The Lake Stevens' monthly Real Estate Report
Tis the season to be jolly! Great news for sellers! The month of November was all about the market making a correction from a sudden drop in values of sold homes in Lake Stevens and Snohomish County.
Values rebound as inventory of residential listings decline for both Lake Stevens and the County; according to the Northwest Multiple Listing Service (NWMLS). The median value for a residential home that sold for the month of November in Lake Stevens was $262,975, up from October’s $242,475.
New construction sales made up 15 of the 54 residential sales last month. That is an increase from October’s 7 or September’s 8 sales. The median values for new construction sales for November are $362,285 for a home that averages 2383 square feet. The median value for existing homes is $252,200 for a home that averages 1814 square feet.
You can see from looking at these figures how much new construction bumps up median value. New construction sells for about $150 per square foot on average for living space. Existing homes sell for about $140 per square foot on average. Other variables can make a house worth more or less, and that can be determined by a real estate broker, or an appraiser.
Total sales of residential listings that sold in Lake Stevens for November was 54, down slightly from October’s 62 home sales. Sales have slowed some since summer but sales are doing well compared to previous years for this time of year. As of December 4, there were 151 active residential listings, down from October’s 160 and September’s 171.
Thirty-five of the 151 active listings are new construction, 7 which are completed, and 23 under construction and 5 that are pre-sales yet to start construction. There are more new homes under construction now than the previous month, as builders continue to show confidence in the market.
The NWMLS reports Snohomish County statistics have the same trends as Lake Stevens, with a turnaround in values and inventory that is shrinking. November had 2,108 residential active listings, 567 more listings available than last year, but less than October’s 2,276, and September’s 2,324. Median values for residential closed sales for the month of November for Snohomish County were $309,925, up from October’s $286,250 and September’s $304,475.
Median values around Puget Sound Region for residential sold listings are as follows for the month of November: King County at $414,000, Pierce County at $214,990, Skagit County at $249,900. Out of the 22 counties that the NWMLS has statistics on, Grays Harbor shows the biggest increase in median values; up 32.88% from a year ago at $121,250. Clark County has a 20% increase at $252,000.
For more information on the market and real estate in general, please visit http://www.johnlscott.com/steves.