February report: Homes are more expensive and less available

Source: The Wenatchee World


WENATCHEE — Homes in Wenatchee are getting more expensive and harder to find, according to a February report from Pacific Appraisal Associates.

The median house sale price was $338,000 last month, up 10 percent from a year ago, according to the monthly Snapshot report. It increased by $14,000 in just one month.

The number of homes on the market, meanwhile, dropped 10 percent from 2018. There were 111 this February and 123 the year before.

Construction has also slowed — 16 building permits have been issued so far in 2019. This time last year that number was 26.

We probably have the same amount of buyers that we did a year ago but we do have, clearly, less listings than we did a year ago,” said JoAnna Holland, the communications director of the NCW Association of Realtors.

Those buyers are quickly snatching up any lower-priced home, which is driving up values, she said.

There’s not as many (affordable homes) coming on that market and the ones that do come on the market are going to be priced higher than they were a year ago because of the supply and demand,” she said.

And the affordable houses that are available have been caught in a tug-of-war between first-time buyers and people looking to downsize, Holland said.

We need affordable housing both for new home ownership and baby boomers that want to downsize,” she said. “We have two demographics of shoppers that are now in that lower price point.”