This article is part of an ongoing series that examines some of the real estate markets in the Seattle metropolitan area. In previous reports, we’ve looked at places like Redmond, Kirkland and Bellevue.
Today, we are setting our sights on the housing market in Bothell, Washington. This information will be useful to anyone planning to buy a home in Bothell, WA in either 2018 or 2019.
The Bothell, WA Housing Market: 2018 – 2019
Here are three things you should know, if you’re thinking about buying a home in Bothell in 2018 or early 2019:
1. Home prices have risen sharply and are still climbing.
According to Zillow, the median home value in Bothell climbed to around $616,000 as of early September 2018. That was a gain of 14.7% over the same month a year earlier. You’d be hard pressed to find another city in Washington, or nationwide, with a year-over-year price gain that high.
So that’s the first thing to know about buying a home in Bothell, Washington. Prices have risen significantly over the past couple of years. And they’re expected to continue rising into 2019 as well. That’s not surprising, when you look at the current supply-and-demand situation in the area. Speaking of which…
2. Housing inventory has risen, but is still falling short of demand.
Home buyers in Bothell should know that the current housing market is fairly tight, from an inventory standpoint. This is true across the broader Seattle metro area as well. In most of these markets, there just aren’t enough homes listed for sale to meet the demand from buyers.
The good news is that we are (finally) starting to see an uptick in the number of homes for sale in the area. As we wrote in a previous blog post, signs of inventory growth were reported earlier this summer. That’s good news for home buyers in Bothell, particularly those who plan to make a purchase later this year or early next.
But conditions are still tight by historical standards. Earlier this summer, the real estate market in Bothell had about a 1.5-month supply of homes for sale. That’s lower than what is considered to be a balanced market, but a higher level of supply than last year.
Bottom line: Those buying a home in Bothell later in 2018, or in 2019, should have more inventory to choose from compared to those who purchased in the past.
3. Strong demand is keeping the market competitive.
Despite the gradual increase in housing stock, the real estate market in Bothell is still highly competitive. The same could be said for nearly every city in the Seattle metro area. And here again, a lopsided supply-and-demand picture takes most of the credit.
According to real estate reports and MLS data, homes listed for sale in Bothell spent a median of 10 – 12 days on the market during the summer of 2018. This indicates an active housing market where homes tend to go under contract fairly quickly. Multiple-offer scenarios are still a common occurrence as well.
The take-home message for home buyers: More homes are coming onto the market across the Seattle metro area, which is good news for buyers. But it’s still a highly competitive real estate market in Bothell, due to tight supply conditions. Meanwhile, house values continue to climb. So buyers who are ready to move forward might want to do it sooner rather than later, to avoid higher costs.
Disclaimer: This article includes real estate data, commentary and forecasts for the Bothell, Washington real estate market. That information was gathered from third-party sources not associated with our company. We’ve presented it here as an educational service to our readers.
Have questions? Sammamish Mortgage is a local, family-owned company based in Bellevue, Washington. We serve the entire state, as well as the broader Pacific Northwest region. Please contact us if you have mortgage-related questions.