Home Buyers in Bothell churning through excess listings
The median list price in Bothell is $399,990 is down from last week’s median list price of $405,000. Bothell home inventory has been trending up. Though days-on-market is increasing, these are mildly positive indications for the market.
Localized real estate market reports are great for getting a “feel” of what that specific market is doing. For a more accurate pricing on residential property a Competitive Market Analysis (CMA) needs to be done comparing your home with current properties that have sold recently in your neighborhood.
Supply and Demand
Home sales in the Bothell have been exceeding new inventory for several weeks. Since this a Buyer’s market prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the Seller’s zone, and we are likely to see upward pressure on pricing.
Price
Bothell real estate prices had a downward tic this week, the market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this shift.
The average days-on-market is up slightly from 106 days to 111 days.
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