Home sales in Snohomish County dropped again in December in comparison to year-ago figures. But condominium prices rose last month as the cost of single-family homes fell, according to numbers released Monday by the Northwest Multiple Listing Service.
The combined median price for condos and single-family houses in December was $339,675, a 0.63 percent drop from a year ago, when the median was $341,831. Median means half the homes sold for more and half sold for less.
While house prices dipped, condominium prices posted a solid increase of 6.1 percent, rising from $217,225 in December 2006 to $230,475 last month. While condo prices rose, the numbers sold dropped 37 percent, from 178 a year ago to 112 last month.
December is typically a poor month for real estate sales, but the numbers show conditions were stronger a year ago than they are today.
Real estate analysts say concerns about the national real estate market and tighter credit standards have slowed sales in the Seattle area, even though job and population growth here has shielded the housing market from the more serious problems happening around the country.
Many agents say they expect sales and attitudes to improve in the spring.
Dick Beeson, a Tacoma broker owner for Windermere, said holiday open houses had stronger attendance and buyers seemed more upbeat.
J. Lennox Scott, CEO of John L. Scott Real Estate, said market conditions are good.
“Interest rates are down, sellers have adjusted their prices, apartments are full, job growth is strong and there is a pent-up demand of buyers coming into the market,” he said.
Beeson also said his agents are seeing people who are serious about buying a home and that pent-up demand should start appearing in the market this month and next.
He said he expects sales to start growing again as long as interest rates remain low.
“I believe the bottom has arrived in the Puget Sound marketplace and from here on, prices will stay level or advance slightly in 2008,” he said.
| Snohomish County
Single-family homes and condos combined |
|||
| Dec. ‘06 | Dec. ‘07 | Change | |
|
Listing |
3,636 |
5,468 |
+50.39% |
|
Pending sales |
935 |
636 |
-32% |
|
Sales |
1,128 |
682 |
-39.5% |
|
Median price |
$341,831 |
$339,674 |
-0.63% |
|
Island County Single-family homes and condos combined |
|||
| Dec. ‘06 | Dec. ‘07 | Change | |
|
Listing |
736 |
948 |
+28.8% |
|
Pending sales |
87 |
57 |
-34.48% |
|
Sales |
117 |
55 |
-53% |
|
Median price |
$296,000 |
$325,053 |
+9.8% |
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