Market Update 7.30.21
The Lake Chelan Real Estate Market reported a median sale price for the month of June of $832,500 - a new 10-year high. The median sale price bounces around on a monthly basis but the graph below shows the increases associated with the COVID-inspired 2020/2021 activity.
June reported a respectable 43 new listings, but also continued strong movement with 30 pending sales in June. The volume of pending sales is captured in the graph below. Note that in the last ten years, the Lake Chelan market didn’t reach 30 pending sales until 2019, and then only for one month.
The graph also shows the rocket ride of June 2020 with 47 pending sales. And then three solid months in the mid to lower thirties. The market has moderated slightly in terms of that pace, but is still moving very quickly.
Affordability continues to be non-existent with five homes listed at the end of June priced below $500,000.
The overall inventory is rising slightly. (2.5 months supply based on the pending sale rate as shown below.)
Finally, Chelan County adopted Short-Term Rental (STR) regulations earlier in July. The final version of the code has a helpful summary on pages 1 and 2 with the following diagram on page 3. Most STR operators will fall into the Tier 2 definition.
