Market Update - 06.08.23
May statistics offer more evidence of a softening market in Lake Chelan. There were a scant eleven pending residential sales in May. (A typical May range is 20-28 pending sales.) This is the lowest figure since 2013.
While this isn’t great news for Sellers, the slow start for 2023 does offer more inventory for Buyers. The valley had 53 homes for sale in May. This is still low compared to pre-COVID levels (which averaged over 100 homes for sale). But is a good start for the year.
If pending sales continue to lag and inventory rises, we may be on our way to a “balanced market” in which neither Buyer nor Seller has an advantage.
Buyers, I know this is music to your ears after many years of fighting for a place in Lake Chelan.
Sellers, don’t fret. If you’ve maintained your home and invested in good staging and photography before the list date, you will find a buyer. Lake Chelan will always be a sought after place, but more patience on your part will be required.
The Data
Pending Sales (5 Year time frame): April and May recorded low pending residential home sales. Typically, the market sees 20-28 pending sales in May.
Homes for Sale: The muted spring sales season has allowed inventory to climb in an encouraging direction. This ten year snapshot shows how common it was pre-COVID to have inventory in the 75-140 home range.
