Home prices dropped nearly 7 percent in Snohomish County in March, the biggest fall so far in the area’s slipping market, according to the Northwest Multiple Listing Service.
The combined median price for single-family homes and condominiums in March fell to $335,000, down from $359,950 a year ago.
The March market was similar to that of previous months, with a strong increase in home listings and drops in pending sales and completed sales. Also similar to previous months, the condo market was different from the market for single-family homes.
Condo prices increased nearly 6 percent in Snohomish County, despite the fact that there were more than double the number of condos on the market this year than a year ago. Buyers in March had 1,317 condos to look at, a 106.8 increase from a year ago, when there 637 condos on the market.
Single-family homes dropped 7.78 percent in price last month to median of $352,725.
Real estate officials said they believe the local market is ready to shift.
It has “reached bottom — or pretty darn close,” said Dick Beeson, a listing service director in Tacoma. “Even though inventory continues to grow, so does optimism among buyers, sellers and agents.”
Prices increased slightly in King County, rising by 1.38 percent last month.
J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, said the market was a good one for first-time buyers with home values holding and much less competition for homes.
Continued low interest rates combined with government-backed loans are providing first-time buyers with more options for reliable mortgage products, he said.
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