It is a great year so far for the Lake Chelan real estate market, particularly if you want to buy property. There is a tri-fecta of low prices, great selection and record low interest rates.
There are 307 active listings on the market today in just the active residential properties I track for my monthly report. 62 new listings were added in April.
Average price for the year, due to an April without many higher priced sales, has dropped slightly from last year’s number. Only 5 home sales were closed in April compared to 11 in April 2008. Dollar volume was even lower at 29% of last year’s number. But, we still haven’t gotten to the busy part of the season and monthly numbers always fluctuate.
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Hopefully spring will bring about some change in the real estate market. I am a Realtor, and it seems like the activity from potential home buyers is increasing. This includes both website real estate activity as well as walk-in traffic.
I would definitely agree that activity is picking up. It seems that buyers are finally getting over their reticence and are interested in taking advantage of better prices, better choices and great interest rates. Our web activity has certainly spiked in the past month — more than 3 times the traffic and more than 10 times the number of inquiries… Perhaps this year will surprise us all!