Wenatchee, Washington continues to experience strong housing market activity. It's a hot market, with limited inventory of homes available for sale. Homes in the under $250,000 price category show less than 1 month of inventory. Homes over $300,000 have 4 months of inventory, and homes over $400,000 show a 6+ months supply of homes. This doesn't mean there aren't a lot of homes being sold in the higher price ranges, but many of those that are being sold are pre-sale custom homes. They are not hitting the Multiple Listing Service.
As mentioned in the previous post, the MLS Market Area median price for homes increased from $179,900 to $208,000 in the calendar year 2006. Various forecasts for the year 2007 are in the neighborhood of an additional 20% - 27% appreciation for single family homes.
Interestingly, the actual number of homes sold in 2006 was 8% less than in the calendar year 2005. The median price, however, was up 21%. A perfect example of the economics of supply and demand at work. There is no indication that this trend will change anytime soon.
Buy now... or forever hold you lease.
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Just a comment on the demand in Wenatchee; I do spec financing for builders in the greater Wenatchee market, and several builders are telling me that they are getting lots of calls on their half-framed homes in the $350-$450,000 price range. That is a good sign as you note that our Spring really hasn't started. It looks like it will be another great year for Real Estate in our market.