House, condo sales slipped last month

Veteran real-estate agent Jack Cosby has a simple explanation as to why local agents were as lonely last month as a certain washing-machine repairman.

"I'd call in on a Sunday and the office would be closed because of the snow. There were people who didn't want to go driving because of the ice," he said.

A nasty dose of winter last month meant sales of single-family houses and condominiums were down 4 to 14 percent throughout the four-county central Puget Sound region, according to the Northwest Multiple Listing Service's monthly report released Wednesday.

Kitsap County had the biggest drop in pending sales — deals signed but not completed — last month. They were 14.2 percent below the same month last year. King County reported the smallest drop: 4.5 percent.

"People were not buying in January; it was the weather," said Cosby, an agent in Prudential Northwest Realty's Kent office.

"It was hard getting people in houses," added Pat Reagan, the broker-owner of RE/MAX Metro Properties, which has offices in Edmonds, Snohomish and Monroe.

Besides the weather, two other factors — the number of properties on the market and the rate of home appreciation — point to a continued sluggishness of the market.

Listings increase

Compared with a year ago, countywide listings were up 25 percent in King, 31 percent in Snohomish, 42 percent in Pierce and 46 percent in Kitsap.

King County, which had the most homes for sale, saw the number of homes for sale increase from 6,060 in January 2006 to 7,596 last month. That meant buyers who braved the weather had a lot more inventory to choose from.

Median prices high

While appreciation has slowed from last spring and summer's frenetic pace, median prices remain high. King County's single-family homes had a median sale price last month of $429,495. It was $390,000 a year earlier.

The median King County condo price was $274,900, up from $229,900 last January.

Near the month's end the market started to pick up, said Judy Hay, an agent in Coldwell Banker Bain's Bellevue office. One indication: a $1.6 million Kirkland condo generated five offers.

"It sold for way above asking price," Hay said. (The sales price is not available because it's not yet public record.)

Likewise Reagan also sensed a month-end rally with "more appointments being set up to see the interiors of homes, as opposed to just shopping on the Internet."

If that continues this month, spring sales will be strong, Reagan said.

"But if we have a very bad February," added Cosby, "it doesn't look like it will be that good of a year. Still, I'm an optimist, and I do believe in our area the market will be fine."

Local real-estate economists have been seconding that based on the strength of the local economy. Snow aside, it's what most drives home sales, they say.

Elizabeth Rhodes: erhodes@seattletimes.com