| HeraldNet - Snohomish County's online news source |
 TUESDAY, FEBRUARY 9, 2010 10:22 am |
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Prices down, but home sales up 9 percent in county Snohomish County home sales rose for the fourth straight month in August, aided by falling prices and a rush by first-time buyers to beat the deadline for an $8,000 tax break.There were 755 homes sold in the county last month, a 9.1 percent increase from a year ago, The Northwest Multiple Listing Service reported today. After two years of decline, home sales rose slightly in June, climbed 19 percent in July, and rose again slightly in August. Prices continued to fall in September, dropping 11.32 percent from September 2008. Real estate agents said that’s not a surprise since many of the homes on the market were in foreclosure and bank-owned homes priced for a quick sale. Dick Beeson, a Tacoma Windermere broker and a director of the listing service, said the autumn prices are a “necessary adjustment given the number of short sales and bank-owned property sales in the mix.” The median price for a single-family home last month was $295,000, a drop of 11.14 percent. The median for a condominium was $230,000, a drop of 6.5 percent. Median means half sold for more and half sold for less. The tax break was also a big issue, said Bob Maple, an Everett broker for John L. Scott Real Estate. The $8,000 federal income tax credit for first time buyers ends Nov.30. The tax credit, that’s what’s driving sales,” Maple said. “Nearly all of our business has been from first-time buyers.” He said it also hasn’t hurt that interest rates have dropped again. Maple advised people to act quickly if they’re interested in the tax break. “It typically takes 30 to 35 days (for closing),” he said. “They need to be on paper no later than the 15th (of October).” Maple said there’s been talk about the government extending the tax credit for another year. “Nobody has a clue yet,” he said, adding, “Another year of this would really help out.” Likely because of the tax credit, sales for this month also look good. There were 1,222 pending sales last month, a 50.3 percent increase from a year ago. Pending sales are those started in the month but not completed. September home sales Snohomish County Median price: $282,000, down 11.32 percent Listings: 7,070, down 23 percent Pending sales: 1,222, up 50.31 percent Closed sales: 755, up 9.1 percent Island County Median price: $280,000, down 1.75 percent. Listings: 1,205, down 1.31 percent Pending sales: 111, up 12.12 percent Closed sales: 81, down 11 percent *Combined for single-family homes and condominiums |
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- Some legislators again targeting people’s initiative petition rights
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