Values soar in Lake Stevens.
As of May 1, the Northwest Multiple Listing Service (NWMLS) reports that the median value of the sold homes for the month of April was $290,000. This is a drastic increase over last month’s median value of $257,500 for homes that sold for the month of March.
This astronomical increase seems too much to really be true. Next month’s statistics will be the judge on that. While the trend for increasing median value continues, these stats do go up and down. But it might be foolish to think values are going to decrease.
The NWMLS shows that the average price for a home that sold in Lake Stevens was $309,904 With the average square footage of 2,218, that calculates value at near $140 per square foot of living space (garage footage not included) for the ‘average’ home that sold last month.
If you own a home that has 2,000 square feet, it could be worth $280,000 (2000 x $140), which is still well below what values were in the first half of 2007.
We can expect values to continue to climb as long as the inventory for homes remains at historical lows and the demand for housing is high.
Inventory increased slightly to 107 active listings, just 12 more than last month. With the increase of spring-time buyers, there is still a severe shortage of listings to buy.
We are even more into a full-price offers and an escalating offers situation on homes listed at the right price than we were before. Real estate brokers are turning over rocks trying to find an affordable home for their buyers.
All the rain we have been having is bringing in buyers looking to pick up a second home or move some place warmer where the sun shines more often than not.
On a recent visit to Palm Springs and the Coachella Valley, I met and talked with Terry Murphy, a broker with Windermere Real Estate in Palm Desert, a neighboring city, about why people want to buy there and the availability of inventory there.
“The biggest attraction is the incredible weather” says Murphy, “There is still a wide variety of homes, small condo communities, gated and non-gated communities with single family homes, country clubs or both, and of course, the luxury market. However, inventory is down.”
Apparently they are experiencing the same reality we are here.
“In March of 2013, there were 3,672 homes available, when back in March of 2007; it was well over 9,000 available.”
Terry Murphy said the best way to find a property in the desert area was to work with a full time agent.
“A full time agent has his/her finger on the pulse of the desert.” Terry can be reached by calling him directly at 760-832-3758, or by visiting my website at www.johnlscott.com/steves for more of his contact information, as well as for more information about what is happening in our market; and more about real estate in general.