Published July 2001

Housing market brisk
as sales, prices increase

By Mike Benbow
Herald Economy Editor

Continued low mortgage rates kept home sales humming in Snohomish County in May despite lasting concerns over the economy.

Some 1,155 homes changed hands here in May, slightly more than both the previous month and the same month last year, according to the Northwest Multiple Listing Service, a broker-owned agency that tracks sales in much of Western Washington.

The strong demand locally also kept prices up.

The combined median price for homes and condominiums in the county in May was $199,000. That's up $1,000 from April and $11,000, or 5.85 percent, from May 2000.

The price for single-family homes rose even higher in May than in the comparable month in 2000. The median, meaning half sold for more and half sold for less, was $208,500 in May, up 7.5 percent from last year.

Condos in the county sold for a median price of $154,990, up nearly 6 percent from last year, when condos sold for a median of $148,250.

By comparison, single-family homes in King County had a median price of $260,000, up about 1.3 percent from the $256,725 median in May 2000. Condos there rose from a median of $156,950 in May 2000 to $176,608 this past May, a 1.4 percent increase.

While homes are still selling here at a brisk pace for steadily rising prices, they are spending a little more time on the market than they did last year. The homes sold in May 2000 spent 48 days on the market. Homes this past May took 50 days to change hands.

Here’s a quick rundown on sales:

• Everett, Mukilteo, Mill Creek: Some 344 homes were sold in May for a median price of $198,000. They spent an average of 42 days on the market.
• Stanwood, Marysville: Some 200 homes were sold in May at a median price of $179,920, the county’s lowest. The average sales time was 54 days.
• Lake Stevens, Granite Falls, Darrington: There were 124 sales in May. The median price was $180,675, and average sales time was 70 days, the county’s longest.
• Snohomish, Monroe, Gold Bar: Some 98 homes were sold, averaging 60 days on the market and bringing a median price of $185,000.
• Edmonds, Lynnwood, Mountlake Terrace: Homes sold in the fastest time, 39 days, and brought the second-highest median price, $215,000. Some 260 changed hands in May.
• Maltby, southeast Snohomish County: New construction in the area meant homes sold for the highest median price, $277,750. About 107 changed hands, averaging 59 days on the market.

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