There is a quiet shift happening in the real estate market and most consumers don’t see it yet. While it seems as though homes are languishing on the market and there is an excess of inventory, lots of foreclosures and REO properties, the reality is we have reached a time where the number of homes that move to pending is almost twice that of new listings just about daily. New foreclosure/REO inventory has slowed as have new short sale listings. Combine that with no new construction to speak of built in the last 3 years and I believe we are quietly entering a housing shortage.
In Bothell the number of new listings is steadily trending downward. There are 524 active homes on the market at the median price of $319,950. October had 96 closed sales, average of 62 days on market and a median sales price of $279,970.
The rule of thumb measuring the housing market continuum is 6 months or less of inventory is a seller’s market pushing prices upward, 7 to 8 months of inventory is a balanced or transitioning market and 9 months or more of inventory is a buyer’s market with prices trending down. We are seeing decreasing inventory levels particularly in the $250,000. and below price range.
The good news is decreasing inventory = increased demand. Increased demand = stabilizing even increasing home values.
There is already demand for homes in Bothell. Google is moving to Bothell bringing 840 jobs. The new Safeway complex opening Nov 11 will feature a 150,000-square-foot shopping center, 50,000-square-foot Safeway and six shop buildings with approximately 40,000 square feet of retail space. The new center Lakeside at Canyon Park will be located at the southwest corner of 240th Street and Everett – Bothell Highway. Parking will also be planned out with a 2-level parking facility in the center of the development. This has been a long planned project for Bothell. The new downtown core re-development project is well underway as well as numerous road improvements. All positive trends for homeowners.