May Sales Data for the Wenatchee area from Pacific Appraisal!
The May Snapshot Report is out from Pacific Appraisal. An excerpt of their comments includes:
Wenatchee Market:
Year to date, sales by volume continues at a lower pace than last year -down 26%. Sales by number is down 28%. Number of homes on the market is at 588 indicating a 9 month supply. As seen in the graph, Average Days on Market for all but one price range are over 3 months. According to data pulled from the MLS, there have been no sales YTD in the range of $651,000-$700,000. Building permits for single family homes has decreased by 46%. 2007 YTD: 299 permits / 2008 YTD: 109 permits
With Jumbo loans (loans over $417k) being so difficult to get, it is not surprising the range of $651k to $700k is slow. It is clear that builders are responding to the slowing market with a reduction in the number of homes being built, particularly spec homes.
Take a look at the whole report, they’re interesting to real estate geeks like me! You can get access to all the old reports at www.pacapp.com
One Response to “May Sales Data for the Wenatchee area from Pacific Appraisal!”
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It is interesting to note that the “Wenatchee Market” includes Orondo and Rock Island, but not Cashmere or Leavenworth. (Like the OFHEO stats do.)
Two homes sold in the $650-700 k range in Leavenworth. (I listed one of them.) One sold for $675,000 in April and another for $680,000 in May.