Published September 2002

Home prices up, sales down

SCBJ Staff

Snohomish County’s housing market continued to exhibit a split personality in July as home prices rose to record highs despite slumping sales numbers.

A report issued by the Northwest Multiple Listing Service showed the combined median price of single-family homes and condominiums in the county rose to $217,500, an increase of nearly 8.5 percent over last year at this time.

Prices remained high and homes spent less time on the market despite a continued market slowdown.

The median price for the county’s single-family homes, the point at which half cost more and half cost less, was $227,950 in July. For condos alone, it was $148,425. Homes spent an average of 46 days on the market, one day less than last year.

Pending sales and closed sales, which both dropped in June, fell again in July by 4.5 and 10 percent, respectively, in comparison to a year ago, according to the listing service.

The organization represents Realtors in much of Western Washington.

Snohomish County’s drop in pending sales was the worst in the area; most counties reported increases. But the price increase over last year was also the highest in the listing service’s territory.

In a news release, the listing service said brokers believe the market will remain resilient despite higher prices because of continued low interest rates, a shortage of more affordable homes and an interest in shifting funds from the falling stock market into real estate.

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