Here are the numbers for Wenatchee valley single family residential sales year-to-date:
Total sales: 440
High sales price: $800,000
Low sales price: $49,000
Median sales price: $215,950
Average sales price: $234,877
Average price reduction before pending sale: -4.35%
Ratio of sales price to original list price: 92.27%
Average days on market: 142
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Here is a comparison with the same time frame in 2010:
Total sales: 423
High sales price: $1,149,500
Low sales price: $50,000
Median sales price: $225,000
Average sales price: $249,434
Average price reduction before pending sale: -5.59%
Ratio of sales price to original list price: 91.37%
Average days on market: 141
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Analysis
The market is showing signs of improvement with a few more sales this year and a slight change in the ratio of sales price to original list price. On the other hand, the median and average sales price numbers made significant drops. We are still in a buyer’s market and there is no indication it will be changing in 2012. Prices will continue to be soft. Sellers need to price their homes according to the competitive nature of the market. Home prices have retreated back to pre-boom levels of 2005 – 2006. Exactly when the decline will stop is anybody’s guess but my thought is we are getting close (in one or two years). Local demand is going to pick up next year and the relocation market, which has been held back by a soft market nationwide, is going to once again have an effect on local home sales.
If you need a market analysis on your home, give me a call at 860-2040. The analysis is free and there is no obligation.
