October sales activity

There were 53 homes that closed in October.  We currently have 83 under contract.  50 home listings have expired unsold in the past month and there are 417 currently for sale.  If you want to sell your home, you have 25% chance of success (on average).  The odds go up if you are under $200,000 and down if you are above $300,000.  The market continues to favor the buyer.

May vs. October comparison

Back in May, I shared the following facts:

498 homes for sale, 93 under contract (64 of which were under $250k)

Now compare this with today:

440 homes for sale, 86 under contract (62 of which are under $250k)

So there are fewer homes for sale and about the same amount under contract.  This would suggest that prices are beginning to see some stability.  I would agree that stability is evident in the $250k or less price range but not in the upper price ranges.  I will keep you updated!

Kelly

Climb for Rwanda – Kilimanjaro Expedition

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May God Bless,

Kelly Boyle

Homes for sale vs. pending sales

There are 442 homes for sale today (stick built homes in the Wenatchee Valley).  There are 30 homes that have been reported as pending  since October 1st and 90 total that are under contract and waiting to close.  This is approximately 20% of the market, a bit lower than earlier this year.  I am eager to see how the supply/demand ratio plays out over the winter.  My speculation is that it will stay about the same or slightly higher on the supply side.  I maintain the opinion of lower prices for next year.

Sales in the 300k – 500k range?

With 114 homes currently for sale, only 5 are under contract.  I hear over and over how homes above 300k are not being viewed.  If you are a seller in this price range you have a choice, bring your price down, fix your house up, or wait for a better market.

What’s in store for winter???

Well, in my opinion, a slow market.  Yes, there will still be sales (as always) and yes, winter can be a good time to buy and sell.  I remember several clients taking advantage of the winter market to make their move.  The main advantage is fewer homes to choose from (advantage to the seller) and many listings with motivated sellers (advantage to the buyer). 

Prices will continue to trend downward in this market and will level off sometime next year.  Before long, a new wave of baby boomers will begin their migration to the beauty of the Wenatchee valley.  Beware, we may see another spike in prices in 3 to 5 years.

57 homes closed in September

41 were under 300k.  These are stick built homes in the Wenatchee Valley - data derived from the NCWMLS.

1 in 3 homes sell under 250k in Wenatchee

A quick search in the North Central Washington MLS shows that there are 93 homes on the market in the 200k – 250k price range in the Wenatchee valley.  33 homes have closed in the past 60 days and 34 properties are currently under contract.  This demonstrates that 1 in 3 homes are selling.  Not bad!

In this same market area, there are 101 homes for sale between 150k and 200k.  27 homes have closed in the past 60 days and 37 are currently under contract.  About the same rate as the higher price range.

If you were wondering where all the homes are selling in Wenatchee, this is it!

Current pending sales

As of today, there are 131 pending home sales in the Wenatchee Valley.  If you have read previous posts, you can see that we are at the busiest time in the past year.  In my opinion, prices have found some temporary stability, at least for $300,000 and less.  I believe that prices have more room to come down as we go through winter and on into next year.

Average Price and Days on Market

According to the North Central Washington Multiple Listing, homes sold in August for an average price of $257,700.  The length of time on the market was, on average, 159 days.

My prediction is that September will be the busiest month for the year as the first time buyers lock in the home of their choice.  If you have a home you would like to sell under $250,000, now is the time to make your move.  If you don’t get an offer by early October, my guess is that you have missed the market.  Yes, sales will still happen after the government sponsored tax credit, but human nature tells me that there will be some lag time.  Since we are headed into winter, look for sales to slow until spring.