The median list price in Bothell this week is $539,995 up from last week’s median list price of $539,950. The Market Action Index (MAI see below chart) has been climbing lately while days-on-market are trending down, these point to a positive near-term outlook for the market.
Average days-on-market: 63 days down from last week’s 65 days.
Percent of properties with price decreases: 29% down from last week’s 33%
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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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