Published January
2001
Northwest
MLS reports 'work-force housing' scarce
By
Mike Benbow
Herald Economy Editor
Most homes for sale
in Snohomish and King counties are too expensive for the average working
man or woman, the Northwest Multiple Listing Service recently reported.
An analysis of sales
data for the listing service, which serves real estate brokers in 11 Western
Washington counties, showed only 14 percent of current sales listings
are priced at $160,000 or below.
In King County,
the number is only 5.8 percent.
The $160,000 figure
is what the listing service considers to be workforce housing, homes in
the middle to lower end of the price spectrum.
Broker Vern Holden,
who owns Windermere offices in Mill Creek and elsewhere, said in an interview
earlier this year that the continuing rise in prices of the past several
years was a big concern.
“I think pricing
has caused a problem for many people,” he said. “I think most of us in
the business would be happy to see a bit of a correction take place. I
think pricing has just gotten way out of hand.”
Prices have moderated
this year, but are still near record highs.
The combined median
price for condominiums and single-family homes sold in Snohomish County
in November was $194,808, up 6.3 percent from a year ago.
For single-family
homes, the median was $202,000. That means half the homes sold for more
and half sold for less.
Strong job growth,
particularly in King County, has kept home prices high in both Snohomish
and King counties.
The median in King
County in November was $233,000.
In Pierce County,
by contrast, the median price was $154,500, and 40 percent of the listed
homes were priced under $160,000.
No areas of Snohomish
County had a median sales price below that figure in November.
A larger number of
affordable homes were available in north and east Snohomish County, which
had medians in the $170,000 range.
The more expensive
homes typically were in south Snohomish County. In the Maltby area south
of Snohomish, an area with a lot of new construction, the median price
was about $257,000.
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