Published August 2003

Home sales up nearly
30 percent from year ago

By Mike Benbow
Herald Business Editor

Home sales in Snohomish County rose dramatically in June for the second month in a row as buyers continued to take advantage of rock-bottom interest rates.

There were 1,266 closed sales for single-family homes and condominiums in June, up nearly 30 percent in comparison to a year ago, according to numbers released by the Northwest Multiple Listing Service, which represents real estate agencies in 14 Washington counties. And sales pending at the end of June were 46 percent higher than they were a year ago.

The huge jump in sales followed a strong May in which sales were up 19 percent over the previous year.

Home sales in Snohomish County were among the strongest in the Puget Sound area. Homes sold in June in the county sold faster than those elsewhere in the region, averaging 55 days on the market.

In King County, the second shortest sale time, homes averaged 60 days on the market before attracting a buyer.

Interest rates, which have risen in recent weeks, were credited with spurring sales. Rates in June for a 30-year mortgage were hovering around 5.25 percent, the lowest since the government began tracking benchmark rates in 1971.

The rate was more than a full percentage point lower than a year ago. The listing service noted that on a $300,000 loan, the difference in monthly payments between this past June and June 2002 was $225.

The median home price, meaning half the homes sold for more and half sold for less, was $221,950 in the county in June. That’s $1,000 less than the previous month, but nearly $12,000, or 5.7 percent, higher than the median for last year in June.

County condo prices were up more than 10 percent from last year, perhaps reflecting the increased competition for lower-priced homes. The median price for condos alone in the county was $166,000 in June, up $16,000 from last year’s median of $150,000.

For single-family homes alone, the price rise was more modest. The median was $229,950, up more than $10,000 or 4.59 percent.

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