Looking For A Home? Yakima Is A Buyers Market

Nation-wide, the current real estate market has been labeled as a "buyer's market". This has remained unchanged for the past two or three years. While interest rates and special buyer programs make up a large portion of why it's a buyer's market, the home values and absorption rates also play a significant role in each individual market. Is Yakima currently considered to be a "buyer's market"? Absolutely. The good news about the Yakima market is that the average home sales price has only decreased 4.12% since the peak year of 2007. Unfortunately for sellers, the current absorption rate in Yakima is nearly 14 months. This means, based on the total number of sales in the past year, it would take 14 months to sell every home currently on the market assuming no additional homes were listed. Over the past few decades, a balanced market in Yakima will typically have an absorption rate of 6-7 months. A seller's market would fall within the range of 1-5 months.

July home sales in the Yakima Area Real Estate Market decreased significantly when compared to last month. Total homes sold decreased by 19.6% while the average sales price decreased 17.1%. This July appears to be comparable to July of last year. In 2010, total homes sold in July decreased 42.8% with a 6.5% drop in the average sales price when compared to the previous month. Should we be worried? July is traditionally the "gap" month in the Yakima real estate market. March through June post the highest sales numbers nearly every year. The next three major real estate transaction months are generally August through October. Keep in mind, the majority of sales in July are generated from transactions which began in June.

In the month of July, there were 90 total homes sold with an average sales price of $148,493.