Published June 2003

Home sales soar; low loan rates help fuel 28% leap

By Mike Benbow
Herald Business Editor

Home sales exploded in Snohomish County and throughout the Puget Sound region in April as buyers scrambled to take advantage of continued rock-bottom interest rates.

The number of homes sold here in April increased by 28 percent over year-ago figures — 1,190 compared to 928 in April 2002.

Pending sales — deals begun in April that failed to close — also went through the roof, increasing by nearly 37 percent in comparison to last year.

King, Pierce and Kitsap counties also had double-digit pending sales.

Windermere broker Vern Holden, who owns the Mill Creek office and several others in King and Snohomish counties, said he’s experiencing his best spring in eight years.

He attributed it to three things: low interest rates, a sharp rise in investment purchases and the psychological satisfaction of home ownership.

The combined median price for single-family homes and condominiums in Snohomish County in April was $222,950, up 8.76 percent from the $205,000 median of a year ago. Median means half the homes sold for more and half sold for less.

For single-family homes alone, the median price was $233,000. For just condos, it was $159,000.

In King County, the combined median price was $267,210. For single-family homes alone, it was nearly $290,000.

The disparity in price sent many people who work in King County into Snohomish County to buy a home, Holden said.

The single-family homes sold in Snohomish County in April spent an average of 60 days on the market, compared to 53 a year ago. It took about 64 days to sell a condo here in April, compared with 50 in April 2002.

The most expensive homes are in southeast Snohomish County near the King County line, where the combined median price for homes and condos is $290,000. Despite the high price, homes there sold relatively quickly — within 58 days.

The least expensive part of the county is in the Arlington and Stanwood areas, where the median price is $188,438. These homes also took the longest to sell, spending an average of 67 days on the market.

Holden said that while sales were particularly strong in April, he doesn’t think those numbers were a fluke.

“People are buying houses because it’s a good investment,” he said.

Back to the top/June 2003 Main Menu