The heat is on—and we’re not just talking about the weather. The summer surge is upon us as families look for a place to settle before the school year and those who vacation here consider taking up part-time residence. The market was positively buzzing last month, with new properties coming on and then flying off the market almost as fast.
In fact, 74% of homes that closed in Upper Kittitas County last month spent 2 weeks or less on the market! The average time on market was only 16 days. (There was one outlier that spent 213 days on the market. If we exclude that one listing, the average becomes 13 days!)
Inventory – Active vs Pending Listings
Below we compare the number of active listings (supply) and pendings (demand) for several of the key Kittitas County neighborhoods including Cle Elum, Roslyn, and Suncadia. Our table includes single family residences comparing June 2020 and 2021.
We compare the Active to Pendings instead of Solds because the Pendings represent homes that accepted an offer in the current market conditions. (Solds could have accepted their offer weeks or even months ago.)
Median Sales Prices
Comparing June 2020 with 2021, the Upper Kittitas County’s median sales price for didn’t overtake last year’s median sales price, as it has in past months—but that’s not a cause for alarm. Median sales prices best represent the quantity of homes sold at certain price points. So while the final number is a little lower compared to last June, we actually saw more homes close last month than in previous months.
You can see in the smaller communities that median prices still increased year-over-year.
List Price to Sales Price
When the list price to sales price is over 100%, this is usually an indicator of multiple offers. In fact, 46 of our 58 sold listings last month sold at or above list price – that averages out to $ $26,206 per seller!
The market is always changing, almost like it’s alive. What was great strategy 10 years ago doesn’t work the same today. That’s why having a broker with up-to-date info and current market savvy is your best bet to maximizing your real estate success. Please reach out with any questions about the current market. We share our expertise freely!
