May was a Good Month for the Chelan Real Estate Market!
While the numbers during the first part of the year were a bit slow, it would be hard to call May anything but a pretty good month for the Chelan real estate market. How good? Compared to May of 2007, total residential sales dollars for the month are 123% of last years, from about $7.56 million in 2007 to $9.3 million in 2008. The average sale price is up to $620,626 from $397,829 in 2007 for May.
My summary report is here. The number of sales in May of 2008 were still a bit lower than last year, 15 sales compared to 19 last year. There were some expensive homes that sold in 2008, two 4 to 5 bedroom homes sold at an average price of $1.49 million and one 6 to 7 bedroom home sold for $2.8 million. Those types of sales drive average prices up and include some waterfront homes. The most expensive homes that sold in May 2007 were 4 to 5 bedroom homes that averaged $524 thousand for the three in that range in 2007. The average Days On Market for the homes that sold is up to 162 days from 134 days in 2007 for May.
I’m sure there are folks in many parts of the county who would be very happy to have their markets this strong compared to last year. If you think our stable or increasing housing prices are a problem, and in some ways they are, at least we’re not in a market where prices are dropping 20 to 35%!
Discussion Area - Leave a Comment
You must be logged in to post a comment.