Published April 2002

Pending home sales drop, but prices still strong

By Mike Benbow
Herald Business Editor

Home sales and prices remained relatively strong in Snohomish County in February, but a huge drop in pending sales could signal a local slowdown for the industry.

Slightly more than 700 homes sold in the county in February, nearly the same as last year at this time, according to a Northwest Multiple Listing Service report. And the combined median price for single-family homes and condos in the county was nearly 3 percent higher than last year — $207,000 in February 2002 vs. $201,000 in February 2001.

But sales in the works in February that were expected to close in March amounted to 979, a nearly 18 percent drop from a year ago, when there were 1,192 sales pending.

The apparent slowdown may be a ripple effect of the rising unemployment in Snohomish County triggered by continuing layoffs at the Boeing Co. In January, unemployment in Snohomish County leaped to 8 percent.

Ron Fowler, President of the Seattle-King County Association of Realtors, said price may be a big factor. He noted that an analysis of asking prices around the region shows that about 30 percent of the single-family houses in Snohomish County are listed for $200,000 or less. In Pierce County, by comparison, nearly 60 percent of the homes are below $200,000.

Here’s a rundown of February sales information for Snohomish County:

• Lake Stevens, Granite Falls, Darrington: Nearly 70 homes were sold at a median price of $184,450 in an average time of 64 days.
• Marysville, Arlington, Stanwood: 114 homes were sold at a median price of $172,500 in an average time of 63 days.
• Everett, Mukilteo, Mill Creek: 213, were sold at a median price of $219,300 in an average of 55 days.
• Snohomish, Monroe, Gold Bar: 66 homes were sold at a median price of $200,500 in an average of 55 days.
• Lynnwood, Edmonds, Mountlake Terrace: 161 homes were sold at a median price of $215,000 in an average of 49 days.
• Maltby, southeast Snohomish County: 67 homes were sold at a median price of $275,000 in an average of 67 days.

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