Published May 2004

Home sales up 19 percent, prices hit record highs

By Mike Benbow
Herald Business Editor

As expected, home sales soared in Snohomish County in March, rising 19 percent over last year’s March figures. But a drop in the number of homes for sale is pushing prices to record highs.

That’s a quick summary from the report released in April by the Northwest Multiple Listing Service, which represents 14 Washington counties.

The combined median price for condominiums and single-family homes sold in the county during March hit $227,950, a new record. The median price, meaning half the homes sold for more and half sold for less, was 8.6 percent higher than the price in March 2003.

For single-family houses alone, the median price was $235,910, also a record. For just condos, it was $181,267.

In King County, the median price was $314,000 for single-family homes and $221,490 for condos.

The housing market, which traditionally picks up as the weather warms, has been particularly strong in Snohomish County. Strong pending sales in February indicated March sales would grow.

Peter Orser, president of Quadrant Homes, which has developments in Mill Creek and Monroe, recently announced that his company is boosting its home starts from four to five each day in Washington.

“There are a ton of houses being built, and there are a ton of buyers,” he said. “Snohomish County has ... exploded, and we all knew it was coming.”

Sales were expected to be very strong in April as well. Pending sales — sales where all the paperwork wasn’t completed — rose 15 percent in March in comparison to the previous year.

While demand is strong, listings have dwindled, one of the reasons why Quadrant has upped its construction schedule. In March, buyers had 4,034 homes to choose from, a 13.7 percent drop from March 2003.

The shortage of listings helped make Snohomish County the second-fastest in average sale times. Homes spent an average of 69 days on the market in the county, a week longer than last year but faster than everywhere except King County, where homes averaged 61 days.

Back to the top/May 2004 Main Menu