Reporting on residential resale homes has left nothing to say. Inventory is still down and every offer written it is expected to have multiple offers – even on our listings. With the competition in the resale market some buyers have switched to the new construction realm due the predictability of their purchase.
Total Closed New Construction Sales
In this half year builder report, the numbers really show the increase in new construction sales while the most recent resale report shows the decrease in resale availability. New home sales have increased from 69 units to 184 units – a 266% increase. When looking at attached condos the fortune has not been the same with a total 3 all year. On the flip side, detached condos have seen an increase in Snohomish County as projects similar to the Marysville Meadows become more popular.
Average New Construction Sales Price
The average sale price is a no price with builders actually getting less for their homes than over the previous year. However, from January to June Snohomish County has experience a nice steady average price point in the low $300k’s which is more than likely due to new construction in Mill Creek, Bothell, and Edmonds areas versus northern Snohomish County.
Closed New Construction based on Price Range
Now looking at what price range new construction is selling in; it is no surprise that the price range falls under $200k to approximately a peak at $600k – with numbers sharply falling after $400k. As a real estate broker, its rare to sell homes over that price range just due to the fact that people tend to purchase further south or on the eastside in those ranges. Not to say we don’t have homes in the higher price ranges; it’s just not as common.
I look for the new construction increasing sales trend to continue even past the elections as it is a great alternative especially in areas, like Mill Creek, which don’t have the number of available resale inventory as other areas.