Prices are up, inventory is down…2018 will be a great year to sell a home.
The real estate market continues to sizzle: home prices are up, listings are down, and the market still favors the seller. According to Pacific Appraisal’s Snapshot report, the median home price in the Wenatchee Valley is $290,000. That number is up 7% from 2016. The extremely low supply of homes and insatiable buyer demand are behind the higher prices. The report claims 7% fewer homes sold in 2017 than 2016, and 7% fewer new listings were put up for sale during the same time period. Thankfully, on a positive note, 2017 saw an 8% increase in single family building permits. More homes are needed to ease the supply crunch.
If buyer demand remains strong, expect more upward pressure on prices this year. With the strong regional economy, low interest rates, and steady influx of buyers from the Puget Sound, I think you can bank on it.
If you'd like to find a home in Wenatchee or East Wenatchee, I suggest creating an account on my website. The HouseTrack feature will save your search and send you listings in your price range automatically.
If you have a friend, family member, or co-worker in need of an experienced Real Estate Broker, please call or text me at (509) 670-0795. Your referrals are deeply appreciated!