In the Market for a new home? It’s a Competitive Market in Yakima
The Yakima real estate market continues to see Increases across the board. According to Cory Bemis owner of Yakima's John L. Scott Real Estate in Yakima home sales remain strong in the local real estate market following a trend that's been happening in Yakima since the COVID-19 pandemic started.
Homes sales up 16% this year over last year
Bemis says the current median homes sales price in Yakima is $322,000 an increase of 16% over last year when the median price was $277,500.
A lot of people are living in new homes in the Yakima area. In fact 229 homes sold in October of this year. That's a 31.6% increase from the 174 homes that sold in October of 2020, and an 30% increase from the 176 homes that sold in October of 2019.
A record number of homes have sold so far this year
A lot of homes have sold so far this year! Bemis says the number sits at 1,849 homes which is a 19.2% from last year when the total number of homes sold was 1,551.
Lots of homes have been listed this year. He says there have been 2,384 homes listed for sale in the Yakima, more than any other year in the past decade (with the exception of 2013) and 10% more than any of the previous 5 years. Bemis says "this is a surprising statistic considering the low amount of "active listing" inventory our market has experienced over the past couple of years."
Low mortgage rates are attracting buyers
30 year fixed rate mortgages are averaging a 3.08% interest rate right now according to MortgageNewsDaily.com. (This is 0.07% lower than last month) and it's attracting a lot of buyers in a busy Yakima real estate market.