EVERETT – The Snohomish County home sales market was schizophrenic in February, according to a Northwest Multiple Listing Service report issued Wednesday.
If you were buying a single-family home last month, things were sluggish: The number of houses available was up by 31 percent; pending sales and sales were down. Still, prices were up by 9.6 percent. Local home prices have long been posting double-digit increases over the previous year, the listing service reported.
If you were buying a condominium, however, the market was brisk. The number of condos available was up by 66 percent, pending sales were up by 13.4 percent, sales were nearly equal to last year and prices were up by more than 12 percent.
The difference: price.
The median price for both condos and single-family homes in the county was $334,700 last month. For houses alone, it was $356,000. For just condos, it was $222,990. That left condos about 37 percent less expensive than the median price of a single-family home.
The listing service said activity in other areas shows signs of a rejuvenating market. Throughout the service’s 19-county territory, prices were up 14.4 percent, or about $40,800 more than a year ago.
“We are now seeing multiple offers on many of our listings,” said Ken Bacon, a Windermere broker in Redmond who is on the listing service board. He said he’s concerned that there won’t be enough homes on the market in his area to meet rising demand.
According to the listing service, the current numbers of condos on the market in Snohomish County, 545, and those in the pipeline, 237, will be snapped up in a little over two months. The 3,655 homes on the market and the 1,124 being built should last buyers about 3.25 months, the listing service reported.
By comparison, King County is estimated to have a two-month supply of homes. The homes available in Pierce County should last about six months, the service reported.
J. Lennox Scott, CEO of John L. Scott Real Estate, said sales are showing signs of improvement, especially in lower-priced homes near job centers. He expects activity in those areas to cause a “chain reaction of sales up the price points in the coming months.”
Mike Benbow: 425-339-3459 or benbow@heraldnet.com.
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