Wenatchee Real Estate: Price & Activity Summary
It's time for a current Wenatchee real estate price and activity summary. Want to know how all the reports of doom and gloom across the country and around the world is affecting the Wenatchee area?
Through all the negativity, I have continued to be bullish on the Wenatchee economy and how that is going to play into the big picture for our local home buyers, sellers and those sitting on the fence. The national situation can't help but affect us BUT you may be surprised at what the statistics show.
Wenatchee, as I've said many times before, has a strong and diverse economy with several MAJOR industries that aren't going anywhere for a very long time! Our hydro-power is probably one of the most significant factors in the strength and stability of our economy and so important on many levels.
Our medical centers are also huge players in the strength and stability of the Wenatchee economy. With the aging population, Central Washington hospital and Wenatchee Valley Medical Center are both expanding and it can't happen soon enough.
Agriculture continues to be an important industry. ALCOA, the aluminum production plan has a long term contract with the PUD and is a significant, good paying employer.
Tourism, educational services and local, state and federal government jobs add to the good paying employment base.
And, of course, there are all the supporting services that is an important part of every local economy.
So... all of that being said Wenatchee is in very good shape from an economic point of view.
Now, for the current Wenatchee housing market summary. Considering all the negative publicity nationwide about drastically falling housing prices, you may find it interesting to note that neither the "average" nor "median" prices in the Wenatchee area have dropped from a year ago. The number of homes sold IS down drastically (about 30%) but it is truly comforting to know the prices themselves have not dropped.
We ARE seeing a lot of price reductions but I attribute a lot of that to over pricing in the first place. What is selling is priced right and the statistics show prices have not dropped.
The number of months inventory doesn't look too scary either, except in certain price ranges until you get into the higher price ranges. Inventory by price range:
under $150,000 5 months
$151,000 - $200,000 6 months
$201,000 - $250,000 6 months
$251,000 - $300,000 9 months
$301,000 - $350,000 8 months
$351,000 - $400,000 12 months
$401,000 - $450,000 16 months
$451,000 - $500,000 18 months
$501,000 - $550,000 16 months
$550,000 - $600,000 13 months
$601,000 - $650,000 10 months
$651,000 - $700,000 66 months (Yes... 5 1/2 YEARS!)
$701,000 and up 35 months
So, there you have it. If you have an upper end home be prepared to hold on. If you have a home in the $350,000 and under price range it will sell if it is priced competitively.
All-in-all, though, my advice is don't sell now unless you really have to. Stay out of the way for those who really do NEED to sell now. When the credit crisis dust settles activity will get back to normal and we can all breathe easier again.
Wenatchee, Washington is still a great place to be!
For our most current recommendations contact the Willinger Real Estate team:
Carol Williams CarolWilliams@charter.net
Shelley Granger ShelleyGranger@charter.net
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Reader Comments (2)
A point I always like to remember with a home in a category that has a long market supply number is to remember that this is the statistical time needed to sell ALL the homes in that category.
It doesnt mean that is how long it will take to sell yours.
Even in the 650k+ market all you really need for a relatively quick sale is to be one of the better values IN that category. That doesnt always mean you need to be cheaper. Think more bang for the buck.
The price reductions in a category like this are more often a reflection of the financial health of the builder/developer and his current cash flow position and not the relative worth of a particular property.
You are exactly right. That is the point I was trying to make when I said homes that are priced right will sell. I tell my agents either the price on their listings will make the competition look good or vice versa.