Market Update - 6.25.21

The Lake Chelan Real Estate Market continues to drive ahead fueled by low inventory and high demand.  May recorded a respectable 35 new listings, but lagged behind the five-year average of 49.4 for the month.  Add to this a strong number of pending sales - 31 - and the result is no appreciable increase in inventory.  

Homes are selling over asking price nearly across the board.  The average sale price in May was 104.5% of list price.  In the case of highly desirable waterfront listings, this percentage has risen to 120% or more.

This activity continues to pose a challenge to the working sectors of the community.  Only four homes were listed for sale in May at prices less than $500,000.  Over the last twelve months, 96 homes sold within this price range at a median price of $385,000.

Our prediction is for a continued strong sellers market through the balance of the summer and fall and potentially into 2022. The demand unleashed by the sociological impacts of COVID shows no sign of abating.

Follow the graphs below to see this narrative visually.

GRAPHS

NEW LISTINGS: Respectable new listings in May (35 new homes) but behind 5-year average for the month.

PENDING SALES: The market quickly consumed the new listings - 31 pending sales in May. Note this is higher than any month of pending sales in 2016 through 2018.

AVE PERCENTAGE OF LAST LIST: The graph below captures the recent market frothiness. Sellers pushing prices above asking to secure properties.

HOMES FOR SALE - BY PRICE RANGE: Affordability issues in Chelan continue to worsen. May 2021 recorded just 4 homes for sale in the less than $500,000 price range.