Comparing the Okanogan County and Chelan County Real Estate Markets

Okanogan and Chelan are two of Washington State’s north-central counties. Dominated by mountains, rivers, and lakes, their economies thrive on agriculture and tourism, two industries that thrive in the majestic terrain and special climate that the said areas possess. It is also not surprising that picturesque rural and suburban communities populate these two counties.

Looking to settle or sell in North Central Washington? Here’s a closer look at real estate in Okanogan and Chelan Counties, with a spotlight on the Methow Valley.

Home Prices

Prices in some areas of Okanogan County are friendly for first-time homebuyers. Cities such as Okanogan, Omak, Tonasket, & Riverside represent a bulk of buyer-friendly options. As of July 2020, homes in the area registered a median listing price of $235,000, with a median price per square foot of $180. By comparison, Chelan County had a median listing price of $369,000, with a median price per square foot of $238. Both of these prices are under the median value for Washington State.

Even though prices in Chelan are higher than in Okanogan, home values in the former have greater value. Homes in Chelan sold at an average rate of 1.6% more than their listing price in July. Meanwhile, homes listed in Okanogan County had to be lowered by 4.9% before closing.

The Methow Valley, where Coldwell Banker Winthrop Realty resides and operates, is a community nestled within Okanogan County could be considered a bit less of a fit to the ‘buyer-friendly’ mold some alternate locations within the county depict.

The Methow Valley, (Mazama, Winthrop, Twisp, Carlton, Methow), has experienced record low inventory, while simultaneously experiencing record population inflation as a symptom of the COVID-19 pandemic. Many west-side residents no longer having to commute to the office, have opted to relocate to more rural areas. Sources via local TwispWorks estimate roughly 600 residents have moved to the Methow this summer alone, with 127 children in the mix. With a population of 990 people in Twisp historically, the surge is palpable.

Low inventory, low mortgage rates, and increase in populace have created an interesting storm with surges are coming in more ways than one. Listing prices have soared to new heights. As of Sept. 2020, less than 30 residential properties are actively for sale. Of those, five are priced at or below $400K, with highs exceeding $2.5Million.

6-month data trends, however, do still fit into the Okanogan County mold. Sold prices in the last 6 months average out to just below $300K.

Market Climate

Though the markets for both counties are currently balanced, Chelan County is more of a seller’s market. This is evident when the days on market for homes in each county are compared side by side. The median days on market for Chelan County is 56 days, while homes in Okanogan County spend 70 median days on market — nearly a month longer.

Monthly and Yearly Trends

Gradual economic recovery from the pandemic is spurring activity in the Okanogan and Chelan residential markets.

Homes in both counties sold faster in July than they did the month before, and both recorded the lowest days on market for the first half of the year. (Days on market for Okanogan peaked at 176 days in May; Chelan registered the highest DOM in January at 101 days.)

Overall, the median DOM for Okanogan has gone up for July year-over-year, and down for Chelan during the same period.

State and National Trends

Washington is in a good position. In WalletHub’s recent ranking of state economies, Washington topped the overall list for its high economic activity and GDP growth. It also placed in the top 4 for innovation, economic health, and the highest percentage of jobs in high-tech industries.

The state’s housing market is also benefiting from this positive development. Forecasts point to great performance in the near to medium term, and home values have risen 6.6% year-over-year, despite the fact that median home listings in the state ($449,433) are well above the national average ($313,200, FRED Q2 2020).

And while the coronavirus outbreak caused a marked drop in sales within the state for 2020, homebuyers and sellers now have access to the lowest mortgage rates the country has seen in decades. And this can further incentivize those already posed to enter the housing market.

Are you interested in Okanogan County or Chelan County real estate? Let Coldwell Banker Winthrop Realty help you achieve your real estate goals. Our local experts draw on over 20 years of knowledge of the area, so reach out to us today at 509.996.2121 or info(at)cbwinthrop(dotted)com.