Published March 2002

Housing maintains strength as prices remain high

By Mike Benbow
Herald Business Editor

The real estate market in Snohomish County slipped in January, but it remains remarkably strong considering the area’s continuing economic slump.

While both listings and pending sales declined from the same period a year ago, closed sales soared, and prices remained near record levels, according to figures released by the Northwest Multiple Listing Service.

The combined median price of single-family homes and condominiums sold in Snohomish County in January was $207,500, a 9.1 percent increase from the median of a year ago. Median means half the homes sold for more and half sold for less.

For single-family homes alone, the median was $215,000, up from $196,900 a year ago. That’s an increase of 9.2 percent. The median price for condominiums was up 9 percent, from $144,000 a year ago to $156,990 in January.

While there were fewer homes on the market in January, those homes sold two days faster than they did a year ago. In Snohomish County, homes spent an average of 58 days on the market, as opposed to 60 in January 2001.

That may be due in part to the county’s proximity to King County, which continues to have high demand for housing and also has a median home price that’s $31,000 more than Snohomish County. As a general rule, prices were lower and houses took longer to sell the farther they were away from the King County line.

Pat Grimm, a Bellevue broker who serves as Listing Service Chairman this year, said the real estate market has displayed remarkable resilience during the recession, though he noted that the demand for high-end homes has clearly slowed.

Continued low mortgage rates, help for first-time buyers and housing’s reputation as a safe investment have helped keep sales high, Grimm added.

He noted that economists at the National Association of Realtors expect the housing market to remain healthy this year, especially if interest rates stay low and the economy continues to recover.

While areas near King County continue to do well, some of the communities on the fringes have seen a significant slowdown.

The average home on Whidbey Island, for example, is now spending 115 days on the market, nearly twice the time it takes to sell a home in Snohomish County. On Camano Island, the average time for a sale was 113 days, compared to 85 last year.

Here’s the rundown on January sales:

• Maltby, Clearview: At a median price of $259,950, the 89 homes sold here had the county’s highest median price. They spent 64 days on the market, five more than the average time last year.
• Lynnwood, Edmonds, Mountlake Terrace: In all, 190 homes sold here in an average of 52 days, with a median price of $222,000. Last year’s average sale time was 50 days.
• Everett, Mukilteo, Mill Creek: More homes sold here than anywhere else in the county — 274. They sold at a median price of $217,970, and did so in 51 days, the fastest time in the county and four days quicker than last year.
• Snohomish, Monroe, Gold Bar: There were 63 homes sold here. The median price was $189,900, and they spent an average of 63 days on the market, a week less than last year.
• Lake Stevens, Granite Falls, Darrington: Some 113 homes sold here with a median price of $185,000. They sold in an average of 65 days, one day more than last year.
• Stanwood, Arlington, Marysville: There were 136 homes sold here, at a median price of $185,450. Homes spent an average of 63 days on the market, one more than last year.

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