Published January 2002

Economy takes toll
on home sales

By Mike Benbow
Herald Economy Editor

Snohomish County home sales and prices slowed in November, a victim of a sluggish economy made worse by the September terrorist attacks.

There were 735 homes sold in the county in November, a nearly 17 percent drop from the 884 sold during the same month in 2000, according to the Northwest Multiple Listing Service, which represents real estate agents in much of Western Washington. Pending sales dropped by 8.3 percent in comparison to 2000.

The biggest drop was in condominium sales. Some 84 condos were sold in November in comparison to 112 in November 2000, a 25 percent drop. They brought a median price of $149,975, a slight increase over the $147,000 median price in November 2000.

Sales of single-family homes totaled 651 in November, a drop of nearly 16 percent from November 2000. The median price, meaning half sold for more and half brought less, was $207,500. That compares with a $202,000 median for November 2000.

The combined median price for homes sold in November was $199,950, up from $194,550 in November 2000.

Homes in the county actually sold faster in November 2001 than during November 2000, spending an average of 48 days on the market in comparison to 50.

While home sales slipped from 2000, a strong year for real estate, agents said in December that 2001 was still a very good year.

Lennox Scott, President of John L. Scott Real Estate, said 2001 was the company’s best year ever, with sales surpassing previous records by the third week of November.

Here’s an area rundown on sales:

• Marysville, Arlington, Stanwood — Some 131 homes sold here for a median price of $179, 950. They spent an average of 52 days on the market.
• Lake Stevens, Granite Falls, Darrington — There were 81 homes sold here for an average price of $182,000. They averaged 55 days on the market.
• Snohomish, Monroe, Gold Bar — Some 63 homes sold here for a median price of $183,500. Fifty-six days was the average selling period.
• Edmonds, Lynnwood, Mountlake Terrace — Homes here sold the fastest, averaging just 40 days on the market. The 152 sold also brought the second-highest median price — $224,975.
• Everett, Mukilteo, Mill Creek — The 213 homes sold here sold in the second-fastest time, spending an average of 42 days on the market. They brought a median price of $202,500.
• Maltby, southeast Snohomish County — Homes here brought the highest prices, a median $247,000. Many of the 82 homes sold were new, and they averaged 46 days on the market.

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