Everett House Prices – A Simple Two Year Comparative Analysis
A simple review of the data in the NWMLS shows that there has been a clear and significant positive trend in housing prices over the period from January 2012 through January 2014 in the areas from Lynnwood, north through Marysville.
For the purposes of this review I have extracted the monthly median sales prices on all residential properties in the Everett region and, for further validation and comparison, extracted similar date for its neighboring areas of Marysville and Lynnwood.
The differences in population, population density and property types between the subject areas are understood, but have not been factored in for the purpose of this simple analysis.
An initial view of the data presented in graphical form below, replicates the relative positions of these three areas as one moves north; with Lynnwood being a higher property price bracket, Everett being the mid-range and Marysville being a slightly lower housing price area. A more detailed analysis would be required to demonstrate whether this is a reflection of geographical, infrastructure, or financial/occupational factors, or a combination thereof.
Everett House Prices - A Simple Two Year Analysis
Simple trend lines (heavy, solid lines) are included against each of the three monthly median sales price data plots (dotted lines) and these show a consistent and significant increase in property prices over the two year period, as follows:
Marysville Feb 2012 Trend line start: $175,000
Jan 2014 Trend line end: $240,000 Approx. 37% increase
Everett Feb 2012 Trend line start: $251,000
Jan 2014 Trend line end: $280,000 Approx. 33% increase
Lynnwood Feb 2012 Tend line start: $245,000
Jan 2014 Trend line end: $355,000 Approx. 45% increase
Analysis:
From an investment perspective this simple review of Everett House Prices – A Simple Two Year Comparative Analysis, may show that:
1. the strong growth/development of Marysville and its areas, and anticipated continued price advances, (marginally) in excess of that of Everett, may indicate continuing good value for first time buyers and investors. Properties in this area may be subject to strong growth, over the next few years. An area worth watching?
2. Lynnwood is showing a very strong recovery, with current and anticipated growth greater than that of either Everett or Marysville. A similar study of Lynnwood against Mill Creek, Bothell and Mukilteo property sales would also be required to validate its trends amongst its surrounding neighbors. However, while growth may be tempting for investors, the entry level prices of more than $100,000 greater than the Everett or Marysville areas, may cause many first time buyers and young families to look slightly further north.
Ian Westwood is a Real Estate Agent with Century21, living in Everett, WA, providing Real Estate expertise in all areas north of Seattle. If you live, or are thinking of selling or buying property in this area of Washington, click here to visit Ian’s Century21 website, or provide your name and e-mail address in the box for a personal, no obligation, no pressure, consultation.
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