Duvall’s median list prices slightly higher
The median list price in Duvall, WA this week is $340,995 up slightly from last week’s $334,995. Listing inventory has been lightening lately and the Market Action Index has been trending up. Though days-on-market is increasing, these are mildly positive indications for the market. I would expect a larger number of new listing coming on the market earlier in 2013 than in the previous years as home values continue to increase in Duvall. Check us out next week to see how the housing market in Duvall is shaping up.
2012 Duvall real estate highlights
Total closed sales in Duvall outpaced 2011 closed sales by 47% 2012 had 133 closed sales compared to 2011′s 90. The average selling price in 2012 was slightly lower than the previous year $331,131 average selling price in 2012 compared to 2011′s $337,185.
Supply and Demand
Home sales in Duvall have been exceeding new inventory for several weeks. Since this is a Buyer’s market prices are not yet moving higher as excess inventory in 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. After driving around the Duvall area I noticed several large plats of homes that are at the infrastructure stage which means we can see housing starts as soon as late January and February.
Price
Despite this week’s up tic, the Duvall real estate market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this shift.
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