Homes Are Worth More But Sales Are Down In Yakima
Homes are selling for more money in Yakima this year when compared to 2022 but fewer homes are being sold. That's according to Cory Bemis, owner of Yakima's John L. Scott Real Estate. Bemis says the 2023 Median Home Sales Price in the Yakima MLS is $330,000 which is a 1.5% increase over last year's Median price of $325,000.
THE PRICES ARE UP BUT SALES ARE DOWN FROM 2022
But while the Median price is up sales are down. 79 homes sold in February which represents a 40% decrease from the 132 homes sold in February of 2022, and it's a 32% decrease from the 116 homes that sold in February of 2021.
SALES ARE EXPECTED TO INCREASE THIS SPRING
Bemis says "in the month of February, the average days on market rose above 100 days for the first time in nearly 6 years. The 100.5 average days on market for homes that sold in February of 2023 was the highest since April of 2017 when the average days on market was 105.5. For the past 3 years, the average days on market has generally been between 60-75 days from mid-Spring to Fall. The winter months and early spring months were typically between 75-90 days. Look for this number to drop as we head into the busier spring real estate season."
EVEN THE TOTAL NUMBER OF HOMES SOLD IS DOWN THIS YEAR
So far all total 155 homes have sold so far this year. Sales this year are down 49% from last year and a 33% decrease from 2021 (231).
Bemis says 30-year fixed rate mortgages are averaging a 6.99% interest as of March 6th according to MortgageNewsDaily.com. That's 0.60% higher than 1 month ago (6.39%), and 2.90% higher than 1 year ago (4.09%).
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