Median values for sold homes continue to decline in Lake Stevens as well as the rest of Snohomish County. The Northwest Multiple Listing Service (NWMLS) reports residential median value for homes that sold in October for Lake Stevens was $242,475. This is a sharp decline from the previous two months where median values for homes that sold dropped from $274,475 in August to $256,750 in September.
Inventory in Lake Stevens for residential homes has started to decline from last month’s high for the year thus far of 171 active listings for sale to 160 homes for sale as of November 5, 2013. Inventory is starting to shrink and sales are continuing with well-priced homes. There were 62 closed sales in October, the same as the previous month, and can be expected to continue through November.
New home sales make up 7 of the 62 residential homes sold in October for Lake Stevens, down one from both August and September. While new construction sales have slowed, it has become consistent over the past few months and it is reasonable to expect this continues through the end of the year.
Completed new homes currently for sale have shrunk from 10 last month to only 6 this month. Nineteen new homes are currently under constructions that are for sale too. New home sales bring growth to Lake Stevens and demand for lots to build on helps drive median value increases.
Out of the remaining homes that sold last month in Lake Stevens, 16 were bank owned properties; substantially more for that category than previous months, and 7 were short sales. For the past few months these two statistics have been just the opposite. The rest were non-distressed sales.
The NWMLS shows the residential median values for homes that have sold are declining for Snohomish County as well. Median value for homes that sold for the month of October was $286,250, down from the $304,475 it was in September, which was down from the August value of $310,000. Inventory of homes for sale continues to shrink in the county from 1,207 in August to 1,078 in September, to 1,002 for the month of October.
As inventory shrinks and sales continue; median values for homes sold are sure to increase. Some sellers will need to reduce their listing price now to attract an offer, or plan to hold through the winter to early 2014 or next spring when values are sure to increase. Meanwhile, sales will continue for homes that are priced properly.
We may experience a slower recovery than we expected after this past springs accelerated rise in values resulting from gained confidence of 2012’s slow but steady incline of values and sales. News for economic growth and stability in the county brings hope for values to turn back soon. Now is a great time to buy. To learn more about the market and real estate in general please visit my website at www.johnlscott.com/steves.