Bothell’s real estate market conditions weakening slightly
The median list price in Bothell this week is $519,900, up slightly from last week’s median list price of $510,000. Inventory is up and the Market Action Index (MAI see below chart) is trending lower recently. While days-on-market appears to be trending lower, the overall conditions are weakening a bit.
Average days-on-market: 78 days up from last week’s 77 days.
Percent of properties with price decreases: 31% is up from last week’s 25%
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
While the Bothell Market Action Index shows some strengthening in the last few weeks, prices have settled in a bit of a plateau. We are currently in a Seller’s market so prices will likely resume their climb should this trend persist.
The Bothell real estate market seems to have paused around its high point. The Market Action Index is a good leading indicator for the durability of this trend.
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Comparing Bothell’s median list and Inventory to neighboring Kirkland