The Real Estate Report for April 2014
Sales in Lake Stevens continue to be sluggish as inventory remains near record lows. The Northwest Multiple Listing Service (NWMLS) reports there were 48 residential homes that sold in the month of March. While that number increased over last month’s 39 closed sales, it remains well below last year’s 66 closed sales for the month of March.
According to the NWMLS, inventory of active residential homes for sale in Lake Stevens shrunk from 125 last month to only 119 as of April 2. Inventory in Snohomish County also shrunk from the previous month from 2,151 active residential listings available for sale in February to 1,756 for the month of March.
Values for Lake Stevens came back down to a median value of $269,000 for the month of March, down from the previous months spike increase of $304,250, yet higher than January’s median value of $249,000. A year ago, the median value for a residential home in Lake Stevens was $257,500.
New construction sales bounce up and down, and sometimes significantly, for one reason or another. While inventory for new homes for sale in Lake Stevens is about the same as a year ago, closed sales for new homes are down drastically from last year’s 27 in March to a mere six for last month.
It will be interesting to see what next month’s numbers are for completed new homes available for sale in Lake Stevens. Completed new homes for sale increased from six in February to ten in March.
In conclusion, last year we experienced a spike in sales and a significant increase in values over the first part of 2013, but reverted backwards as summer approached. Sales slowed and values decreased. Perhaps this year we will see a slower, yet a more steady increase, that will not revert to lower values later in the year.
For more information about the market or real estate in general, feel free to call me at 425-308-1203, or visit my website at steves.johnlscott.com. I welcome any and all questions you might have.