The market value of the average Snohomish County condominium increased again, but values aren’t skyrocketing like last year.
The average condo is worth $234,800 — an 8.5 percent increase — according to notices mailed this week by the county assessor.
Last year, the average condo’s value increased more than 20 percent.
There are 19,800 condos in the county this year, up from 17,800 last year.
The strength of the local economy and higher prices in King County are driving condo values up in Snohomish County, county Assessor Cindy Portmann said. Condos are popular with first-time homebuyers, investors and retirees. They are buying them because they’re cheaper than a house, Portmann said.
The values are pegged to Jan. 1 and are calculated based on comparable sales in 2007, Portmann said. The values will be used to calculate property taxes due in 2009.
Portmann plans to mail notices in June for the rest of the more than 200,000 residential and commercial properties in Snohomish County.
Reporter Jeff Switzer: 425-339-3452 or jswitzer@heraldnet.com.
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