Published April 2004

Home sales down but pending deals up by 18%

By Mike Benbow
Herald Business Editor

Home sales in Snohomish County were sluggish in February, but a dramatic leap in pending sales indicates sales should again be strong this spring.

That’s the word from the Northwest Multiple Listing Service, which released home sales statistics for February within its 14-county market area.

Closed sales of condominiums and single-family homes totaled 786 in February, about 20 percent fewer homes than for the same month last year. But pending sales rose to 1,282, nearly 18 percent more than in February 2003.

While the number of completed sales dropped, prices continued to rise in February. The combined median price for homes and condos was $225,000, a 7.14 percent increase from a year ago, when the median was $210,000.

Median means that half the homes sold for more and half sold for less.

The median price for single-family homes in the county was $235,000, up from $218,500 a year ago. For condos only, the median was $172,000, up from $161,675.

The numbers were significantly lower than in neighboring King County, where single-family homes sold for a median of $295,950, and condos drew a median price of $194,725.

Real estate professionals expect prices to continue to rise because demand is growing, interest rates remain low and listings have fallen. In Snohomish County, for example, the number of houses on the market fell nearly 15 percent in February in comparison to the figures from a year ago. There were 4,077 homes for sale in the county in February, compared with 4,775 last year at this time.

Dick Beeson, a listing service director from Tacoma, said the shortage is hampering sales. “There are more buyers than housing in many areas, causing an extremely competitive market.”

Homes in Snohomish County spent the shortest time on the market, averaging just 67 days from listing to sale. In King and Pierce counties, homes also sold quickly, averaging just 71 days.

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