Market Mondays: Mill Creek

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Happy Monday! Today, I am going to be looking at one of my favorite communities, Mill Creek. Mill Creek is a city in Snohomish County and is located approximately 20 miles north-northeast of downtown Seattle and is part of the Seattle metropolitan area.

Mill Creek was officially incorporated on August 30, 1983. The city has rapidly grown with the large number of families and jobs as well as the addition of the Mill Creek Town Center.  Before the turn of the 21st century much of Mill Creek was woods and originally built around the golf course, however, recently it has seen its fair share of new construction and apartment complexes along Bothell-Everett Highway. This has attributed to a much larger High school, going from a 2A school at its inception (1994) to a 4A school at around 2,000 students. It contains a large part of the green belt in the south-eastern part of town and a lovely trail system making it a great place to live and raise a family.

So, what’s happening in Mill Creek?  Mill Creek is an interesting market, which is why I chose to talk about it today.  It exists on it’s own and has yet to see a real pattern in it’s market trends, it will be interesting to see the direction Mill Creek takes as it grows.  As of September 22nd, 2014 there are 5 active residential listings ranging from $314,000- $669,500 with the median price being $360,000.  What’s interesting is that there are currently 19 homes that closed or are pending in the last 90 days which makes for an under supply in the month of September at 1.26 months of inventory. In August, however, there was 4 months supply of inventory which is a significant shift moving from August to September.  This is most likely due to the fact that many of the active listings had not yet gone pending, bringing the months of inventory down for the month of September.

Of the 19 homes that are pending or sold in the last 90 days, the price range is $281,000-$436,000 with a median price of $303,000.  We have seen a 6.4% increase in listing price compared to August of 2013 and an 11% increase in sold price since 2013 as well. An under supply and the large jump in average price sold tells us that it is a great time to sell your home if you are thinking about moving.  With interest rates expected to increase as we move into 2015, waiting isn’t ALWAYS the best financial option.

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