Is It A Buyers or Sellers Market?
As winter approaches, I continue to get a lot of people asking me if the real estate market is slowing down here in Wenatchee. Is it still a seller's market or is it more of a buyer's market, with more inventory than buyers?
Today I did run some statistics and here's what I figured out:
Under $200,000: Strong seller's market. More demand than supply.
$200,000-$250,000: Balanced market. Balanced supply and demand.
$250,000 & up: Buyer's market. More supply than demand.
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For answers to your real estate questions, contact Carol:
Carol@TopPropertiesWenatchee.com
Posted on Monday, October 30, 2006 at 10:31PM
by
Carol Williams
in General Area News & Info
|
5 Comments
Carol Williams
in General Area News & Info
|
5 Comments
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Reader Comments (5)
How would you estimate the onset of winter playing into that dynamic?
ie. if it was spring or summer would the conditions be the same?
I don't really have the answer to that question. Wish I was better at looking into the future... but, if I was, I wouldn't be selling real estate in Wenatchee, Washington! ;-)
If I had to make a prediction, I'd expect the current pattern to carry through winter. Tight market on the low end. Plenty of supply in the mid and upper end.
Come Spring, who knows. Wenatchee has so many positive factors going for it, we could see another explosion in the Spring. I don't see the tight supply of affordable housing ever ending, unless we can get someone to step up and do a housing (or condo) project of some kind that could fit into the $110,000 - $150,000 price range.
I've had numerous inquiries from out-of-towners and out-of-staters. One land developer out-of-state looking to do a big project. Acquisition of affordable land, of course, is the key.
My hind sight is 20/20... so ask me again next year at this time. :-)
Stay tuned for more updates as we go through winter.
My only point was the concept of demand as it relates to timing. Right now the market dynamics appear to be as favorable as ever with some interest rates even dipping slightly
Could it be that some people may not be interested in moving in these conditions?
Your stats about Wenatchee market conditions echo what I see in the Leavenworth area. The affordably priced homes move fast and the upper end is a buyers market. We see this in Leavenworth with a high number of homes in the $600,000+ range.
As for Mr. E (or is Mystery?) and his question about seasonal fluctuations - in Leavenworth what we see (and statistics verify) is that buyers continue to buy houses throughout the year at a fairly even clip. The seasonal difference is that sellers wait until spring to list their home.
Geordie