| Market Snap Shot Report
The monthly market Snap Shot report is prepared by
Pacific Appraisal Associates, PLLC.
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Comments & Observations by Pacific Appraisal Associates, PLLC.
October 2008 - Sales remain slow compared to 1 year ago, down 27% by dollar volume and 29% by number of units. The median home priceshave remained stable between February and September, ranging from a high of $246,000 to a low of $234,900, up to adifferential of only 5%. However, even at relatively level pricing, inventory has grown from 520 in February to currently 653 unitsfor sale, a roughly 25% increase. With listings outpacing sales, inventory continues to grow, indicating greater buyer choices.~Pacific Appraisal
September 2008 - Sales remained slow for the year as only 469 units have sold versus 672 last year, a reduction of 30%. It appears listings havestabilized at 1163 units listed YTD versus 1193 last year, a 3% reduction. Dollar volume of listings has stabilized as well, within3% of last year’s average. Which gives evidence of stabilized listing prices, which is expected in this market. Vacancy rates remain low, shown at 3% overall, indicating potential home buyer demand as mortgage lending becomesavailable to that segment of the market.
August 2008 - Data shows 72 homes were sold in the Wenatchee Market for the month of July, which is 25 homes less than last year'scount of 97, a decrease of 26%. The number of homes listed is 1025 this year versus 1024 last year. However, of the listings this year, 685 remain active onthe market and last year only 454 were active. Average days on market is currently running at 121.
July 2008 - We have reached the halfway point for 2008. Sales have dropped compared to last year (31%). What is interesting, however, is that the median home prices remain stable and are above last years numbers. The last 5 months the median home price has ranged between $240,000 and $245,000. Vacancy rates continue to be very low, 4% overall for this year versus 5% last year. With the drop in demand for home purchases, rental demand remains strong. ~Pacific Appraisal
June 2008 - Year to date, sales by volume continues at a lower pace than last year -down 26%. Sales by number is down 28%. Number of homes on the market is at 588 indicating a 9 month supply. Average Days on Market for all but one price range are over 3 months. According to data pulled from the MLS, there have been no sales YTD in the range of $651,000-$700,000. Building permits for single family homes has decreased by 46%. 2007 YTD: 299 permits / 2008 YTD: 109 permits~Pacific Appraisal.
May 2008 - Since January, the Supply of Homes has increased each month. There are currently 595 homes on the market, which is well above last year's count of 302. Home sales are lower than last year, 27% by volume and 28% by number. The graph shows the number of active listings per price range compared to average number of homes sold monthly in each price range. As can be seen, supply is well above demand. ~Pacific Appraisal.
April 2008 - Through the 1st quarter, home sales in the Wenatchee Area have markedly slowed down 24% by volume and 28% by number. Supply, on the other hand, has increased 36% by volume and 26% by number of units. With lower demand and higher supply, prices should stabilize. However, the average and median prices continue to climb, both are up 7% over last year. Within certain price categories, average prices have slowed. The following table shows two price categories, $200k-$350k and $450k-$650k. In both categories, prices are well below the overall market in regards to price increase. Within different market segments, prices have stabilized or slightly reduced.~Pacific Appraisal.
March 2008 - Note: Wenatchee Market - Indicated Month's Present Supply by Price Range:We have included two new price ranges, $651,000- $700,000, and $701,000+. The Wenatchee Area had 520 homes forsale in February. The graph to the right shows the breakdown of active listings by price range. As can be seen, the range of $196,000-250,000 has the most listings at 108 with a 7 month supply.~Pacific Appraisal.
February 2008 - Wenatchee area home sales are lower by 31% to start out 2008. 37 units were sold versus 54 at this time last year. At the same time the number of listings has increased by 32% by number and 54% by dollar volume. Existing supply on the market is nearing 500 homes. The last time we had this amount of supply this early in the year was January 2003, with 452 homes. Occupancy rates remain strong, running on average 5% overall.
