In April of 2010 The City of Bothell began the implementation of an extensive Downtown Revitalization Plan, with the commencement of a $150 million dollar investment in public infrastructure improvements. Bothell is one of my personal favorites in the greater Seattle area and I foresee a lot of growth and development in it’s future.
Bothell has seen a 15.6% increase in home values since July of 2013 and is expected to continue to increase through next year, dropping slightly from 15.6% to 9%. In the past 90 days, 194 residential homes and condos have been sold with the median sale price being $465,000. As of July 21st 2014, there are 139 active listings with the median listing price at $510,000, which leaves a 2.14 months supply of inventory. Months of supply is the number that tells us how many months it would take all of the current homes to sell, given a monthly sales volume. A healthy market is about 6 months supply of inventory while Bothell is at 2.14 months supply! This tells us that things are going very quickly, at a rate of about 65 sales per month! Wow!
The graph below displays Months of Inventory based on closed sales from April 2013 through June 2014 in Bothell. If you are interested in what’s happening in your neighborhood or an area of interest, feel free to contact me for a complimentary market analysis!