Another Hot Year Expected in Yakima Real Estate
Even though it's a cold winter the Yakima real estate market remains hot with more homes now available in the local market.
More homes are now on the market and the list is growing
According to Cory Bemis owner of Yakima's John L. Scott Real Estate that's the biggest news in the market. He says the number of homes currently for sale grew to 406 in December of 2021. That's 71% higher than the 237 homes that were actively for sale one year ago in December of 2020. Bemis says "look for that number to continue to slowly rise over the course of 2022 as higher interest rates contribute to reduced buyer demand." If you were in the market for a home last year the 2021 Median Home Sales Price ended at $323,000. That's a 17% increase from last year when the price was $276,000. Home sales increased by 16% in 2021 with a total of 2,265 homes sold.
Even though it was December lots of people still moved into new homes
As for the month of December. 191 homes sold last month. That's a 2.6% decrease from the 196 homes that sold in December of 2020.
30 year fixed rate mortgages are averaging a 3.5% interest rate right now according to MortgageNewsDaily.com. This is 0.64% higher rate than 1 year ago.
The last two years have seen gains across the board in the local real estate market and there's no sign of the market slowing down for anything including COVID-19.
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