Still not calm for Yakima’s buzzing real estate market
Real estate agents in the Yakima area have been very busy since the start of the pandemic and there is no sign that the market will slow down for the winter. Increases sales at all levels of local real estate.
Median home price is now $ 320,000, up from 2020
According to Cory Bemis, owner of John L. Scott Real Estate of Yakima, the median home price is currently $ 320,000, a 16% increase from last year, when it was $ 275,000. . Many homes sold in the last month alone. In fact, Bemis says there were 217 homes sold last month in Yakima, which is an 11% increase from the 196 homes sold in November 2020. So far this year, 2,070 homes have sold, an increase of 18.5% compared to last year when 1,747 were sold.
Homes don’t stay on the market for long, so act fast
Bemis says, âOver the past few months in the Yakima real estate market, the absorption rate has slowly increased. The absorption rate tells us how many months the current active ad inventory would last at the current pace of sales. If no new properties were listed and sales continued at a sustained average rate, the absorption rate tells us how many months it will take to sell all properties on the market. Historically, a balanced market would have a rate of d absorption equal to 6 months of inventory. the absorption rate was 2.4 months for November. This is the highest since December 2019, when it was also 2.4. We have only seen more than 2 months of inventory on the market once in the past 18 months. “
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