The results are in and the news is positive (for a change). The number of single family homes that sold in the Wenatchee valley this past year increased 5% over 2010! This is great news for a market that witnessed significant declines over the past four years. The following graph will give you some historical perspective:
Year - # single family homes sold in Wenatchee and East Wenatchee area *
2004 - 850
2005 – 998
2006 - 935
2007 - 852
2008 - 582
2009 - 541
2010 - 461
2011 - 484
The average sale price for the 484 homes sold in 2011 is $236,361. The median sale price is $215,700. The average days on market is 144. On average, sellers accepted offers 8% off their listing price.
In my opinion, the market is beginning to find its “bottom.” Prices will stabilize in the next year or two. If you are looking to sell, pay close attention to the most recent sales in your price range. A common error is to use comparable sales that are too old (6 months or more). The same goes for prospective buyers. Buyers should educate themselves on market values.
Be realistic and you’re sure to have success. Happy New Year!
Kelly Boyle
* Source: North Central Washington MLS
