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Bothell Real Estate Market Update
It's spring time in the Puget Sound, and that also means it's the busy season here in the Bothell, Washington real estate world. The latest reports show that the real estate market is on fire, with housing inventory at historic lows and a strong demand fueling a continued rise in home prices.
We are seeing sales prices that we haven't seen since the height of the market back in 2006. As is typical, the spring season ushers in motivated sellers who list their homes to try and take advantage of the peak. At the same time, buyers have been entering the market in droves looking to find a home.
The problem is the number of properties available; less than a two months' supply of homes for sale is approaching a 10 year low for the area. Even though more listings went up in last month than at this time last year, the pent up demand is still keeping inventory low.
Figures show pending sales surged 18.7% last month compared to February 2014. What does this mean? It means that desirable listings are not sitting on the market long, and we would expect pending sales to be even higher if the inventory would keep up with demand.
The median price for a single family home in Snohomish County is $330,000, which is a 5% increase from this time last year. Just to put this in perspective, the median sale price for a single family home in Washington State is $265,800 and in the United States is $188,900. Snohomish County is one of the more desirable and sought after areas in the state.
The real surprise in Snohomish County was the increase in condominium sale prices, which are up 6.7%. Many folks who may be looking for a condo in King County have been priced out the market and expanding up north to areas like Bothell or Edmonds. We predict that the Bothell, Woodinville, Mill Creek and Kenmore corner of the county will be bolstered by these market conditions.
Adding to the mix is the Federal Reserve announced this week that it was in no hurry to make a decision with regards to interest rates. Predictions are that rates will likely start to go up no earlier than September, but the Fed was not committal on the topic. It is reasonable to estimate that we will continue with low interest rates through the spring and summer, likely leading to even more homeowners looking to purchase a home at low rates (currently a 30-year fixed mortgage is 3.78%).
The bottom line is that now is the time to get off the proverbial fence if you're unsatisfied with your current living situation. Team Troy can help you navigate this market whatever your circumstance: call us at 206-745-3457 or visit www.nwlistingsearch.com.
~Married with 2 children ~Turned grey prematurely ~Fetish for all things Apple ~Urban chicken farmer ~Enology (wine making) student @ WSU ~14+ years of Real experience “Here at TeamTroy we h....
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