken Bacon of Windermere’s Redmond office, a member of the listing service’s board, said a sales decline of 10 percent or so still means that home sales are strong in the area.
In Snohomish County, the median home price last month was $333,500, meaning half the homes sold for more and half sold for less. That’s an 11.2 percent rise from the median price of $299,900 in October of 2005.
Snohomish County fit the mold of most home sales trends in the Puget Sound area this fall. Listings rose significantly, by 27.5 percent in October; pending sales dipped, slipping 7.5 percent; and closed sales also fell, by 13.7 percent.
The county continues to create jobs in aerospace and in many other areas, so people continue to come to the area and many are looking to buy a home. Snohomish County home sales also get a boost from King County, where the median home price was $391,300 last month, $57,800 more than in Snohomish County.
King County workers often look north for less expensive homes and choose longer commutes.
Here’s a summary of sale information for the different areas of Snohomish County:
Maltby, southeast county -Listings were up 50.2 percent while pending sales dropped 13.59 percent and closed sales fell 20 percent. The median price was $420,000.
Edmonds, Lynnwood, Mountlake Terrace – Listings rose 25 percent, pending sales slipped less than 1 percent and closed sales dropped nearly 7 percent. The median was $357,250.
Everett, Mukilteo, Mill Creek – Listings increased 14.4 percent, pending sales dipped 12.6 percent and closed sales dropped 21.3 percent. The median price was $330,000.
Snohomish, Monroe, Gold Bar – Listings dipped 8.3 percent, pending sales dropped 19.7 percent and closed sales fell 33.3 percent. The median price was $322,725.
Lake Stevens, Granite Falls, Darrington – Listings climbed 31.9 percent, pending sales fell 1.3 percent and closed sales slipped 1.46 percent. Median prices was $296,000.
Marysville, Stanwood, Arlington – Listings were up 42.8 percent, pending sales were up 2 percent and closed sales slipped 14 percent.
October home sales
Snohomish County
Median price: $333,500, up 11.2 percent from a year ago
Listings: 3,548, up 27.5 percent
Pending sales: 1,358, down 7.49 percent
Closed sales: 1,284, down 13.7 percent
Island County
Median price: $283,500, up 3 percent
Listings: 882, up 57.5 percent
Pending sales: 140, down 14.6
Closed sales: Down 16.4 percent
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