Market Update - 02.23.23
The Lake Chelan Real Estate market continues its winter slumber. The snow came early this year and continues to hug the north slopes of the valley.
Our December report outlined the ongoing low-inventory conditions. All indications for 2023 suggest a repeat of 2022 market performance. Pent up demand will continue to drive sales, however higher interest rates and persistent worries of recession will keep some buyers on the side lines. The result will be an ongoing stabilization of prices.
Sales of vacant land hit a brick wall in 2022 due to the high cost of construction coupled with interest rates and market worries. We expect land sales to nudge up slightly but buyers will still be confronted with high building and infrastructure prices across the board.
The Data
Homes For Sale: January reported 15 homes for sale in the Lake Chelan Valley. Together with February 2021, this marks the lowest inventory in the last ten years. This hyper-low inventory will continue to mitigate the effects of economic uncertainties and higher interest rates. As a friend said recently, “This is neither a Seller’s nor Buyer’s market, but something in between.”
