The median list price in Bothell this week is $562,525 up from last week’s median list price of $546,850. Inventory has been lightening lately and the Market Action Index (MAI see below chart) has been trending up. Though days-on-market is increasing, these are mildly positive indications for the market.
Average days-on-market: 79 days up from last week’s 67 days.
Percent of properties with price decreases: 26% down from last week’s 29%
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 Market Action Index shows some strengthening in the last few weeks, prices have not seemed to move from their plateau. Should the upward trend in sales relative to inventory continue, expect prices to resume an upward climb in tandem with the MAI.
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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