Market Update - 8.6.25
The median price of closed sales in July surged to $1,195,000 in the Lake Chelan residential market. Additionally, of the 18 closed sales in July, 60% were cash purchases.
This high number of cash sales explains the jump in the median home price. There simply was a dearth of buyers who financed lower-priced transactions. The take home: financially strong buyers are still present in the market; less resourced buyers struggle to find properties where the financing numbers work.
The market had a relatively strong July after a slight drop in pending sales in June. “Relatively strong” because, while 21 pending sales is still lagging pre-covid numbers, it is the highest number of pending sales since COVID (tied with June 2023).
Inventory continues to increase with 138 homes on the market in July. This is near a 10-year high. Only June of 2016 had a higher inventory with 141 homes.
If you are a buyer, this continues to be a good time to purchase. With 11 months of inventory, Buyers can afford to be patient and present lower offers.
As a seller, your home needs to be polished. Yes, give it those paint touch-ups. Yes, refresh the landscaping. Yes, even replace the deck. Your home needs to stand out from the crowd.
