Local Market Update: Vacation Home Markets Hit Seasonal Slowdown
Last week, the National Association of Realtors (NAR) reported a 3.4% increase in month-over-month sales nationwide. However, in Chelan-Douglas counties, local real estate activity showed a different trend. Sales decreased by 4.8% in unit volume and 7.8% in dollar volume, reflecting the seasonal slowdown typical in vacation markets during this time of year.
Additionally, the NAR reported a 2.9% year-over-year increase in national sales. Locally, Chelan-Douglas counties saw a 5.2% rise in sales by unit and a 17% increase in dollar volume compared to October of last year.
Year-to-date, the market remains strong, with unit volume up by 9% and dollar volume increasing by 24%, driven by a $112 million surge in financed transactions. Sales of homes priced over $1 million continue to impress, reflecting a robust high-end market.
Exploring the Dynamic Wenatchee Market: From Entiat to Malaga, Rock Island to Orondo and West to Cashmere
The Wenatchee market continues to show resilience, with month-over-month sales rising by 0.9% in unit volume and 3% in dollar volume. Buyers remain undeterred by 7% interest rates, maintaining strong demand.
Year-over-year, the Wenatchee market saw a 30% increase in transaction volume and a 50.7% rise in dollar volume, driven by strong activity across all price ranges above $500K.
Let me emphasize this once more: The Wenatchee market is having an exceptional year, thanks in large part to the 61 homes sold for over $1,000,000.
The Chelan Market: Encompassing Manson and Stehekin
Sales of homes over $1 million continue to define the Chelan market. While the number of sales has decreased by 18% compared to last year, dollar volume has increased by 43%.
Year-to-date, the story is much the same: unit volume is up 15%, while dollar volume has surged by 51%.
Exploring the Upper Valley Market: Insights from Dryden to Stevens Pass, Including Leavenworth, Lake Wenatchee and Plain
Sales in the Upper Valley are still on the decline, with unit sales dropping by 51% compared to last year, while dollar volume has also fallen by 47%.
Year-to-date, the Upper Valley market remains relatively stable compared to last year, with unit volume down just 2.7% and dollar volume still up by 12.6%.
