Bothell’s real estate market displaying slowing trends
This Week:
The median list price in Bothell this week is $524,728, down slightly from last week’s median list price of $529,950. The Market Action Index (MAI see below chart) has been trending down lately, while inventory is climbing. These trends imply a weakening market. .
Average days-on-market: 57 days up from last week’s 47 days.
Percent of properties with price decreases: 20% up from last week’s 17%
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
In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
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Price
The market appears to be hovering around this plateau. Look for a persistent change in the Market Action Index before we see prices deviate from these levels.
Comparing Bothell’s median list and Inventory to neighboring Kirkland
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