The spring housing market is here. We’re calling it a Pac-Man marketbecause homes are being gobbled up as soon as they come on the market. In February pending sales of single-family homes rose 70.4 percent, from 54 to 92 in Bothell and 40 percent, from 15 to 21, in Kenmore.
Pending sales were up 5.7 percent in Bothell and down 15.8 percent in Kenmore when compared to February 2015. New listings rose 34.9 percent in Bothell and 47.4 percent in Kenmore, which was a 1.6 percent increase for Kenmore and a 6 percent decrease in Bothell over February of 2015. Currently Bothell has 2.5 weeks of inventory and Kenmore has about 3.5 weeks. At these levels, we are in a severe inventory shortage.
“As forecasted, we’re in for another crazy spring real estate market,” said Lennox Scott, chairman and CEO of John L. Scott Real Estate. “Six months ago we predicted the major decline in inventory throughout the winter months that would create a more intense market starting the first of the year. It’s like Déjà vu all over again.
We’ve seen this pattern for the last three years, but the lack of inventory is taking its toll on homebuyers; we are facing the most intense market yet.”
Starting the month of March, we will start to see an explosion in the amount of sales activity for the next eight months. That’s the good news. The bad news? Market conditions still require buyers to make an instant response because there are so many hungry buyers out there.”
“I feel this market is beyond hot, especially for sellers,” said Kelly Nutt, managing broker of John L. Scott Bothell. “With the continual lack of inventory sellers could not be in a better position right now.
Record low interest rates, the large pool of buyers, and the outstanding economic growth in the greater Puget Sound has created a perfect storm. In King County alone we have seen the median price for a single-family home increase by more than 19 percent from this time last year.”
In Bothell the median home price is currently $439,000 and in Kenmore it’s $481,000.
“It will continue to be highly competitive for prime properties,” says Nutt, “so it is especially important for a buyer to be buyer ready day one and have the right representation and game plan.
Kellee Bradley is a spokesperson with John L. Scott.
