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Strange end-of-year statistics for real estate highlighted by Bothell and Kenmore disparity
Bothell home prices are up 20 percent while Kenmore home prices were down by 8 percent in November, according to a report done by real estate company Redfin’s Real-Time Home Price Tracker.
The numbers highlight an anomalous end to a slow year for real estate, impacted by slower lending, according to Kenmore real estate agent Jirius Isaac. The report studies local home prices, sales volume and inventory. The numbers only reflect transactions on the Multiple Listing Service, a local or regional database of available real estate for sale by member brokers.
The November report showed the median home price for Bothell was $308,722. Sales were up by 2 percent, with 124 homes sold. Homes sold 57 percent faster, spending an average of 10 days on the market.
The median home price reported for Kenmore homes was $386,000. Sales remained flat with 19 homes sold, but homes sold 18 percent faster, spending an average of 19 days on the market.
Isaac said the Redfin statistics are not a very accurate representation and don't reflect what he has seen in the market this year.
"Frankly, there haven't been enough sales this year to make too much of a distinction," he said. "November and December are always strange months in our market."
Isaac noted Bothell homes are typically underpriced and sales tend to be higher in that area than in Kenmore, which might be the reason for the increase in Bothell home sales and the stagnation in Kenmore home sales.
"More than anything, though, the biggest influence on the housing process is loans," Isaac said. "It is really hard for people to get loans these days, there are so many guidelines, the banks are making it almost impossible."
Isaac said the best measure of home sales come in the warmer weather, after the holiday season.
"We should be able to get more accurate year to year changes in the spring of 2014," he said.