Bothell’s real estate market appears to be weakening

 Bothell’s real estate market appears to be weakening 

This Week:

The median list price in  Bothell  this week is $529,475  up from last week’s median  list price of $521,460.  Inventory is up and the Market Action Index (MAI see below chart) is trending down recently.  While days-on-market appears to be trending lower, the overall conditions are weakening a bit.

Average days-on-market: 57 days down from last week’s 58 days.

Percent of properties with price decreases: 31% up from last week’s 30%

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 market has been cooling over time and  prices plateaued for a while.  Despite the consistent decrease in the MAI. we’re in the Seller’s zone, watch for changes in MAI.  If the MAI resumes its climb, prices will likely follow suit.  If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.

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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