Wenatchee, WA Metro Area Housing Market Analysis - November 2024
The Wenatchee, WA metro area housing market in November 2024 presents a dynamic landscape characterized by notable shifts in pricing, sales activity, and inventory levels. The Median Sales Price has risen to $612,500, marking a significant year-over-year increase of 7.6%. This upward trend in sales prices contrasts with the Median List Price, which has decreased by 8.4% to $519,900, suggesting a potential gap between seller expectations and market realities.
In terms of Price Per Square Foot, the Median Sales Price per square foot has increased by 5.8% to $304.40, while the Median List Price per square foot has seen a slight decline of 0.3% to $309.89. This indicates a competitive market where buyers are willing to pay more per square foot than what sellers initially list, possibly due to limited inventory or desirable property features.
Sales activity has been robust, with 106 Homes Sold, representing a substantial year-over-year increase of 30.9%. Pending Sales have also risen by 6.1% to 105, indicating continued demand in the market. However, New Listings have decreased by 4.6% to 83, contributing to a tighter inventory situation. The total inventory has increased by 25.1% to 364, yet the Months of Supply have decreased by 20.0% to 3.4 months, suggesting that homes are selling faster than New Listings can replenish the market.
The Median Days on Market have increased by 12.0% to 51 days, indicating that while homes are selling, they are taking slightly longer to do so compared to the previous year. The average sale to list ratio remains stable at 97.8%, with no significant year-over-year change, suggesting that homes are generally selling close to their list prices.
Interestingly, the percentage of Homes Sold above list price has increased by 2.2% to 17.0%, reflecting competitive bidding in certain segments of the market. Conversely, the percentage of Price Drops has decreased by 5.6% to 18.4%, indicating that sellers may be adjusting their pricing strategies to align more closely with market conditions.
Finally, the percentage of homes going off the market within two weeks has increased by 2.2% to 30.5%, highlighting a segment of the market where demand is particularly strong and homes are being snapped up quickly.
Overall, the Wenatchee housing market in November 2024 is characterized by rising sales prices, increased sales activity, and a competitive environment where buyers are actively engaging despite a decrease in New Listings. The market dynamics suggest a continued demand for housing, with potential opportunities for sellers who price their homes strategically.
