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