| HeraldNet - Snohomish County's online news source |
 TUESDAY, FEBRUARY 9, 2010 8:58 am |
||||||||||
 |
||||||||||
|
||||||||||
|
||||||||||
|
|
||||||||||
|
|
||||||||||
Business 
|
|||||||||
Inventory of unsold homes down in Snohomish County Compared with last year at this time there are now 25 percent fewer homes for sale in Snohomish County. Snohomish County is starting to sell through its inventory of unsold homes, according to statistics released Thursday by the Northwest Multiple Listing Service.There were 5,656 homes on the market last month. That compares with 7,472 homes for sale a year ago, a drop of nearly 25 percent, the listing service reported. Inventories were down by double digits in every county in the listing service except San Juan and Skagit, indicating the market is stabilizing. "Builder inventory is being absorbed and there are fewer incentives," said Kathy Estey, a listing service director and a managing broker of John L. Scott's downtown Bellevue office. "In January, builders were giving away the farm, by March it was only half the farm and now they may just give away a chicken or two in order to make the deal." She said that inventories for more affordable homes are reaching what she described as normal levels. Listings weren't the only thing to fall. Prices continued their slide, falling by more than 9 percent in May. The combined median price for a home or condominium in the county last month was $299,950, according to the listing service. There were 666 homes sold last month, a 14 percent drop from a year ago. Pending sales, however, rose by 31 percent. In May, buyers agreed to 1,160 deals that weren't closed that month. That compares with 883 pending sales during the same month of 2008. Estey said there were very few home sales during the first three months of the year, but that things were clearly picking up, especially in the more populated areas. While the increase in pending sales is deemed a good sign by real estate agents, the increased number of short sales and foreclosure sales have been a drag on the market, they said. Meribeth Hutchings, a listing service director and an owner of the Windermere Lake Stevens brokerage, said her office represents a buyer in a short sale that has been pending since October. "Every time we think we are getting close, the lender changes what they want," she said. Short sales are sales that fall short of the amount owed on the home and often involve bank-owned properties. A large number of the pending sales -- an estimated one in three -- are short sales that are taking months to complete, officials said. |
- A revolutionary 747
- Fire breaks out at Everett car dealer
- Everett rethinks boutique wineries
- A tidy lawn could be law in Lynnwood
- Snohomish County's bargain housing won't last
- Boeing's 747-8 takes off after weather delay
- Plan for I-5 closures this week
- A new bowling alley for Monroe?
- Lake Stevens man homeless after fire
- I-5 bridge joint may give you a jolt, but it isn't damaged
- Vote on school levies by Tuesday
(9) - A tidy lawn could be law in Lynnwood (8)
- Everett rethinks boutique wineries (6)
- Toyota has powerful D.C. friends (5)
- Everett police officers cleared in 2008 shooting death (5)
- 1949 travel aid shows how few places blacks were welcome in Washington (4)
- I-5 bridge joint may give you a jolt, but it isn't damaged (3)
- Ex-Boeing engineer jailed for espionage (2)
- Cigarette causes life-threatening burns (2)
- ORCA a whale of an improvement for Community Transit (2)
- Edmonds educator, famous announcer dies
- Mill Creek to appeal ruling on annexation
- Through the air, with the greatest of ease
- E-W thriving under new coach
- The path to citizenship
- EUUC puts on ‘Pants & Shoes’
- Wolfpack wins the ‘Battle'
- Lynnwood’s annexation plans OK’d
- Arlington's Cascade Valley Hospital celebrates expansion, national award and 100 years of service
- Business Licences Feb. 2010
- Technology tips for launching your own business
- Business Events Feb. 2010
- Tech Talk: No excuse today for going without a Web site
- State already raising fees and rates that restrict business growth
- Some legislators again targeting people’s initiative petition rights
|
 
|
|
|
|
| TODAY'S TOP JOBS |
| View All Top Jobs |
| Top Cars |
|
| Top Homes |
|
|
ADVERTISEMENT |
|
|
|Contact Us
|Advertiser Services
|Home Delivery
|Newsstand Locations
|Classifieds
|Feedback
|About the Company
|Work@the Herald
|Site Map |
|
COMMENTS | Be the first to comment
Log in or register to post a new comment.
To read other terms and conditions, click here