Got New Neighbors in Yakima? Homes Sales Still Hot
Despite a struggling economy and rising consumer prices more and more people are buying homes in Yakima. According to Cory Bemis owner of Yakima's John L. Scott Real Estate the Yakima market is still seeing gains across the board.
Bemis says sales so far this year are already above of 2021
Bemis says 130 total homes sold in February, 2022. This is a 12% increase from the 116 homes that sold in February of 2021, and an 24% increase from the 105 homes that sold in February of 2020. There have been 302 total homes sold in 2022 Year to Date. He says that's a 30% increase from both 2020 and 2021.
Bemis released his local housing forecast in December of 2021
Bemis released his 2022 housing forecast in December of last year Bemis saying while he expects interest rates to rise this year they'll still be historically low giving more people an opportunity to become homeowners. 30-year fixed rate mortgages are averaging a 3.96% interest rate right now according to MortgageNewsDaily.com. That's 0.06% higher than last month, and 0.67% higher than one year ago.
As previously reported the local market has seen increases for years
Colder temps and snow didn't discourage the market in January. Bemis says the 2022 Median Home Sales Price in January was $320,000. That's a 3% increase from last year to date when the median price was $310,000. A lot of people moved into new homes in January. There were 171 total homes sold in January of 2022 which is a 48% increase from the 115 homes that sold in January of 2021.
Bemis expects a lot of new homeowners in Yakima this year
Bemis says If last year and the year before were any indications the market will continue to see record sales and growth in 2022.