It’s A Sellers Market in Yakima Real Estate
Are you in the market for a new home in Yakima? Are you selling a home?
Cory Bemis, owner of Yakima's John L. Scott Real Estate says Yakima is now in a seller's market with more buyer demand than seller supply.
The median home sales price is up more than 10% from last year
Bemis says the 2022 Median Home Sales Price in Yakima is $350,000 which is a 10.06% increase from last year when the price was $318,000. He says 184 homes sold in July which is a decrease of 17.1% from the 222 homes that sold in July of 2021.
All total there have been 1,211 total homes sold in 2022 a 3.7% increase from last year when 1,168 homes were sold. Bemis says 30-year fixed rate mortgages are averaging a 5.33% interest rate according to MortgageNewsDaily.com. That's 0.38% lower than one month ago, and 2.38% higher than one year ago. But that's not stopping many buyers in Yakima from purchasing a home.
Lots of people are in the mood to buy a home
Currently Bemis says 55% of new listings in June accepted an offer in their first 30 days on the market. While this number is much lower than the 73.8% level Yakima experienced in August of last year, it still shows that we are in a seller's market with more buyer demand than seller supply.
So that's good news if you are selling a home in the Yakima market because lot of people are looking for homes and many are prepared to make offers and purchase homes.