Local inventory is up as buyers and sellers prep for spring real estate market

February’s snowfall temporarily slowed down sales.

By Erin Flemming

Special to the Reporter

If you’re looking to purchase a home this winter or spring, you’ll likely benefit from the uptick in inventory at all price levels in the Bothell and Kenmore areas. Mona Spencer, branch manager for John L. Scott’s Redmond office, said many buyers in February appreciated the options and the less hurried pace in the local market.

In Bothell, there were 334 homes for sale in February, which is more than double the number of homes for sale in February the year prior. Kenmore’s homes for sale in February is also double 2018’s levels – going from 29-59. When looking at months of inventory in Bothell and Kenmore, each city had 0.8 months of inventory in February 2018, just a year later the cities have 1.7 and 1.8 months of inventory, respectively.

Spencer said these numbers are encouraging and a move in the right direction toward a balanced market, though multiple offer situations are still a possibility for well-priced homes in certain areas.

“We did see fewer buyers in February competing over more homes,” said Spencer. “There are fewer frenzied bidding wars, which gives buyers an opportunity to include inspection contingencies and finance contingencies in their offers. However, we are still seeing some multiple offers depending on price point, location and condition.”

Bothell and Kenmore were both hit with multiple inches of snow in February, which led to school and business closures affecting many residents. Though snow did slow things down a bit, Spencer said the local real estate market wasn’t brought to a complete standstill due to the weather.

“Our snowy February slowed down sellers from putting their homes on the market,” said Spencer. “It also slowed down buyer viewings of existing listings due to challenging driving conditions. The sales that happened during the snow were buyers that were very motivated to purchase. Once the snow melted, listings and sales picked up.”

As the snow has melted and temperatures increase, many homeowners are looking to do a bit of spring cleaning and home improvement. Some spring cleaning and repairs can translate to a higher return on investment when homeowners do decide to sell. A recent report from ATTOM Data Solutions detailing year-end sales numbers for 2018 noted that the highest profits from home sales are in the West, with an average return on investment in Seattle of 70.7 percent.

Getting the ball rolling on repairs now can pay off in spring, when Spencer said the market sees the most listings and buyers. She anticipates many of the buyers this April, May and June will be current renters who may take advantage of the inventory and interest rates to begin building equity.

“If interest rates stay low, inventory continues to grow, and our local job market stays strong, we should see a solid spring market,” said Spencer. “If interest rates remain low, it will help buyers with affordability. Renters entering the market realize that they are paying the landlord’s mortgage and are therefore not building their own equity, may not be able to have pets and are not able to control rising rental costs.”

More in Business

Decreased inventory for buyers in local real estate market

During the season, many sellers don’t want to get their holidays interrupted by the selling process.

Business alliance serves women of African diaspora in King County

Nourah Yonous launched the African Women Business Alliance in 2017 to find ways to lift women up.

Bothell and Kenmore real estate market transitions into fall

There may be less competition than last year but well-priced homes in great locations can still garner more than one offer.

BECU to expand Northshore presence with new financial center in Bothell

Local credit union to open new Neighborhood Financial Center next spring

Business networking open house coming to Kenmore Oct. 3

The event is sponsored by the city and the Bothell-Kenmore Chamber of Commerce.

Change to U.S.-backed condo loans comes as summer market wraps up

A monthly real estate snap shot by John L. Scott Real Estate.

First AG lawsuit against company no-poach clause ends with $150K payment

Jersey Mike’s had the contract provisions in place until April 2018.

Dr. Khalid Ahmed (left) and Dr. Elina Durchman are excited to start their new intensive program in Sept. Stephanie Quiroz/staff photo
Bothell’s Center of Body Mind Intuition to start intensive outpatient program

Center’s intensive outpatient program to start end of September.

Courtesy photo 
                                Mercer Island financial adviser Bob Toomey recently summited Mount Shasta in California.
Financial success and mountaineering

The steps to achieving financial success mirror mountain climbing.

Real estate market holds steady as summer continues

Suburbs are on the rise, as many millennials may be priced out of city cores.

The new Bothell Friday Market will run from 3-8 p.m., every Friday through Sept. 27. Stephanie Quiroz/staff photo
New Bothell Friday Market opens

Bothell Friday Market will run every Friday through Sept. 27