Published April 2003

Report: Home sales up
42 percent from a year ago

By Mike Benbow
Herald Business Editor

Unlike nearly every other sector of the local economy, home sales rose dramatically in Snohomish County in February, surprising even real estate veterans.

“It’s been the strongest January and February I’ve experienced since we opened the office eight years ago,” said Meribeth Hutchings, the broker at the Lake Stevens Windermere office. “It defies explanation.”

Statistics released by the Northwest Multiple Listing Service show that 979 homes were sold in the county in February, a 42 percent increase in comparison with February 2002. Pending sales were up 14 percent and listings were up nearly 20 percent.

While many other sectors of the national and local economies — the stock market and consumer spending, for example — appeared to be on hold in February, awaiting a decision on a war with Iraq, the talk of war didn’t appear to be hurting home sales one iota.

“People don’t seem to be thinking about war when they make an offer,” Hutchings said. “It doesn’t seem to be an issue for them.”

Hutchings said a plat of new homes on the south end of Lake Stevens called Quill Cove opened about two weeks ago and is averaging 25 to 40 visitors on weekends.

“It’s amazing the activity we’ve had there,” she said. “People are writing offers every weekend.”

Hutchings said the renewed interest in home buying may be due in part to fears that interest rates won’t stay low for much longer.

“They may be making their move now instead of waiting until the traditional home-buying season in the spring, because of the talk that interest rates may be inching up a bit,” she said.

While sales have been unexpectedly strong, there are still signs that the sluggish economy and continued layoffs at the Boeing Co. have taken their toll.

The combined median price of a single-family home and condominium in Snohomish County in February was $210,000, only 1.45 percent more than a year ago.

By comparison, King County prices were up nearly 4 percent, and Pierce County prices rose 6.6 percent during the past year. Neither county is as hard hit by the Boeing layoffs as Snohomish County.

Another indicator of the uncertain local economy, Hutchings said, is the number of homes on the market, which is up significantly.

Back to the top/April 2003 Main Menu