The median list price in Bothell this week is $546,850 down from last week’s median list price of $548,495. Inventory has been tightening but days-on-market and the Market Action Index (MAI see below chart) has been basically unchanged, not providing strong indication for market conditions.
Average days-on-market: 67 days up from last week’s 66 days.
Percent of properties with price decreases: 29% down 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
In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
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Prices appear to be hovering around their high point. Look for a persistent down-shift in the Market Action Index before we see prices deviate from these levels.
Comparing Bothell’s median list and Inventory to neighboring Kirkland