The McLean Report June 2014

    The McLean Report for June 2014

    A comprehensive analysis of the residential real estate market in the Leavenworth Real Estate and the Wenatchee Real Estate markets

    By Nick McLean owner of the #1 real estate in North Central WA, the Nick McLean Real Estate Group

    Welcome to the McLean Report, our monthly, quarterly and annual examination of North Central Washington’s residential real estate market.  This report uses market-wide data based on transactions that closed in May 2014 and compares it to closings that took place last month and during the same month last year.  Closings typically occur four to six weeks after a contract is signed in the resale market.  For that reason, the sales activity discussed trails actual market conditions.  This report will also compare pending sales and inventory levels.  Pending sales are considered the current indicator of activity and demand and inventory levels represent supply.  Data sets are provided by the NCWMLS North Central WA Multiple Listing Service and the NWMLS Northwest Multiple Listing Service.   The majority of the markets sales for Wenatchee Valley and Leavenworth are reported from the NCWMLS.

    WENATCHEE VALLEY CLOSINGS

    Following a strong April 2014 for the Wenatchee Valley with 91 residential closings the month of May 2014 finished with similar results of 88 residential closings.   Comparing these results to May sales in 2013 of 99 closings the Wenatchee Valley market sales are down -12% year over year.  The average DOM Days on Market for the closing reporting in May 2014 was 113.

    The average list price of the closed sales in May was $248,571 with an average sold price of $243,994.  Compared to April’s average sold price of $241,970 the average sold price is up 1.5%.  May of 2013 the average sold price was $224,846 making year over year average sales price for May 10% higher.

    As the market demand and activity remains strong sold price to list price ratios continue to improve.  Sold price to list price ratio 98.16% and sold price to original list price ratio 96.46%.  Up .67% and .21% respectively year over year.  This shows that buyers are feeling more confident in the market place that home prices are priced accordingly and that the market will appreciate

     

    WENATCHEE VALLEY PENDING SALES

    North Central WA pending sales continue to rise.  Pending sales are the current indicator of activity meaning the Wenatchee Valley’s demand remains high and continues to increase.   As lending guidelines remaining tight transitioning from pending sales to closing sales is taking longer resulting in more pending sales.  With new demand comes less qualified buyers entering the market.  In a very active market buyers tend to rush the qualification process on their way to making offers.

    As of June 2014 the NCWMLS is reporting 92 pending sales in the Wenatchee Valley.

    The average list price of the current pending sales is $254,264 with days on market of 47.

    WENATCHEE VALLEY INVENTORY

    Inventory levels or the current number of residential listings is 293.  The current average list price is $323,780 and the days on market average of 98 days.  When you compare the average list price of active listings of $323,780 and the average sales price of $243,994 shows a larger number of unit sales are below $250,000 where first time homebuyers are entering the market.

    Wenatchee Valley Inventory Level and Absorption Rates

    Price Range (Thousands)

    Active Listings

    Avg. No. Sold Per Month

    Month’s Supply Absorption Rate

    Type of Market Buyer’s or Seller’s

    $0 – $150

    50

    14.3

    3.49

    Seller’s

    $151 – $200

    57

    20.8

    2.74

    Seller’s

    $201 – $250

    49

    15.9

    3.08

    Seller’s

    $251 – $300

    29

    7.8

    3.71

    Seller’s

    $301 – $350

    23

    5.9

    3.89

    Seller’s

    $351 – $400

    25

    4

    6.25

    Balanced

    $400 – $450

    18

    2

    9

    Buyer’s

    $451 – $500

    9

    1.7

    5.29

    Seller’s

    $501 – $550

    7

    .5

    14

    Buyer’s

    $551 – $600

    6

    .4

    15

    Buyer’s

    $601 – $650

    5

    .6

    8.3

    Buyer’s

    $651 – $700

    4

    .1

    40

    Buyer’s

    $701 – $800

    1

    .8

    1.25

    Seller’s

    $801 – $900

    4

    .2

    20

    Buyer’s

    $900+

    11

    0

    NA

    NA

     

    WENATCHEE’S HIGH END HOME SALE OF MAY 2014

    9889 US 97A Wenatchee, WA 98801 – SOLD PRICE: $762,900 on 05/21/2014.

    2965 sq. ft. log home built in 2002 with 3 bedrooms and 2.5 bathrooms.  This home had 236 ft of low bank Columbia River waterfront and a personal dock.  Included in the sale was a 1200 sq. ft. 4+ gar garage

     

    LEAVENWORTH CLOSINGS

    Following weak April 2014 for the Leavenworth with 10 residential closings the month of May finished way up at 15 residential closings.   Comparing these results to May sales in 2013 of 18 closings the Wenatchee Valley market sales are down -16.6% year over year in unit sales.  The average DOM Days on Market for the closing reporting in May 2014 was 225

    The average list price of the closed sales in May 2014 was $291,039 with an average sold price of $278,399.  In May of 2013 the average sales price was $331,975 making this may average sold price 12.4% lower

    Sold price to list price ratio for May 2014 was 95.66% and sold price to original list price ratio 90.46%.

    LEAVENWORTH PENDING SALES

    As of June 2014 there are 24 pending sales for the Leavenworth market.

    The average list price of the current pending sales is $379,573 with days on market of 94.

     

     

    LEAVENWORTH INVENTORY

    Inventory levels or the current number of residential listings is 172 for the Leavenworth real estate market.  The Leavenworth real estate inventory remains high compared to demand.  The only price range that has a balanced market where supply and demand do not favor either the buyer or the seller is between $301,000 and $400,000.  All other price ranges favor the buyer.  This supports the fact that the list price to sales price ratio of 95.66%.

    Leavenworth Inventory Level and Absorption Rates

    Price Range (Thousands)

    Active Listings

    Average No. Sold Per Month

    Month’s Supply Absorption Rate

    Type of Market Buyer’s or Seller’s

    $0 – $150

    18

    .9

    20

    Buyer’s

    $151 – $200

    24

    1.2

    20

    Buyer’s

    $201 – $250

    18

    2

    9

    Buyer’s

    $251 – $300

    21

    1.9

    11

    Buyer’s

    $301 – $400

    32

    3.7

    8.64

    Balanced

    $401 – $500

    20

    1.3

    15.3

    Buyer’s

    $501 – $600

    15

    .9

    16.6

    Buyer’s

    $601 – $700

    7

    .5

    14

    Buyer’s

    $701 – $800

    4

    .3

    13.3

    Buyer’s

    $801 – $900

    5

    0

    NA

    $901 – $1.0 mil

    3

    0

    NA

    $1.0 – $1.3 mil

    2

    .2

    10

    Buyer’s

    $1.3 mil+

    6

    .1

    60

    Buyer’s

     

    LEAVENWORTH’S HIGH END HOME SALE OF MAY 2014

    12662 SHORE ST Leavenworth, WA  – SOLD PRICE: $625,000 on 05/21/2014.

    2800 sq. f.t home built in 1965 with 3 bedrooms and 3 bathrooms on a 1 acre lot and a 4+ Car detached garage

     

     

     

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