Archive for June, 2007|Monthly archive page

Bothell Real Estate Recap – May 2007

Please see the Bothell Housing Market category for the most recent info on the local real estate market.

Bothell, Washington Real Estate Market Area, according to the NWMLSBothell, Washington Real Estate Market Area, according to the NWMLSBothell, Washington Real Estate Market Area, according to the NWMLSBothell, Washington Real Estate Market Area, according to the NWMLSBothell, Washington Real Estate Market Area, according to the NWMLSHere’s a recap of what happened in the Bothell, Washington real estate market during May 2007. The area this information pertains to is known to real estate professionals as market area 610, and is shown on the map to the left (provided courtesy of the NWMLS). Though slightly cut-off, this area’s southwestern border is Hwy 522 (east to west) and 68th Ave NE in Kenmore (north to south). Click the map to enlarge.

Summary:

Single-family resale homes more houses sold for slightly more money in May, bouncing back after a slight dip in April. If you’re planning to sell your home, you need to allow no less than 90 days. The average market time in our area last month was 76 days, a slight drop from April’s 78 day average. Higher inventory levels indicate continuation of a buyer’s market for these properties.

Resale condos – prices continue to climb. It’s a great time to be selling if you own a condo – indicators point to it being a seller’s market for this property type. Take that equity and upgrade to a larger, detached home!

New single-family homes There are fewer of these homes on the market than in April, and they seem to be selling quicker. The median price climbed slightly and average price dipped slightly. Seller’s market continues for this housing type.

New condos –  More new condos are being sold this year than last year, though prices dipped last month. Not a bad time to consider investing in a new condo as a rental.

Resale single-family and condominium homes: (“Resale” means not newly built.)

  • A total of 308 homes were put up for sale last month – 44 of these were condos. This brought the total number of resale homes available in May to 903.
  • 215 of these homes sold – 33 were condos.

The median selling price* of resale single-family homes was $479,975 in May, up 5.7% ($25,975) from April’s $454,000 median. The average sale price of these homes was $512,154, up 4.2% ($20,615) from April’s $491,539 average.

The median selling price* of resale condos was $257,500 in May, up 1.6% ($4,050) from April’s $253,450 median. On average these condos sold for $261,913, down 5.6% ($15,478) from April’s $277,391 average.

* “Median” means half the homes sold for more than this amount and half sold for less than this amount.

  • Resale single-family homes sold in May were on the market an average of 76 days – 28 days longer than a year before.
  • Year-to-date, resale single-family home sales are nearly exactly what they were at this time last year. (From Jan. 1 through the end of May 2006, 721 homes had sold; as of the same time last month, 723 have sold.) 
  • Resale condos sold in May were on the market an average of 40 days – 4 days longer than a year before.
  • Year-to-date, resale condo sales are 69.9% greater than last year at this time.

New single-family and condominium homes: 

  • A total of 83 new homes were listed for sale last month – 5 of these were condos. This brought the total number of new homes for sale in May to 392.
  • 82 of these homes sold – 3 were condos.

The median selling price of new single-family homes was $530,000 in May, up 4.5% ($22,803) from April’s $507,197 median. The average sale price of these homes was $555,974, down 2.1% ($12,139) from April’s $568,113 average.

The median selling price of new condos was $269,990 in May, down 2.4% ($6,510) from April’s $276,500 median. The average price of these condos was $218,663, down 26.8% ($80,150) from April’s $298,813 average.

  • New single-family homes sold in May were on the market an average of 120 days – 44 days longer than a year before.
  • Year-to-date, new single-family home sales are up 14.6% compared to last year.
  • New condos sold in May were on the market an average of 27 days – 53 days less than a year before.
  • Year-to-date, new condo sales are up 18.2% compared to last year.

Could this data be presented in a way that’s more visually appealing and/or understandable? Do you have questions about how to interpret what’s been presented? Please let me know by leaving a response below, giving me a call at (206) 465-3698, and/or sending an e-mail to jay (dot) matthews (at) century21 (dot) com.  I’m also happy to provide the same data for specific neighborhoods outside the Bothell area.  

This data was taken from reports published by the NWMLS.