Downtown & North Everett Market Stats - June

Downtown and North Everett are a couple of my favorite areas to work and play, so I like to keep abreast of what is going on in that market. So I have decided to start publishing market statistics for the central Everett area (which includes Bayside, Riverside, the Business District, Stadium, Rucker Hill and Forest Park) here on my blog. If you would like a breakdown of a specific neighborhood let me know and I will be happy to provide that for you.

All statistics are hand calculated by me, using NWMLS data, and include the period June 1, 2007 through June 30, 2007

Active Listings
Listing Count: 104 (this includes ALL active listings through June 30, regardless of date listed)
Average Time on Market: 76 days
Median List Price: $298,450
Average $ Per Square Foot: $212 (range: $111 to $475)

Under Contract (includes Contingent, Active STI and Pending)
Listing Count: 53
Average Time On Market: 50 Days
Median List Price: $272,500
Average $ Square Foot: $252

Sold Listings
Listing Count: 40
Average Time On Market: 50 Days
Median Sale Price: $323,445
Average $ Square Foot: $193 (range: $110 to $364)

Interestingly, times on market are longest in the $300,000 to $500,000 price range, at 87 days. Five out of 39 properties in this price range have been on the market longer than 200 days. One property in this price range was originally priced at $1.8 million and was recently dropped into this price range in May. The property in this price range that has been on the market longest has been on for 379 days (it is new construction and part of a new townhome development called BelMonte Heights in Riverside).

Average time on market is shortest in the $500,000 and up price range at 64 days. There are only 8 homes in this price range currently on the market, with the top priced home in North Everett currently listed at $2.9 million. Excluding this particular home, which has been listed for 289 days, the average time on market would only be 31 days.

What does this tell us? Demand for homes in this area is strongest in the highest price range. North Everett, particularly Rucker Hill and Bayside north of 19th, has always been an area known for its high end homes, many of which boast incredible views of Puget Sound and Port Gardner.

Other areas near Everett's downtown, such as Riverside and Stadium, boast a lot of great starter homes and rental property for which demand tends to be pretty strong.

In between however, there are fewer options, and fewer buyers looking for those homes. That price range tends to be dominated by families, for whom schools are a big concern. Many of these families choose to live in more suburban areas such as Mukilteo, Mill Creek, Silver Lake or Snohomish.

Overall, the central Everett market has about 5 weeks of inventory based on June figures, indicating a strong seller's market for homes in this area.

Note that according to the NWMLS system-generated chart below - click to see a larger version - inventory is about evenly divided between new listings (less than 30 days on market) and older listings.