Published August 2004

Home sales jump
31 percent from year ago,
prices also rise

SCBJ Staff

Home sales in Snohomish County continued brisk in June as a smaller number of available houses continued the sellers’ market, according to a report released by the Northwest Multiple Listing Service.

More than 1,600 homes changed hands in the county, a 31 percent increase from a year ago, according to the report. Pending sales were up 19 percent from June 2003.

While the number of sales increased dramatically, the supply of homes continued to dwindle. There were 4,288 homes on the market in June, compared with 4,907 a year ago.

Heightened buying competition over a smaller number of houses continued to push prices higher. The median price in June was $242,150, 9.1 percent higher than a year ago. It’s also several thousand dollars higher than in May, when the median price for both single-family homes and condominiums was $238,495.

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

Home sales in the county continued strongly, in part because prices were significantly lower than in King County, prompting many potential buyers to look north. The median price in King County was $299,000.

While interest rates rose in June, even ahead of the Federal Reserve’s decision to raise rates one-quarter percent, the increase didn’t appear to dampen the market, according to real estate professionals.

At John L. Scott Real Estate, chief executive J. Lennox Scott reported that June was another record-breaking month for the company’s Pacific Northwest market.

“While interest rates have risen lately, they’re still at historically low levels, providing phenomenal opportunities for homebuyers,” said Scott, who attributed the hot home market to recent job growth, an improving economy and increased consumer confidence.

And David Lereah, chief economist for the National Association of Realtors, said the strong market across the country right now may be due, in part, to “fence jumping” by buyers who have seen rates climb and want to buy before they go any higher.

Lereah expects sales to slow down during the second part of the year, easing the quick rise in prices. That, he said, would be “a healthy change for the housing market.”

Back to the top/August 2004 Main Menu