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County home sales, prices drop during May

Sunday, June 8, 2008 1:48 AM PDT

By Erik Olson

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Cowlitz County's housing market took a big hit in May as home sales dropped by nearly a third, the median price fell 9 percent and the number of homes for sale zoomed up by a quarter.

The May median price - indicating half the homes sold for more and half sold for less — was $157,000 in Cowlitz County, down from $173,000 last month and $170,000 the previous year, according to the Northwest Multiple Listing Service.

The median price was the second lowest among the 19 counties, located mostly in Western Washington, measured by the service. Only Grays Harbor County came in lower at $150,000, according to the figures released Thursday.

The number of homes sold in May in Cowlitz County dropped to 62, down from 97 the previous year and 85 sold in April, according to the service.

Real estate agents have sold 284 homes in Cowlitz County this year, down more than 30 percent from the 414 sold by the same time last year, according to the service. On the other hand, the inventory of Cowlitz County homes for sale ballooned by 25 percent from a year ago to 833.

Despite the bad month, the median price for the year — $175,350 — remains on par with 2007, which was $178,000 at the same point.

The low May median price in Cowlitz County was likely an "anomaly" because fewer high-priced homes sold during the month, said Bob Lund, broker/ owner of Century 21 R.E. Lund Realty in Longview.

Lund said he was surprised to see the slumping sales and low median price because his agents have kept busy.

"They've got plenty of work to do," Lund said. "There's a lot of product out there."

Statewide, inventory remains high, up 22 percent from the previous year. Sales should pick up in the summer, said Dick Beeson, a board member for the listing service.

"We still haven't had summer hit us yet as the weather remains cool, wet and cloudy. I expect both temperatures and the market to heat up as summer approaches," Beeson said in a written statement.

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feistyone wrote on Jun 8, 2008 4:58 AM:

" You can bet our property taxes won't go down though. "

Rural Citizen wrote on Jun 8, 2008 9:32 AM:

" So how long before the drop in prices becomes official and we see a cut in property taxes? By lowering the taxes it might save some home owners from foreclosure. When your budget is tight, every few dollars is all it takes to get over the top to the next month billing cycle. Hint Hint: Our rebate check is going to our bills. Our bills are from medical, pharmacy, car repair, and ZERO SHOPPING. "

Reality wrote on Jun 8, 2008 12:38 PM:

" Stop complaining and call your assessor's office for a lesson in how your taxes are assessed. And why would you expect a cut because your budget is tight? Your government is here to provide services, not to give you a handout. "

golfer wrote on Jun 8, 2008 2:06 PM:

" The government is giving me any service's. Rural citizen is right, about not seeing any reduction in property taxes. I just got my assessment for next year & it went up over $70,000. I would like someone to tell me what justifies that huge jump in price, when the cost of buying a new home has gone down. I guess the 1 per cent cap on the property taxes doesn't apply to certain counties. I expect to hear about all the loop holes to get around that, just like the fee for license plate's. "

Reality wrote on Jun 8, 2008 3:10 PM:

" Quit crying golfer and have the guts to go ask your questions to the right people. PS - do you really believe that what happens in the market today should equal a change your taxes tomorrow? And what were trying to say about services? "

golfer wrote on Jun 8, 2008 8:07 PM:

" Get a grip reality. Of course the value of my land & home should not go up when the price of every other home is going down. The paper reported a 9% drop in value this morning. What I was saying is the government isn't giving me any service's. Now spin that also. I would think you must work for the assessor's office or in some form of county government that gets tax money. "

golfer wrote on Jun 8, 2008 8:09 PM:

" Edited to add; I am going to the assessor's office first thing in the morning to file my complaint. Don't worry I know how the scenario goes. "

Reality wrote on Jun 9, 2008 7:15 AM:

" No spin given in suggesting a crybaby can get answers by directing questions to the proper source. "

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