Home Buyer’s in Duvall chewing through excess listing inventory
The median list price in Duvall, WA this week is $399,990 is unchanged from last week’s $399,900. Inventory and days-on-market are both trending higher recently. However, the improving Market Action Index (MAI see chart below) implies some increased demand will temper the negative trends.
Supply and Demand
Home sales have been exceeding new inventory for several weeks. Since this is 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
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 trend.
Duvall currently has a 40 homes for sale , up from last weeks 24, starting at $179,950 for a small cottage (fixer) on 6 acres, to $1,895.000 20 acre estate with views of Mount Rainier. All located within popular Duvall School District.
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