As I mentioned on August 20th, the number of closed sales still lags behind the rate of 2009 closings by 13%. As of today, 330 single family homes have closed in the Wenatchee valley. Last year saw 373 homes close as of September 6th. Keep in mind that the buyer’s tax credit was in effect last year and it was supposed to have a deadline of November 30th (it was later extended to April 30th). That helped sway some first time buyers to take the plunge. Our market now lacks federal government intervention (except for Federal Reserve manipulation of interest rates).
Let’s not forget that all markets find a happy medium between supply and demand sooner or later. Our market has yet to do that and I think it may take a few more years of economic recovery. But, in spite of the many political and economic woes of our day, the market will eventually find solid ground and growth will begin again. My hope is that we all are sober-minded once the bull market is back in full swing.
Hope you had a good Labor Day!
Kelly