Did anyone tell the buyers that it’s Fall? Or that there was an election that was just about to take place? Or, that there was going to be a flood of foreclosed properties coming out after the election that would drive prices down?
The big news this month is that the real estate market is still going strong.
The NWMLS (Northwest Multiple Listing Service) shows that Lake Stevens had 26 closed residential sales in January. Closed sales continued to grow for the months following. June was the highest month with 75 closed sales, followed by 74 in July, and 71 for the month of August. The number dipped in September to 58, but rebounded to 70 for the month of October. This is a positive sign of a strong ongoing real estate market in our region. Out of the 70 closed sales for the month of October, 39 were non-distressed existing home sales, followed by 19 new home sales, 11 bank owned home sales and 9 short sales.
Sales continue to do well. But despite the ever-shrinking inventory of active listings, the NWMLS reports the median value in Lake Stevens for residential property sold in October decreased from $247,000 in September to $231,800. Snohomish County median values reflect a decrease as well, from $280,000 in September to $261,000 in October. Median prices can go up and down from month to month.
Chicago Title’s New Permit Report show that from September 27 through October 24 there were 25 permits pulled for new construction in Lake Stevens. The major players are DR Horton with 10 new permits, Lennar Northwest with 8, and Richmond American Homes with 5. These builders are not afraid to build going into winter when sales are typically slow.
These builders do extensive studies to determine exactly what they are going to do and to minimize their risks. They are confident to build and profit from building in our local market. New home sales head our economic recovery. Lake Stevens is booming.
The NWMLS reports show that the sales price to the last list price in Lake Stevens for the month of October was 98.83 percent. Either homes are well priced to begin with or the sellers reduce the asking price low enough to attract an offer. What this means is if a home is listed for $100,000, the sales price would be $98,830 on average.
The highest price home to sell for October was $710,000, followed by $640,000, then $558,000, then $420,000 and everything else sold for under $400,000. Forty-six of the 70 (66 percent) sold between $200,000 and $300,000 dollars. To find out more about real estate and the market, visit www.johnlscott.com/steves.