EVERETT — Median home prices remained above $400,000 in Snohomish County in October for the seventh month in a row.
Closed sales prices for houses and condominiums was $415,000 for last month, according to numbers from the Northwest Multiple Listing Service. That’s a 12-percent increase from the year before when the median price was $369,950.
Before this year, Snohomish County home prices never reached $400,000. Prices came in at $416,668 in April and have remained above that mark ever since.
Location determines price for the most part, with homes in south Snohomish County seeing prices hitting above $500,000 while homes in northern parts of the county above $400,000.
One of the reason for the higher prices is the lack of inventory. The county has just more than a month of supply in the county, according to the Northwest Multiple Listing Service.
In general, industry analysts say four to six months of supply is needed for a balance market. Months of supply or inventory is how long it would take for all the home in a market to be sold if no new ones are added.
There were several hundred fewer homes on the market in the county last month than the year before. In October, the county had 1,476 homes and condos listed. Last year, there were 1,788 or a 17.5 percent decrease year over year.
The number of pending and completed sales actually increased last month compared with the previous year.
The Northwest Multiple Listing Service reported 1,710 pending sales, an increase of 9.6 percent over October 2016. And closed sales went up to 1,428 or a 4.7 percent increase year over year.
At least one broker said there are some signs of a tapering market. Multiple offers are continuing in the county, but the seasonal slowdown seems to be occurring a little earlier, said Diedre Haines, principal managing broker-South Snohomish County at Coldwell Banker Bain in Lynnwood, in a news release.
Homes in the county are seeing longer market times, fewer above list-price offers and a noticeable increase in price reductions.
With that beginning to happen, she said it’s important for sellers to correctly price their homes.
Jim Davis: 425-339-3097; email@example.com; @HBJnews.