If you’re looking to buy or sell a home in Chelan County this year, you’ll definitely want to keep a close eye on the numbers! The latest data for February year-to-date shows some interesting trends in the residential Single Family market.
First, the number of new listings has decreased by 34.4% compared to last year, with only 40 new listings in 2023 compared to 61 in 2022. This means that there are fewer options available for homebuyers in the county, which could drive up prices and make the market more competitive.
At the same time, the number of pending sales has also decreased significantly by 41.7%, with only 35 pending sales in 2023 compared to 60 in 2022. This could indicate that buyers are taking longer to make decisions or that there are fewer qualified buyers in the market.
The number of closed sales has decreased by 42.5%, with 23 closed sales in 2023 compared to 40 in 2022. This could suggest that those who are serious about buying a home are still making transactions happen, even in a more competitive market.
The average sales price has decreased by 5.4%, with the average sales price in 2023 at $525,009 compared to $554,755 in 2022. However, the median sales price has increased by 15.6%, with the median sales price in 2023 at $525,000 compared to $454,000 in 2022. This could indicate that while the overall market is cooling off a bit, there are still some high-end properties driving up the median sales price.
One piece of good news for sellers is that the percent of list price received has only decreased by 2.2%, with sellers still receiving 98.1% of their asking price in 2023. However, the inventory of homes for sale has increased significantly by 43.9%, with 141 homes for sale in 2023 compared to 98 in 2022. This means that sellers will need to work harder to make their properties stand out in a crowded market.
Finally, the months supply of inventory has increased by 66.7%, from 1.2 months in 2022 to 2.0 months in 2023, indicating the market is moving towards a more balanced state, with a slightly greater supply of homes available for buyers.
All in all, it looks like 2023 will be an interesting year! Whether you’re a buyer or a seller, be prepared to navigate some changes and make strategic decisions to ensure a successful transaction. And, as always, if you have any questions….that’s what we’re here for!