Market Update - 4.18.24
“My fear is we will have many listings and no buyers.” So said another real estate agent earlier this year over coffee.
I’m not sure that is my fear given we are still at historically low levels of inventory. But the March data does potentially suggest another moderated season of sales.
New listings in March were strong at 32 homes. This data point is eleven homes higher than the five-year average (21) and five homes higher than the ten-year average (27).
Lake Chelan inventory numbers were strong in March as well, at least when compared to recent history. The market reported fifty homes for sale which is higher than the 5 year average for March of 41. But it is also clear the market has a ways to go to return to pre-pandemic levels of inventory. The 10 year average for March homes for sale is 75.
But perhaps the most telling statistic in March is the number of pending sales. Both the five- and ten-year averages are 14 homes. This year, the market reported half that number at 7 pending sales. This suggests a slow market, but perhaps not as slow as 2023, which reported 5 pending sales in March (and zero in February!).
If you are a seller, all of this means you may need to be willing to accept a lower sales price. It could be we see another year of softening prices for certain types of properties. And of course, you will need to do all the hard pre-listing work of preparing your property for maximum curb appeal.
If you are a buyer, you will have a greater selection of properties to consider. This will lead to a bit more negotiating strength. But please don’t expect a screaming deal. Remember Lake Chelan inventories are still historically low. Patient sellers will remember this as they consider offers.
