Real estate is booming in Bothell and Kenmore. Though we usually see slowdowns in the market as we enter the late fall and early winter months — it’s not unusual to see a 30-50 percent decrease in listings during this time compared to spring and summer — home sales show little sign of cooling in the area.
These northern King County cities are attractive to buyers throughout the nation due to their proximity to Seattle and cities on the Eastside. Historically low interest rates — currently hovering below four percent — are enticing those buyers to purchase quickly before rates go back up. With fewer new listings coming on the market during the fall and winter, we’re seeing some competition for the available homes and that competition is driving up prices somewhat.
This is especially true in Bothell, where the median listing price is now $705,000. Many homes see bidding wars and sell quickly. The median price per square foot in Bothell increased 17 percent over this last year.
Things are less frenzied in Kenmore, though the market is still tight.
“People are courteous in Kenmore. That is what this great little city is known for,” said Mona Spencer, branch manager of John L. Scott’s Redmond branch. “It is hard to believe but the current median list price is now $650,000.”
Though homes sold less quickly than in neighboring Kirkland, Redmond and Bothell, the median price per square foot in Kenmore has gone up more than 14 percent over the past year.
Inventory should increase after the first of the year and the spring and summer months will bring even more new listings to the market. Spencer said in addition to already existing homes in the area, new construction projects are currently in the works to meet the demand of this growing region. Buyers who are weary of competition should see some relief upon their completion.