October 2022 News
Pioneer Title has acquired a new product to help with our title reporting. A by-product is that it provides us the ability to dissect the market for Chelan and Douglas Counties, which we can sort and filter in many ways and make available to you.
- We have summarized the first three quarters of activity in the single family market. Comparing September 30, 2022 year to date sales by price range with 2021, we note the following. See the spreadsheet on page 3.
Sales have dropped 25.94% in terms of raw deal flow, but only 16.84% by dollar amount - Sales by homes under $500K have dropped dramatically.
- Sales in the price range of $750K to $2MM have actually increased ! The ratio of cash sales to financed sales has stayed the same, 1 to 3 (but we see this gap widening in the 3rd quarter).
- The ratio of cash sales to financed sales has stayed the same, 1 to 3 (but we see this gap widening in the 3rd quarter).
No matter where you or anyone else thinks the market is headed, now is the time to try and gain market share! If you are willing to put in the work we have the product that can help you target markets that are more likely to transact.
Here are some market segments that could be ripe for targeting:
- There are 435 waterfront homes in Chelan Co that are non-owner occupied.
- There are 221 single family property owners that live outside of the NW states. They own only one home in Chelan or Douglas. These are likely vacation home owners. They bought more than 3 years ago (pre-covid). With travel costs up and economy shaky, could there be some buyers remorse?
- There are 1,211 Chelan County owner occupied single family property owners that have owned their home for at least 30 years, and don’t have a mortgage. Could they be ripe for a downsize with interest rates not being a factor?
- There were 31 Personal Representative Deeds filed in Chelan County during the first 3 quarters. These could be widow/widowers that now may want to downsize. They could be other heirs that just came across “found money”.
We know who they are and can help get you connected!
In the last 8 months there has been 10% turn over rate in the Mountain Brook subdivision. 11% turn over rate in the Saddle Rock Ranch subdivision. NAR studies show that areas with 7-15% turnover are the most likely to gain additional listings!
