Happy 2014 from the Davidson Team!
First, we'd like to thank everyone who made 2013 a great year for us... our clients, North Central Washington Association of REALTORS affiliates, and our REALTOR Associates. We feel so fortunate to be working in the Wenatchee real estate industry and raising our family in this beautiful Wenatchee valley.
It seems no matter where we go, people are curious about the real estate market. "How is the market"? "What are prices doing"? "Is it a good time to buy a home in Wenatchee"? Is it a good time to sell my home"?
Let's review what happened in 2013 and it might give us a clue as to what we can anticipate for this year. The best source of Wenatchee real estate data is the Pacific Appraisal SNAPSHOT, published each month.
Here is a quick summary breakdown of market activity over the last 3 years:
Dollar Volume of homes/condos sold:
2011 = 198,554,125
2012 = 247,472,778
2013 = 295,438,677
Number of homes/condos sold:
2011 = 801
2012 = 1013
2013 = 1132
Average home/condo sales price:
2011 = 247,863
2012 = 244,297
2013 = 260,988
Median home/condo sales price:
2011 = 212,900
2012 = 215,000
2013 = 220,000
If you go into the Snapshot mentioned earlier, and look at the graphs on page 3, you will see the height of the market was 2005 - 2007. The market bottomed out in 2011, with the exception of the average sale price. Median price is a better indicator of true activity, because one unusually high priced sale can skew the statistics for the entire month and year.
So, what does all this mean?
Wenatchee weathered the real estate bubble way better than a lot of markets. Our price drops were far less dramatic than many markets across the country. This is for many reasons, but our strong and diverse economy, abundant recreational opportunities and 300 days with sunshine are big factors.
Wenatchee's economy is so diverse, it shields us from critical downturns experienced by areas who depend largely on one or two major employers. The Wenatchee Valley has 7 major employers:
1) Agriculture industry, 2) Hydro power industry, 3) Aluminum production plant, 4) Medical services, 5) Local, State and Federal government agencies, 6) Educational services, and 7) Tourism... and, of course, all the support services necessary to keep things flowing.
So, to answer the earlier questions:
What is the real estate market doing? Improving
What are prices doing? Going Up
Is it a good time to buy a home? Yes, before prices (and interest rates) rise further
Is it a good time to sell a home? Yes, as prices rise on your home, prices will be rising on any future home you wish to buy.
Best Regards,
Erin Davidson
Aspiring to be your Wenatchee real estate agent
Aspiring to be your Wenatchee real estate agent
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