Published April 2003
Report:
Home sales up
42 percent from a year ago
By
Mike Benbow
Herald Business Editor
Unlike nearly every
other sector of the local economy, home sales rose dramatically in Snohomish
County in February, surprising even real estate veterans.
“It’s been the strongest
January and February I’ve experienced since we opened the office eight
years ago,” said Meribeth Hutchings, the broker at the Lake Stevens Windermere
office. “It defies explanation.”
Statistics released
by the Northwest Multiple Listing Service show that 979 homes were sold
in the county in February, a 42 percent increase in comparison with February
2002. Pending sales were up 14 percent and listings were up nearly 20
percent.
While many other
sectors of the national and local economies — the stock market and consumer
spending, for example — appeared to be on hold in February, awaiting a
decision on a war with Iraq, the talk of war didn’t appear to be hurting
home sales one iota.
“People don’t seem
to be thinking about war when they make an offer,” Hutchings said. “It
doesn’t seem to be an issue for them.”
Hutchings said a
plat of new homes on the south end of Lake Stevens called Quill Cove opened
about two weeks ago and is averaging 25 to 40 visitors on weekends.
“It’s amazing the
activity we’ve had there,” she said. “People are writing offers every
weekend.”
Hutchings said the
renewed interest in home buying may be due in part to fears that interest
rates won’t stay low for much longer.
“They may be making
their move now instead of waiting until the traditional home-buying season
in the spring, because of the talk that interest rates may be inching
up a bit,” she said.
While sales have
been unexpectedly strong, there are still signs that the sluggish economy
and continued layoffs at the Boeing Co. have taken their toll.
The combined median
price of a single-family home and condominium in Snohomish County in February
was $210,000, only 1.45 percent more than a year ago.
By comparison, King
County prices were up nearly 4 percent, and Pierce County prices rose
6.6 percent during the past year. Neither county is as hard hit by the
Boeing layoffs as Snohomish County.
Another indicator
of the uncertain local economy, Hutchings said, is the number of homes
on the market, which is up significantly.
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