February Residential Sales Numbers in the Wenatchee Area
Pacific Appraisals has once again sent out their useful “Snapshot” of residential real estate activity in the Wenatchee market and MLS area with February numbers. Volume of home sales compared to February one year ago is down, 14% and mobile home sales are down 57%, both numbers are by dollar volume in the MLS area. By number of sales, homes are down 20% and mobile homes are down 55% (although that number is a change of 10 in 2007 to only 6 in 2008) also in the MLS area.
But, if you stop here, you really miss the story. Average home sales price is up 6% to $287,411. Median home sales price is up 11% to $248,500. Homes listed year to date are up 18% but mobile homes listed are down 34%.
In the Wenatchee market, home sales are down 28% by dollar volume and 34% by sales number to 80 year to date. Mobile homes are down by 70% by dollar and 70% by number to 6 year to date. Average home sales price is up by 1% and median by 7% in Wenatchee.
Months supply are 7 months and lower below $250,000 and climb into the double digits above $350,000. From $600,000 to $700,000 the report shows 42 months supply. However, in the Wenatchee market, that is still only 7 homes and a small variation in the number causes a big percentage change due to the small size of the sample.
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What is happening these days in Chelan? I think Leavenworth / Lake Wen. are splitting ways with Wenatchee. As I have reported http://www.myleavenworth.com/2008/02/real-estate-in-leavenworth-is-heating.html
we have seen less new inventory, higher number of solds and pendings, and higher prices in 2008 than we did at the beggining of 2007. Of course the Leavenworth numbers are included in some of the Wenatchee area stats, so Wenatchee may be worse off. I think the difference is the type of market. Wenatchee is more affected by the mortgage market while affluent Leavenworth buyers are less affected.