Snohomish County home sales were strong in November, but that didn’t stop prices from continuing to fall.
There were 803 homes sold last month, an increase of more than 130 percent in comparison to a year ago, the Northwest Multiple Listing Service reported Thursday.
That’s because first-time buyers rushed to qualify for a tax credit that had been scheduled to end in November. And some owners have used falling prices to get a better place, some agents said.
“First-time buyers led the market recovery,” said Pat Grimm a Seattle Windermere broker. “Move-up buyers have definitely picked up the baton.”
Congress and the Obama administration have extended the $8,000 tax credit for first-time buyers and added a $6,500 tax boost for existing homeowners who buy a new primary residence.
Real estate agents are hoping both groups can be prodded to keep buying homes through the winter to tide them over until spring.
“Thanks to historically low interest rates, adjusted home prices and the passage of the extended-expanded tax credit, we are getting a running start on the New Year,” said Lennox Scott, chief executive of John L. Scott Real Estate.
Home prices in Snohomish County fell by 11.3 percent last month, according to the listing service.
The combined median price for single-family homes and condominiums was $274,950 in November. That’s down from $310,000, a drop of more than $35,000 from November 2008.
Other numbers:
Pending sales, those begun but not completed last month, were at 787, a 39 percent increase. That should help sales numbers for this month.
In King County, home sales topped 2,000 in November, nearly double the year-ago figures. The median price was $337,000, a $28,000 drop from last year.
Home prices in Snohomish County have been falling faster than in King County. Prices for homes here typically were about $50,000 less than in King County. The gap has now grown to about a $60,000 difference.
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