Southwest Snohomish County Home Sales, Prices Remain Steady

This post was written by Akiko Oda.

The housing market around Puget Sound remains "extremely competitive" as prices continue to rise in many areas, Northwest Multiple Listing Service (NWMLS) brokers say.

Last month, NWMLS realtors closed sales on 264 homes in Southwest Snohomish County, identical to the 264 that were sold in May 2013 and up from 215 in June 2012. The year-to-year increase was 23 percent.

Meanwhile, median sale prices of homes continue to climb in many areas around the region but remained steady at $315,000 for both May and June in Southwest Snohomish County. That figure is 21 percent higher than the June 2012 median of $259,950.

OB Jacobi, a member of the board of directors for Northwest Multiple Listing Service, which includes local real estate agents and brokers, said the current market conditions—including rising mortgage rates, tight inventory and declining unemployment—are driving even more buyers into what is already an "extremely competitive housing market."

As a result of improved confidence in the U.S. economy, the interest rates for 2013 reached a new high in mid-June, Jacobi added.

At the same time, a decrease in June closings may be credited to the fact that the number of new listings saw a drop for the first time this year in Southwest Snohomish County. In June, only 325 new homes were added to the listings compared to 341 new listings in May 2013. The number of active listings in Southwest Snohomish County dropped approximately 18 percent between June 2012 and June 2013.

"The recent rise in interest rates has definitely brought more buyers into the market, but the inventory remains so low we have not seen a significant increase in sales," MLS director Diedre Haines said. 

Visit the NWMLS website to read the full press release.

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How would you evaluate the local real estate market? Are any of the new statistics cause for concern? Tell us in the comments section.