January 2008 - Wenatchee area home sales are lower by 31% to start out 2008. 37 units were sold versus 54 at this time last year. At the same time the number of listings has increased by 32% by number and 54% by dollar volume.
Occupancy rates remain strong, running on average 5% overall. ~ Pacific Appraisal.
December 2007 - The Wenatchee Area Real Estate finished the year up 7% by dollar volume over last year. Home sales by number were down 10%. For the last 2 years, at this time, there was an indicated 2 month's supply of homes on the market. This year the numbers are indicated a 6 month supply. ~ Pacific Appraisal.
November 2007 - Through November 879 homes have been sold in the Wenatchee Market Area versus 975 last year, a reduction of 10%. Over the last 5 years, 2005 was the peak in the market, followed by 2006 & 2007. ~ Pacific Appraisal.
October 2007 - The market continues along the same trend as seen in the last few months. October home sales for the month were 81 vs 83 at the same time last year. Home sales by price range show most home sales occur int he $198,000 to $250,000 price range. ~ Pacific Appraisal.
September 2007 - Home sales in the Wenatchee Area Market appear to be slowing with only 64 unites versus 88 last month and 89 unites last year at this time. Year to date, however, is only 11% less than last year. Supply remains strong with at least a 6 month supply of home in all categories above $300,000. ~ Pacific Appraisal.
August 2007 - For a number of months now we have been watching the supply of homes listed for sale increase. The chart in the report shows this increase beginning in January of this year and rising through July. This indicates a typical buyer now, on average, has twice as many options as before. The average home price over the last three months has somewhat stabilized from the increase seen last year. In May this year the average home price peaked at $274,000 and currently it is at $272,000. All market signs are indicated continued price stabilization or a slight correction. ~ Pacific Appraisal.
July 2007 - The midway point of 2007 shows the market is down 9% in the number of homes sold. YTD 487 homes have sold in the Wenatchee Market, which is the same as June 2005 and above 2004 by 17%. Supply at the same time has increased. ~ Pacific Appraisal.
June 2007 - Supply of homes in the Wenatchee Market is up over 86% from last year with 305 homes on the market versus 164. This provides additional selection for prosepective purchasers to choose from. Demand is down 9% with homes sales totaling 376 versus 415 last year. Overall, supply continues to see increased inventory over $450,000. Supply in lower price ranges remain tight. ~ Pacific Appraisal.
May 2007 - Sales by volume continue to outpace last year by 17%, however, the number of homes sold lags behind last year by 12%. It is interesting that supply has increased by 15% (number of homes) over last year. Fewer sales and increasing supply could be the start of market stabilization. Overall, the month's supply of homes has increased now for the 2nd month in a row to a 4 month supply. The next few months will be interesting to watch. ~ Pacific Appraisal.
April 2007 - The first quarter Wenatchee area home sales end in the positive range by dollar volume again. The actual number of transactions however has declined by 12%. Meaning that there is upward pressure on pricing. In fact, the average home price in the area is $253,466, a 26% jump over last year. ~ Pacific Appraisal.
March 2007 - Through February, home sales for the Wenatchee Market remain generally the same as last year 119 vs. 122. Average prices continue to climb with a 33% increase over last year. Currently the average sale price for the Wenatchee Market is nearly $273,000. Listings remain tight. - Pacific Appraisal.
February 2007 - The first month of 2007 continues with similar numbers to last year at this time. The number of homes sold (Wenatchee Market) 54 versus 61 last year with $ Volume Homes Sold YTD close to last year. Supply remains tight below $450,000, while above that level ($450,000+) there is nearly a year supply. At this pace affordability can become an issue this year. - Pacific Appraisal.
January 2007 - Last year finished on par with 2005. As measured by Dollar Volume the Wenatchee market was ahead of 2005 by 8%, by number of homes sold the market lagged by 6% or 69 homes. The average price of a home increased 15% over all price ranges which confirmed early estimates. - Pacific Appraisal.
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