The Bothell/Kenmore real estate market continues to be extremely intense.
“Our robust market has created extreme conditions and we’re seeing frenzy hot activity on each new listing coming on the market,” said Lennox Scott, chairman and CEO of John L. Scott Real Estate. “We’re also experiencing some of the lowest inventory levels on record. Levels were driven down over the winter and we continue to see an extreme shortage of homes available for sale in the more affordable and mid price ranges where 90 percent of the sales activity is taking place. We are looking forward to some relief when more inventory comes on the market in March.”
Scott also says that some potential sellers are currently parked in a gridlock position because they are afraid to put their home on the market for fear that they either won’t find a home or they will find themselves in a multiple offer situation. This has stalled the migration pattern of sellers who would normally be putting their homes on the market.
“We are optimistic that these conditions will even out starting in March and then reverse over the summer as new inventory comes on the market in bigger numbers, but it will continue to be a competitive market in the more affordable and mid-price ranges,” he said. “In March the greater number of listings will bring out an equally greater number of buyers.”
Kelly Nutt, Office Leader of John L. Scott Bothell, reiterates that the market continues to be very strong for sellers, requiring targeted strategies if you want to buy a home.
“We continue to see multiple offer situations and numerous buyers waiving all contingencies,” he said. “The Bothell market is still hovering around 1 month of inventory and only a limited amount of new construction in the downtown area.”
In Snohomish County the median price jumped 18.24 percent from $327,000 to $387,250. This is indicative of the unique market we are experiencing, which is not a sales problem; it’s an inventory problem. Once again, if there were more homes available we would be selling more homes
In February we once again saw more pending sales than new listings coming on the market. In Snohomish there were 19.7 percent more pending sales than new listings.
Overall, pending homes sales in Snohomish County were down 12.14 percent compared to February of 2016.
Kellee Bradley is a spokesperson with John L. Scott.