Bothell New Home Sales Per Sq Ft vs Existing Bothell Home Sales

Bothell new homes sales are holding their own compared to existing home sales in the Greater Bothell area. Over the last 90 days existing homes were selling for an average of $149.45 per square foot compared to new homes that were selling for $152.11 per square foot. 

What brought the existing homes price per square foot down was the 31% bank owned and short sale inventory that sold and closed within this same period, which averaged $138.00 a square footage. 

The distressed property puts downward price pressure on both new construction and existing homes for sale.  Calculated Risk’s Bill McBride updates his “distressing gap” a chart that compares new home sales to existing home sales monthly.  He reports, nationally “there are 15-plus resale homes sold for each new home.” 

The Bothell market over the last ninety days shows there is approximately a 4.3 to 1 ration of existing home sales to new homes. 

In the past Bothell home builders would compete against other Bothell builders, now, they have their sights set on the non-distressed homes for sale in Bothell.  

Most home builders in the Bothell area have found they must continue to offer high quality homes choosing instead to make up the differences in reduced margins and increased building efficiencies. 

It’s still a buyer’s market in Bothell, Interest rates continue to hover around 40 year lows, builders are offering incentives to reduce their standing inventories and selection of homes is excellent. 

For more information about buying or selling real estate in Bothell Wa. contact Adrian Willanger 206 909-7536.