Coldwell Banker Lake Chelan Properties works to keep you updated on the latest Washington real estate market data to help you in your home buying or selling forecasts. Below, you’ll find five of the most important trends affecting Winthrop, Twisp, Methow Valley, and Mazama real estate markets. Use them to make sound decisions regarding your real estate plans.
Trend #1: Statewide median home value nears $650,000
Latest data shows the median value of homes in Washington is now at $633,500, with some sources reporting even higher numbers. Compared to the previous quarter, median home prices increased in all but three locations (namely, the counties of Island, Jefferson, and San Juan). In the counties where median prices rose, all but four (Grays Harbor, Mason, Snohomish, and Thurston) saw double-digit increases. Notably, home values are nearly 140% higher in the Seattle metro area.
Trend #2: Median list prices are experiencing significant year-over-year increases
The median price of homes has increased by double-digit percentages since 2019. That year, prices averaged $397,700, increasing by 13.7% in 2020 ($452,400), then by 23.87% in 2021 ($560,400). This year’s median home price represents a year-on-year 13% increase, which is only expected to go up before year’s end.
Trend #3: Mortgage rates are steadily increasing
As of mid-August, current mortgage and refinance rates in The Evergreen State stand at 5.52% for 30-year fixed, 4.9% for a 15-year fixed, and 4.75% for a 5/1 adjustable-rate mortgage (ARM). Comparatively, numbers for the previous year were at 5.06% for conforming 30-year mortgages, 4.61% for 15-year mortgages, and 5.73% for 5/1 ARMs.
Despite the increase, rates are still relatively low in the Twisp, Mazama, Methow Valley, and Winthrop real estate markets compared to other areas in the US. So, if you plan to buy Winthrop property, it will be wiser to get serious about your purchase intentions sooner rather than later, before prices and rates rise even more. For homeowners, current market conditions present an excellent opportunity to refinance and secure a new loan with today’s low rates.
Trend #4: Inventory is dwindling fast
The housing supply across Washington State has fallen sharply in the past few years, causing prices in the Mazama, Methow Valley, Winthrop and Twisp real estate markets to soar. Cities are the hardest hit by the low inventory issue, with Seattle in particular having a measly two months’ supply of available properties for sale and median home prices skyrocketing to $982,604 in July this year. Considering that a balanced market usually has five to six months’ worth of available inventory, the situation is indeed tight for interested homebuyers, so there’s no time to delay.
Buy or sell your home with Coldwell Banker Lake Chelan Properties
If you have any questions relating to Winthrop, Twisp, Mazama, and Methow Valley real estate and mortgage, our professionals here at Coldwell Banker Lake Chelan Properties can help. Serving the communities in the broader Washington State, we offer solid real estate services, representing both homebuyers and sellers alike. Trust us to always work in your best interest. Call us at 509.996.2121 or leave a message here.