Published November 2001

Report: Housing market rebounds quickly
from attacks

By Mike Benbow
Herald Economy Editor

Home sales in Snohomish County and throughout the region dropped significantly after the Sept. 11 terrorist attacks, but quickly revived, the Northwest Multiple Listing Service reported in October.

Listing service Director Mike Grady, also the Executive Vice President at Coldwell Banker Bain, said sales dropped by 56 percent for the four days after the attack, but are now about 90 percent of last year’s figure.

J. Lennox Scott, President of John L. Scott Real Estate, said any September slump is more likely caused by the poor supply of affordable homes.

“We have the buyers, but not the inventory to meet their affordability needs,” he said.

In Snohomish County, the combined median price for single-family homes and condominiums in September was $199,950, about 2.6 percent higher than last year.

There were 1,087 homes sold in September, 200 fewer than in August, but about the same as September 2000.

While the attacks unsettled many buyers, at least temporarily, falling interest rates have certainly attracted others. And real estate agents say it’s still too early to judge how impending layoffs at the Boeing Co. will affect the market.

“There is no doubt that any time Boeing announces large-scale layoffs ... that the Seattle/Puget Sound economy will be affected,” Scott said. “We’ve experienced layoff announcements before, and we’ve always managed to absorb the impact.”

Here’s a rundown of September sales:

• Edmonds, Lynnwood, Mountlake Terrace: The 240 homes sold the fastest, in 40 days. They also brought the second-highest median price, $221,250.
• Everett, Mukilteo, Mill Creek: The 312 homes sold averaged 44 days on the market and brought a median price of $206,475.
• Lake Stevens, Granite Falls, Darrington: The 101 homes sold spent 62 days on the market, in comparison to 54 last year, and brought a median price of $186,000.
• Maltby, southeast county: The 120 homes sold spent an average of 55 days on the market, four more than last year, and brought the highest median price, $286,250.
• Snohomish, Monroe, Sultan: The 81 homes sold in an average of 62 days and brought a median price of $189,950.
• Stanwood, Arlington, Marysville: The 194 homes sold spent an average of 58 days on the market, two fewer than last year, and brought a median price of $183,975.

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