Chelan & Douglas Counties: Gear up for a hot spring!
It will hardly raise an eyebrow among our dedicated readers that the first quarter of 2024 has outshone 2023 in a big way.
Our sales by dollar volume have skyrocketed by 36%, with financed transactions leading the charge with a massive 39% increase. That’s 35 more financed deals than this time last year, totaling an extra $28.5 million in financed sales. As for the price per square foot, the “starter home” market under $500K has been bustling, with an 18.4% price jump year over year—thank demand and inflation for that. However, the middle of the pack—homes priced between $500K to $700K and $700K to $1MM—are taking a little breather, with prices down by 6.8% and 11% respectively.
NAR Reports Hot buzz
Last week, while the nation saw a 4.3% dip in month-over-month sales, Chelan/Douglas bucked the trend in style! After a February that soared 43% above last year, or 31% over 2022, our local market kept the momentum going. March showcased a 10% uptick in transactions and a vast 22.5% increase in dollar volume. Seems like there’s no slowing down around here! While the national scene dips by 3.7%, our little corner of the world is just down a smidge at 2.25% in transactions. But here’s the kicker: our dollar volume shot up by 28.5%! And for those of you keeping score, financed deals aren’t just holding steady – they’re up by 5% in transactions and 28% in dollar volume. Seems like our market’s got some pretty strong legs, doesn’t it?
March 2024 vs February 2024
1st Quarter 2024 vs 1st Quarter 2023
1st Quarter 2024 Square Foot Price Analysis
Wenatchee
Welcome to the vibrant Wenatchee market, covering Entiat to Malaga, Rock Island to Orondo, and west to Cashmere!
The Wenatchee Market is mixing things up this March, showing an increase in financing and larger transactions. While we’re seeing fewer starter home transactions under $500K, the mid-range market above $500K is buzzing with more action and financing to boot. Sure, the number of transactions dipped by 12% compared to last year, but hey, the overall dollar amount rose by a cool 11%
March 2024 – Wenatchee Market
Looks like the Wenatchee market is having a bit of a moment! In the first quarter, we saw some pretty impressive numbers. Sales jumped by 10% in unit volume and an even more eye-popping 30% in dollar volume. And get this – 78% of transactions were backed by financing.
1st Quarter 2024 vs 1st Quarter 2023 – Wenatchee Market
Additional News
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New home sales were up 8.7% in March!
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