Get 'em While They're Hot!

Snohomish County Home prices have been on the rise in recent years, especially luxury homes, some selling at or beyond the one million dollar mark. In 2005, 83 homes valued at $1 million or more were sold in the Puget Sound area, including Snohomish County. 29 of these homes were in the Edmonds area, and the most expensive house sold last year was a 9.675 square-foot home in Mukilteo that went for a "red hot" price of #3,799,000. Believe it or not most 3 bedroom, 2,600 square-foot condos in downtown Edmonds are selling for over $1 million dollars. With home prices in and around the Seattle area sky-rocketing, the buyers are looking further for a better deal!

Not all the homes that are selling at high prices are huge luxury homes though; it is mainly the great views that are fueling these big spenders. of course, the people buying these homes are rich doctors and lawyers right? Actually no, although 24 percent are in the legal and medical fields a lot are successful middle-class families that took advantage of low interest rates. According to sales statistics 19 percent work in software and technology, 17 percent are entrepreneurs and nearly 40 percent are between 40 & 49 years of age.

The key Factors in home prices increasing these days is the price of land, and Washington state's Growth Management Act which forces developers to build in or close to major communities, thus reducing available land. Another reason Snohomish & Island County have seen such spikes in prices is that they still have lots of property that fringes the Puget Sound. Buyers are looking for properties with views and a home with all the amenities.

The number of $1 million dollar homes has been steadily increasing for the past several years; in 2001 11 homes were sold for a million dollars or more in Snohomish County, which increased to 18 in 2003, 23 in 2004, and last year 83 homes sold for 'big money'. We are seeing more and more homes that would have sold for $500.000 a couple years ago being sold for $1 million in some areas! It is not just luxury homes anymore; the combined median price of single-family homes was $330,000 in 2005. If you are looking to buy or invest now is the time, and this is the area. No matter if it raw land with a great view, a fixer upper on 5 acres, or a custom 4400+ square-foot Victorian Style home it will be 'worth every penny'.

Next Article  |  Back