Friday, April 4, 2008

Wenatchee Condos Are Selling

A search this morning indicated there are currently 20 pending condo sales in the local MLS, as compared to a total pending sales inventory of 105. This means that 19% of the current "Pending" sales are condos, yet condos only make up 12% of the total inventory.

So, in relation to the inventory of homes for sale, condos are doing quite well. All price ranges seem to be selling well.
7 (35%) are condos priced at $145K or less. (4 at $95,500 or less)
4 range in price from $179K - $239K
5 range in price from $335K - $399K
5 are riverfront condos ranging from $535K - $625K

Here are some other overall numbers I extracted this morning from the Wenatchee and East Wenatchee area of the North Central Washington MLS (NCWMLS). This does NOT including Cashmere, Leavenworth, or Waterville:
Total Residential Listings: 712 (including condos)
Total Residential Pending: 105 (including condos)
% of Listings Pending 15%

Total Condo Listings 74
Total Condos Pending 20
% of Condo Listings Pending 27%

If I take the condos out of the top equation, it looks like this:
Total Residential listings (excluding condos) 638
Total Residential pendings (excluding condos) 85
% of Listings Pending 13%

I'm actually seeing two points here:
First, in spite of a slow down in the market place, there IS significant sales activity going on. And, secondly, a trend toward a higher percentage of condo sales. I still contend, many of our condos are a great affordable option for those on a limited budget and I think the consumers are starting to get.

Our monthly SNAPSHOT, out of Pacific Appraisal Associates, shows overall number of homes sold year-to-date (as compared to 2007) down 23% and dollar volume down 33%. However, I don't think the dollar volume being down more than the sales volume means prices are falling. I believe it means there is a trend toward people looking for more affordable housing. The inventory of higher priced homes continues to GROW. Under the circumstances, I don't like talking about year-to-year comparisons at this point (2008 vs 2007) because 2007 was a frenzy and 2006 was even worse. We're getting back to a more sane market and that is a good thing!

Getting to the business at hand, here is an overview of the supply-by-price-range statistics (months of inventory anticipated based on current sales volume)
$ 0 - $95K 2
$95K - $135K 5
$136K - $165K 7
$166K - $195K 4
$196K - $250K 7
$251K - 300K 9
$300K - $350K 9
$351K - $400K 14
$401K - $450K 12
$451K - $500K 14
$501K - $550K 25
$551K - $600K 9
$601K - $650K 42
$651K - $700K 42
$701K + 11

So, you can see, in general, as the price goes up so does the month's indicated supply... with a slight dip in the $551K - $600K range.

Have a great week-end!

For the most timely and current Wenatchee real estate and condo info contact the TOP Team:
Carol Williams
Shelley Granger

FREE Search of all Wenatchee MLS homes and land
Carol's Wenatchee real estate blog

All information is deemed reliable but cannot be guaranteed. It is for informational purposes only.

1 comment:

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