By Mike Benbow
Herald Writer
The real estate market in Snohomish and Island counties slipped last month, but it remains remarkably strong considering the area’s continuing economic slump.
While both listings and pending sales declined in January from the same period a year ago, closed sales soared and prices remained near record levels, according to figures released Friday by the Northwest Multiple Listing Service.
The combined median price of single-family homes and condominiums sold in Snohomish County last month was $207,500, a 9.1 percent increase from the median of a year ago. Median means half the homes sold for more and half sold for less.
For single-family homes alone, the median was $215,000, up from $196,900 a year ago. That’s an increase of 9.2 percent. The median price for condominiums was up 9 percent, from $144,000 a year ago to $156,990 last month.
While there were fewer homes on the market in January, those homes sold two days faster than they did a year ago. In Snohomish County, homes spent an average of 58 days on the market, as opposed to 60 in January 2001.
That may be due in part to the county’s proximity to King County, which continues to have high demand for housing and also has a median home price that’s $31,000 more than Snohomish County. As a general rule, prices were lower and houses took longer to sell the farther they were away from the King County line.
Pat Grimm, a Bellevue broker who serves as listing service chairman this year, said the real estate market has displayed remarkable resilience during the recession, although he noted that the demand for high-end homes has clearly slowed.
Continued low mortgage rates, help for first-time buyers and housing’s reputation as a safe investment have helped keep sales high, Grimm added.
He noted that economists at the National Association of Realtors expect the housing market to remain healthy this year, especially if interest rates stay low and the economy continues to recover.
While areas near King County continue to do well, some of the communities on the fringes have seen a significant slowdown.
The average home on Whidbey Island, for example, is now spending 115 days on the market, nearly twice the time it takes to sell a home in Snohomish County. On Camano Island, the average time for a sale was 113 days, compared to 85 last year.
Here’s the rundown on sales last month in Snohomish and Island counties:
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