The NCW real estate market continues to soar, but there may be changes on the horizon. According to Pacific Appraisals' Real Estate Snapshot, the median price shot up to $325,000 in July. Listing inventory remains low - there are only 200 +/- homes for sale in the Wenatchee market area at this time. Buyer demand has slacked off a bit, but that's mainly due to the lack of available choices. In other words, many buyers have given up, at least for now.
I predict we'll see this seller's market slowly phase out over the 6 to 12 months. The best indicator I can point to is our relationship to the real estate market over in the Seattle/Puget Sound area. Historically, we follow closely behind this market. It's a well established fact that our market is driven by buyers from the West side of the mountains. We've seen a plethora of cash buyers from the coast bidding up home prices. But recently, in the Seattle market, we're hearing about a rapid increase of listings, days on market, and price reductions. This bodes well for buyers who have been waiting for a turnaround.
Locally we've had a 2 to 3 month supply of homes available for buyers to choose from. Inventory has been increasing over the past few months. I think over the next 6 to 12 months we'll see our supply go up by 50%. That would make for a 5 to 6 month supply which is more of a healthy, balanced market. Look for the number of listings to trend upward as we follow the market dynamics of the Seattle/Puget Sound area.
If you're considering a sale, and would like to sell at the top of the market, now is the time to take action. If you're a first time buyer, I recommend researching the market now, get accustomed to today's pricing, and then wait for the right home at the right price. The market will be going in your favor soon. Patience will be the virtue that'll pay dividends as the market begins to levels off.
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