Wenatchee, WA

The September residential sales numbers in Wenatchee, WA show surprising stablility in the market where both average sale price and median sale price have held steady since about February. Sales volume, while down about 30% from last year has also remained relatively stable.

However, inventory continues to climb with listings outpacing sales and has increased roughly 25% since February.

To see the whole report, go to the NCW Real Estate Blog here:

Wenatchee Residential Prices are Still Stable in September

Chelan County and the City of Wenatchee together are inviting citizens interested in municipal sewer in the Olds Station and Sunnyslope areas to a public open house. Both the City and County have information to share and will be available for questions regarding sewer service north of the Wenatchee River.

For the location and time for the open house, just go to the NCW Real Estate Blog:

Sewer in Sunnyslope and Olds Station?

FALL MARKET UPDATE

“If you're not confused, you're not paying attention." Tom Peters

Dear Friends,

If you have been following the events over the past few weeks, the above quote rings true. Economically, we are moving into unprecedented territory and it is near impossible to predict what will happen next.

The confusion is accompanied by fear and uncertainty. We are worried for our personal and national well being. Will we have a prolonged recession or maybe a depression? Will the government be successful in bailing us out of this mess?

I will leave the answers to the experts! In my opinion, democracy and free market capitalism are the best political/economic systems created by man and I have faith that recovery and prosperity are only a matter of time. In other words, better days are yet to come!

How does this turmoil affect the local real estate market? Well, year-to-date sales (vs. last year) are down by 30%, listings are up by 50%, and prices have dropped about 10%. The market is definitely slower and prices are falling. Here’s the deal: Home prices appreciated a whopping 60% during the years 2004–2007! The average sale price went from $173,508 to $272,256. That pace was simply unsustainable.

Will prices continue to fall? An important indicator of future price movement is the affordability index (ratio of family income to home prices). Ours is one of the worst in the state. According to this important statistic, it appears the buyer’s market will continue as prices slowly move back within reach of the average “local” family. My guess is that this will take a year or more.

Bottom line: In spite of negative headlines and affordability problems, buying opportunities are getting better every day, especially for the “first-time” and “move-up” buyer. Don’t let irrational fear stop you! Heed the words of Warren Buffet: “We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.”

If you are pondering the pros and cons of buying or selling soon, give me a call. I am never too busy to help you or your referrals!

The Wenatchee Market continues to hold its own on pricing, with little measurable decline, while volumes are running below last year in sales by about 30%. Wenatchee is still a desireable place to live, work or retire for many from other areas of the state and country.

For the complete report and story, go to my North Central Washington Real Estate blog:

Wenatchee Sales Numbers for August

The City of Wenatchee has released a request for proposal for development of affordable housing. The available sites for the project are on land currently used as public parking. The City is offering to discuss incentives such as density bonuses, required parking reductions, fast track permitting, tax abatements, permit fee wavers/reductions and/or publicy financed infrastructure.

For the complete posting, visit my NCW Real Estate Blog:

Builders and Developers: The City of Wenatchee hopes to have an opportunity for you in Affordable Housing!