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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