The final 2008 Wenatchee area real estate numbers came out last week from Pacific Appraisal Associates. 

I'm not exactly sure how to interpret them but I'll give it a go. 

Nationally, sales and price numbers are down dramatically.  Locally, our sales numbers are down dramatically but the actual median and average sales prices are only down slightly.   I don't know exactly what this means but apparently, inspite of the slow down, sellers have not gotten desperate yet. 

Having said that, however, we real estate agents are getting bombarded with messages with price reductions and pleas for offers on current listings. 

We do still have sales activity.  I would have thought what is selling is in the bargain price ranges, which WOULD bring down the median and average prices but that is, apparently, not what's happening. 

In spite of what is happening nationally, Wenatchee real estate still seems to be weathering the "storm" fairly well.  We are NOT immune to nationwide economics.  As one commenter pointed out... we are not in a bubble. 

But, it's a relative thing.  We are not seeing the same percentage of foreclosures or unemployment.  We are, however, experiencing serious financing restrictions which is keeping a lot of potential buyers from consummating their puchases. 

So... with all that having been said, real estate is still one of the better investments (in my humble opinion).  And, I'm not just saying that because I sell real estate, although that's a good reason.   In the worst of the worst of the worst areas, do you know of any real estate that has lost ALL of it's value?  No!  The worst I've heard varies from 30% to 40% downturn.  That's in areas like California, Nevada, and Florida.   Some high profile companies are now worth NOTHING.  Real estate may have it's ups and downs but it will NEVER be worth NOTHING. 

It's a sobering time on many levels in this country (and around the world).  We will see many changes... most I'd say will, ultimately, be for the good (albeit painful for a while). 

So, we will get through this crazy time and move forward.

Have a great week-end,

For customized service, contact the Willinger Real Estate Team:
Carol Williams  CarolWilliams@charter.net
Shelley Granger  ShelleyGranger@charter.net  

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