2007 was a very good year for real estate in the Wenatchee area. In spite of a national downturn, our home sales remained active... with some slowing in sales activity creating a much needed pricing stabilization. The slowdown was actually a welcome reprieve from the frenzy of the last couple years. When you've seen appreciation like we have (#1 in the nation 3 quarters in a row), a slowdown is exactly what was needed to put a reality check on escalating prices. Increasing interest rates (which are now going down again) and the tightening mortgage atmosphere were the two main factors contributing to our market stabilization. From my perspective this was a needed stabilization to put some sanity back into our pricing structure.
In my humble opinion, Wenatchee will NOT see a real estate downturn. There is too much demand!
Our economy is driven by a strong and diverse economy with low unemployment and several major industries, with good paying jobs:
* Public owned hydro-electric power production ( attracting new businesses and industry)
* Agriculture (we're still the apple capital of the world)
* Aluminum production (hundreds of good paying jobs)
* Large medical service base (serving all of central and north central Washington)
* Local, state and federal agencies (good paying jobs)
* Tourism (300 days of sunshine per year attracts a lot of people and events)
Overall, the 2007 dollar volume for home sales (through the MLS) was up about 7%, while actual unit volume was down about 15%. This, of course, is a result of newer (higher priced) homes bringing up the dollar value average, even though total unit sales were down.
Inventory of homes for sale in every price range has increased, creating some good opportunities for buyers with good credit, and adequate down payments, to negotiate a sale that can close quickly and smoothly.
The only price range with an alarming amount of inventory compared to sales activity is the $500,000+ price range. Statistics show there to be a 32 month supply in the $500,000 - $550 price category and a 19 month supply in the $600,000+ price category. Homes under $300,000 seem to be selling in 150 days or less.
The average sales price in December 2007 was up to $287,719 (20% higher than in December of 2006)
The median sales price in December 2007 was up to $249,900 ( 15% higher than in December of 2006)
Have questions about Wenatchee real estate?
For personalized, customized, service contact the TOP Team:
Carol Williams TopTeamCarol@gmail.com
Shelley Granger TopTeamShelley@gmail.com
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