The following residential statistics are made possible from the Northwest Multiple Listing Service (NWMLS). For Lake Stevens as well as the rest of the Northwest, shrinking inventory, more buyers and more closed sales are leading to escalating values.
For the month of May the median value for a house in Lake Stevens was $237,500, an increase of 8.9 percent over a year ago when the median value was $211,500.
Fifty-one houses sold in Lake Stevens last month, compared to 41 a year ago for May. The average square footage for a home that sold in Lake Stevens last month was 2,043; and sold for a cost of $121 per square foot.
In May of 2011, the average square footage was 1,832; at relatively the same cost per square foot at $119. This is important to mention as more expensive homes are selling now affecting in part, the increase of the median value statistic.
According to NewHomeTrends, in their quarterly Executive Summary Report for the Puget Sound area, there are more new home sales than there are new lots coming on the market. While most of the builders in the Puget Sound Region and Snohomish County seem to have as many lots available now to match the sales from the previous year, development of new lots has been slow if not nonexistent over the past few years.
The report shows that it takes 5.7 years to take a development from application to recording in Snohomish County. Conversing with Larry Lian, local land expert, managing broker and co-owner of the Lake Stevens John L. Scott states that the timelines are shorter for cities and in some cases can be ‘sped’ up to cut that time to two and a half years.
There are rumors that the banks have held off on putting new foreclosures on the market and are expected to flood the market with them later this year, eliminating the recent gain in value and increasing inventory. But with the shortage of building lots, increase in buyers and growth to our area, may just realize that induction as just a speed bump in the road.