Buying a Home in Yakima this Year? Prices Are More Affordable
If you're in the market for a new home in Yakima this year you'll find more affordable prices than last year according to according to Cory Bemis owner of Yakima's John L. Scott Real Estate.
MORE AFFORDABLE HOME PRICES IN YAKIMA THIS YEAR
He says the current median home sales price in Yakima is $336,000 which is a 2.61% decrease from last year to date when the price was $345,000. Along with price drops comes a decrease in sales. Bemis says 152 total homes sold in May of this year, a 22% decrease from the 194 homes that sold in May of 2022, and a 20% decrease from the 185 homes that sold in May of 2021.
FEWER HOMES HAVE BEEN SOLD SO FAR THIS YEAR
So far this year 586 homes have sold also a 29% decrease from last year when 825 homes were sold at this time.
Bemis says 30-year fixed rate mortgages are averaging a 6.89% interest as of June 5th according to MortgageNewsDaily.com. That's 0.55% higher than 1 month ago (6.34%), and 1.39% higher than 1 year ago (5.50%). He says In a typical year, the month of May is one of the "busiest months for residential real estate in Yakima. This year was no different."
SOME GOOD NEWS ABOUT YAKIMA SALES
Bemis adds "Although the market feels much different than it has for the past few years, the Yakima area market logged the most homes sold, the most homes pended (accepted offers) and the 2nd most homes listed for sale (March was 1st with 3 more listings) for any month this year. "
A SHORTAGE OF HOMES?
Right now Bemis says there's 2.15 months of inventory available for sale, and an average original list price to sale price ratio of 98.5%.
"Even with more listings this month, we still have a significant shortage of homes for sale relative to the number of buyers who are actively purchasing. This shortage is keeping prices stable and resulting in the market continuing to be a sellers market."