The big news for Lake Stevens, the county and beyond is how much construction is going on. We are seeing a multitude of big dump trucks with trailers carrying rock and dirt everywhere. Not to mention all those lumber trucks loaded down with house packages for delivery.
But it still might surprise you to learn that out of the 67 houses that sold in Lake Stevens last month, that 22 of those were new construction. Lake Stevens is growing, and growing fast.
Matthew Johnson is a real estate broker for John L. Scott in Everett and the listing broker for Encore Homes Inc., Snohomish County’s biggest builder over the past 12 months.
Johnson reports that besides several small projects in the county, they have 82 lots in Cavalero Ridge in Lake Stevens that they are building through right now. They also have 107 lots in Stanwood where home starts begin in about a month, another 134 lots in Mt. Vernon that is about a third of the way built through now.
Johnson says “We have more than enough lots for the next year and I do not see land inventory as being problematic in the future. Talk of land shortages are too generalized in my opinion. Smaller markets still have plenty of developed dirt.”
While this may be generally true for the rest of the county, Lake Stevens does not have an abundance of developed dirt.
“The market in North Snohomish County has picked up considerably over the last 12 months,” Johnson says. “Prices have stabilized over that time period and have even increased substantially in my opinion.” He goes on, “It is my opinion that if the rates stay low, sales will be great. If rates rise they will be mediocre but mediocre is still better than what we have become used to over the past few years.”
Out of the 168 current residential active listings in Lake Stevens, 56 are new construction and pre-sales. Eleven of those belong to Encore Home Inc.; another 19 belong to DR Horton, the second biggest builder in Snohomish County over the past 12 months.
According to NewHomeTrends, Encore Homes Inc. had 223 sales over the past 12 months followed by DR Horton with 148.
Of the 67 houses that the Northwest Multiple Listing Service reported sold in Lake Stevens last month the most expensive house sold for $900,000, a waterfront property, followed by $575,000, then by $390,000.
There were 10 more in the 300k range, and everything else fell under that. The median value for Lake Stevens rose to $239,950, the average living footage being 1,934 square feet. The cost per square foot rose again from $124 ending June 30 to $133 per square foot ending July 31.
What this means for the homeowner living in Lake Stevens is that the average value for a home rose $9 per square foot, or $17,406.00 for a 1,934 sq. foot home.
Visit www.johnlscott.com/steves to learn more about what is happening in the market.