I've noticed, over the last several weeks, a trend toward more and more Sunday Open houses. This week I count 48, which is a lot for our relatively small market area.
The least expensive home on this week's tour is a condo on Skyline Drive for $149,900. The most expensive is a waterfront home north of Entiat for $987,000. With a few exceptions, the rest of the homes are fairly well split with in the 200K, 300K and 400K price ranges.
Wenatchee real estate sales activity is still strong but I do notice more price reductions coming across the "hot sheet" on a daily basis. The trend toward more Sunday Opens and the price reductions indicate, despite the strong market, there are still opportunities to negotiate with home sellers.
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Novella Real Estate - Denver, CO
Selling Metro Denver Real Estate - 303-589-2022
Windermere Real Estate / NCW - Leavenworth, WA
Serving Leavenworth, Lake Wenatchee, and Plain
Here's my guess. (I was one of the 48). Very few open houses on Mother's Day or during Apple Blossom and no one wants to do one next week during Memorial Day weekend. I bet they return to "normal" for the month of June.
May 20, 2007 11:15 AM
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA
Hi Geordie, I wish I could agree with you. The trend toward longer than ever Wednesday tour lists, more Open Houses and price reductions leads me to believe something else is happening. I think some homeowners are "testing the market" with unrealistic prices... and activity as slowed. Take a look at the mark-up your Open House sellers are trying to get after only two years of ownership.
May 20, 2007 01:15 PM
Windermere Real Estate / NCW - Leavenworth, WA
Serving Leavenworth, Lake Wenatchee, and Plain
Carol-
I agree that sellers are "testing" the waters with higher prices. It's hard to blame them with inventory so low and the media telling them how great the market is.
As for price changes, lets look at the numbers. For Wenatchee and East Wenatchee (single family homes under $400,000) the average price change is 4.95%. The dollar figure is much higher than it has been, but the percentage had been above 4% since July of 2006. It seems like it has been inching up since and isn't really a Spring 2007 phenomenon.
As for my listing. It's got a new roof, new wiring throughout, and the wood floors have been refinished. Add those to the sales price and we are under 20% annually. Hardly unreasonable considering the median price is up 30% in the last year.
May 20, 2007 01:37 PM
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA
Geordie, I always cringe a bit when sellers try to justify a high price by the amount of $$$ they've put into maintenance. A new roof and new wiring is "maintenance" in my book. Isn't this bringing the house to a level of safety and liveability any buyer should expect? It doesn't necessarily make the house worth more.
"Median" price is not "average" appreciation. The median values in our market are skewed by the inventory of high end houses on the market. If there were "affordable homes being built, the median price would be reflected downward. Our average appreciation is closer to 20%. 62% over a two year period seems excessive to me... but what do I know. It's a crazy time in Wenatchee real estate.
May 21, 2007 12:52 PM
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