In The Market For a New Home in Yakima? Good Luck!
Nothing is stopping local real estate sales as the industry continues to see gains across the board from the median price to the number of homes sold.
GAINS ARE BEING MADE EVERY MONTH IN THE LOCAL MARKET
According to Cory Bemis owner of Yakima's John L. Scott Real Estate, the market continues at a fast pace. If you’re looking for a home in Yakima the average home sales price is $320,000 which is a 16.36% increase from last year when the average price was $275,000. That’s making it tough for some people to find a home if they can’t qualify for such a large loan.
EVEN THOUGH HOMES ARE EXPENSIVE SALES ARE STILL UP
Despite the challenges home sales continue an upward trend. In fact 231 homes were sold in September. That’s a 25.5% increase from the 184 homes sold last year and it’s a 40% increase from the 165 homes that sold in September of 2019.
All total Bemis says there have been 1,615 homes sold so far this year, a 17.3% increase from last year when 1,377 homes were sold in Yakima.
MORE HOMES ARE BECOMING AVAILABLE IN YAKIMA
Bemis says 30 year fixed rate mortgages are averaging a 3.15% interest rate right now according to MortgageNewsDaily.com. That’s 0.2% higher than last month.
Bemis says there are currently 418 pending/contingent homes listed for sale (417 a month ago) and 237 available listings (up from 221 a month ago). He says in March, April, and May of 2021, there were days when the market had less than 120 available listings. Bemis says there are "now twice as many homes available than there were at the lowest point of this spring (118)."