Bothell’s real estate market takes a deep breath
This Week:
The median list price in Bothell this week is $499,950, is down from last week’s median list price of $499,990. The Market Action Index (MAI see below chart) has been trending down lately, while inventory and days-on-market are climbing. The trends imply a weakening market.
Average days-on-market: 68 days up from last week’s 67 days. Percent of properties with price decreases: 37% is up from last week’s 34%
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
The Bothell real estate market has been cooling over time and prices have been plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes it’s climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Price
The Bothell real estate 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. Sign up to have FREE WEEKLY UPDATES on the latest Bothell real estate market trends e-mailed to you weekly.
Comparing Bothell’s median list and Inventory to neighboring Kirkland
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