Published March 2003

Pending sales up,
but economy taking toll
on housing market

By Mike Benbow
Herald Business Editor

Home sales in Snohomish County continue to show signs of the ongoing recession, but January sales were still relatively strong, according to statistics released by the Northwest Multiple Listing Service.

In the county, listings and pending sales rose dramatically in comparison to January 2002, by nearly 19 percent and 23 percent, respectively.

But there were only 841 completed sales, about 3 percent less than a year ago. And the combined median price for single-family homes and condominiums was $209,990, up only about 1 percent from January 2002.

The price increase was the lowest in the 14-county region served by the listing service. Prices in Pierce County rose 1.5 percent, but the increase was 7 percent in King County. In Skagit County, prices rose 19 percent during the past year. In San Juan County, there was a 44 percent increase, the highest of the 14 counties.

The fact that prices have been relatively stagnant during the past year is a sign that the sputtering economy has affected the housing market.

Another signal is that it took nearly a week longer to sell a home in Snohomish County. Homes sold in January spent an average of 63 days on the market, compared with 57 days a year ago.

Condos also sold more quickly this past January — an average of 60 days compared with 64 for a single-family home — a sign that buyers are looking for lower prices.

The median price for a condo in the county in January was $162,219. For houses, it was $219,950.

Back to the top/March 2003 Main Menu