April “Snapshot” of Residential Sales in the Wenatchee Area
The “Snapshot” from Pacific Appraisal Associates for April is out. It shows a softening market in sales volume in both the Wenatchee multiple (down 15% in $) and the Wenatchee Market (down 27% in $). The number of homes sold is down 28% year to date in the Wenatchee multiple and 21% in the Wenatchee market.
But, the average home sales price year to date is still up 9% in the multiple and median price is still up by 6%. In the Wenatchee market area, average price is up by 1% over April 2007 and median price is up 3% year to date over last year.
There are lots of choices in the market. Every price range over $200k has at least 8 months inventory with many price ranges having 14 months or more. The number of homes listed this year versus last is up 3% in the multiple and up a whopping 97% in the Wenatchee market year to date. Indicated Month’s Supply of homes now stands at 10 months in the Wenatchee market overall.
Real estate excise tax valuation is down 30% in Chelan county year to date compared to 2007. Building permits are down by 46% to 81 this year from 151 last year for single family homes. Rental vacancies are down to 4% overall compared with 5% last year.
The entire report is attached here for your perusal! Feel free to comment.
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