Published October 2005

Real Estate Briefs

Home prices soar
nearly 24 percent from year ago
The median price of a single-family home in Snohomish County set yet another record in August — this time soaring well above $300,000.

The new record, $311,525, contrasts with the $252,000 median price of a year ago, an increase of nearly 24 percent, according to a report issued by the Northwest Multiple Listing Service.

An improving economy, relatively low loan rates and a 19 percent drop in the number of homes available in August contributed to what has been a seller’s market throughout the summer.

Median condo prices also rose, from $169,000 in August 2004 to $189,975 this past August, a 12 percent increase.

The combined median, for both single-family homes and condos, was $296,725 in August, up 23.4 percent from the $240,500 figure of a year ago.

The seller’s market also included a shortened sales period, with houses spending an average of 41 days on the market in August, down eight days from a year ago.

Shopping center sold
for $27.3 million
The 13-acre Harbour Pointe Shopping Center, whose biggest stores include QFC and RiteAid, has been sold for $27.3 million.

An unnamed client of BlackRock Realty Advisors Inc. purchased the 110,600-square-foot complex from a client represented by RREEF, a national real estate investment firm.

Built in 1992, Harbour Pointe Shopping Center is at the busy intersection of Mukilteo Speedway and Harbour Pointe Boulevard. According to Colliers International, which brokered the transaction, 33,000 vehicles pass by daily.

The shopping center is fully leased and has room for the addition of another small business space, said Reynolds Haas, a senior vice president at Colliers who handled the sale with Colliers’ Paul Sleeth.

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