L.S. Real Estate Report
The Northwest Multiple Listing Service (NWMLS) reports that the median value for the month of August declined from the previous month while inventory increased. Yet sales continue to do well in Lake Stevens with 68 closed sales, up from last month’s 66. Inventory increased to 161 active listings, up from last month’s 144.
Median value dropped to $274,751, slightly down from last months $279,751. When you consider that the median value at the start of 2013 for a house in Lake Stevens was $250,000, we have a nine percent increase in value this year to date.
New home sales experienced a drop in sales with eight for the month of August, down from 20 the month prior. The sales of new homes in our area have slowed significantly over the past few months compared to the high number that sold in the spring.
Out of the 68 homes that sold last month, only one home sold for more than $500,000. While some higher priced homes sold earlier this year, sales in this price range have slowed over the past few months. As of September 4, 2013, there were 32 homes on the market for $500,000 or more in Lake Stevens.
According to the NWMLS, the average days on market for a home that sold in August was 37 days. The average cost per square foot (living space) was $140.92. ($140.92 x a 2,000 sq. ft. home = $281,840. This figure would include the cost of the lot, garages, patios, decks.
An interesting statistic is that on average, homes sold for more than the original list price, meaning buyers presented full price offers, or offers came in higher competing to get the home.
To learn more about real estate market or real estate in general, visit http://www.johnlscott.com/steves.