Market Update - 2.19.25
January posted 12 pending residential sales. This is more than double the 5 sales reported in January of 2024 and the strongest January pending sales number since 2020.
But one month doesn’t make a year. We predict only a slight increase in sales in the Lake Chelan market this year. Stubborn interest rates, political uncertainties, and continued high prices will moderate sales.
Buyers do enjoy more options in the residential market. As we reported in August 2024, residential inventory has rebounded to pre-Covid levels.
However, this rebound is largely found in homes listing for more than $600,000. The dark blue line in the graph below shows homes for sale for $599,999 or less. Peak season inventory for this price range increased in 2024, but only a slightly when compared to more expensive homes.
Buyers hunting for homes valued at less than $600,000 continue to have limited options.
As reported in December, the residential market saw a modest increase of 18% in sales in 2024. We expect the market to record sales on par or slightly above 2024. Buyer interest in Lake Chelan is perennial, but prices, interest rates, and political uncertainties continue to moderate sales.
Buyers, especially those with stronger purchasing ability, will continue to enjoy a strong inventory of options.
Sellers will need to price accurately. Sellers grasping for value not supported by recent comparable sales will see their listing languish.
