The housing market in Snohomish County continued to show signs of recovery in June, with the Northwest Multiple Listing Service reporting a 30 percent increase in pending sales over last year.
More than 1,190 sales were pending in June, up from 915 in the same month last year. The data reported Monday also shows pending sales were holding steady from May when the county had 1,160 sales pending.
Brokers described the upward trend as “encouraging,” citing shrinking inventory and a small 4.4 percent increase for median home prices in Western Washington since the start of the year.
“It’s encouraging to see that pending sales are at their highest since the credit bubble burst nearly two years ago,” said John L. Scott Real Estate CEO J. Lennox Scott. “This is an indication that the $8,000 tax credit is working and the market has reactivated itself in the more affordable and mid price ranges.”
Snohomish County saw 1,730 new listings last month, down from 1,961 in June of 2008.
There was also a small increase in home sales over last year — 745 compared to 739 in 2008. But the median home price fell 9.24 percent to $299,000.
Snohomish County was one of seven Northwest counties to report a 30 percent jump in pending sales in June.
Overall, brokers reported 7,733 pending sales of in the Northwest Multiple Listing Service’s 19-county market area in June. Compared to the same month last year, that’s a gain of 19.5 percent — about 1,263 sales.
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