Published February 2004

Home sales, prices
remain strong

By Mike Benbow
Herald Business Editor

Home sales in Snohomish County were relatively strong in December, capping off what was for many agents a record year in real estate.

Normally, sales are sluggish in December as people focus on staying put for the holidays. But sales increased about 9 percent in comparison to the previous year, according to statistics released by the Northwest Multiple Listing Service.

Pending sales were also up — about 5 percent — indicating that January sales should be strong as well.

The sales increase came despite the fact that there were 7 percent fewer homes on the market in December than during the same period in 2002.

J. Lennox Scott, the chief executive of John L. Scott Real Estate, predicted that listings should pick up significantly for at least the first three months of this year.

“Many sellers wait to list their home until the first quarter of the year, using the holiday break to prepare their homes for sale,” he said.

Scott also said he expects sales to rise as people continue to take advantage of low interest rates.

The low rates are largely credited with boosting sales dramatically in the area. Closed sales for the listing service, which represents 14 counties, totaled 83,515, a 21 percent increase in comparison to 2002.

Prices rose along with sales.

The combined median price for condominiums and single-family homes in Snohomish County was $228,975 in December, an 8 percent hike from the previous year.

For single-family homes alone, the median price was $239,000 in December. For condos, it was $169,990.

The median price means that half the homes sold for more and half sold for less.

Prices were generally higher near the King County line, with the combined median price for houses and condos hitting $276,500 in Maltby and $239,975 in the Lynnwood and Edmonds areas.

It took an average of 62 days to sell a single-family home in the county, up from 58 in December 2002. Condos spent an average of 78 days on the market prior to selling in December, an increase of 15 days from December 2002.

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