No Cool Off Yet For Yakima’s Hot Real Estate Market
Yakima area real estate agents have been crazy busy since the beginning of the pandemic and there's no sign the market is slowing down for winter. Increases Across the Board Sales Off the Hook in Local Real Estate.
The median home price is now $320,000 up from 2020
According to Cory Bemis owner of Yakima's John L. Scott Real Estate the median home price is currently $320,000 which is a 16% increase over last year when the number was $275,000. A lot of homes have sold in just the last month. In fact Bemis says there were 217 home sales last month in Yakima which is an 11% increase over the 196 homes sold in November of 2020. So far this year 2,070 homes sold accounting for an 18.5% increase from last year when 1,747 were sold.
Homes aren't staying on the market long so act fast
Bemis says "Over the past few months in the Yakima real estate market, the absorption rate has been slowly growing. The absorption rate tells us how many months the current inventory of active listings would last at the current rate of sales. If no new properties were listed, and sales continued at a steady average pace, the absorption rate tells us how many months it will take to sell all the properties on the market. Historically, a balanced market would have an absorption rate equal to 6 months of inventory. The absorption rate was 2.4 months for November. This is the highest it has been since December of 2019 when it was also 2.4. We have only seen more than 2 months of inventory on the market once in the past 18 months. "