Published January 2004

Home sales down slightly, but prices continue to rise

By Mike Benbow
Herald Business Editor

Home sales fell slightly in Snohomish County in November, a lull attributed to wet and stormy weather and mixed economic news.

“People seem more preoccupied with outside influences that are hard to characterize,” said Dick Beeson, a director of the Northwest Multiple Listing Service, which released the sales figures in December.

Closed sales of single-family homes and condos in Snohomish County totaled 950 in November, a 3.4 percent drop from November 2002. Pending sales dropped about 5 percent.

The number of homes listed for sale fell by nearly 9 percent, from 4,620 in November 2002 to 4,226 in November 2003.

Sales were also sluggish in much of the Puget Sound area, although many counties posted slight gains from November 2002.

While sales slowed, prices continued to rise from 2002.

The combined median price for houses and condos in the county was $225,000, an increase of about 3.1 percent from November 2002, when the median price was $218,000.

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

For single-family homes, the median price was $235,000 in November, up $10,000 from 2002. Condo prices rose from $152,950 in November 2002 to $158,020 this past November.

Slower sales are typical for November and December, when most people focus on the holidays, not on home buying. Beeson said he believes the lull is typical and temporary.

He said he expects things to pick up with the new year.

“By then, news of continued economic recovery and job growth should encourage buying decisions from people currently on the fence,” he said.

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