Another hot year expected in local real estate
Even though it’s a cold winter, the Yakima real estate market remains warm 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, this is the biggest news in the business. He says the number of homes currently for sale rose to 406 in December 2021. This is 71% more than the 237 homes that were actively for sale a year ago in December 2020. Bemis says “look for that number. continues to rise slowly through 2022 as higher interest rates help reduce buyer demand. ”If you were looking for a home last year, the median home selling price in 2021 was $ 323,000. This is a 17% increase over last year when the price was $ 276,000. Home sales increased 16% in 2021 with a total of 2,265 homes sold.
Even though it was December, many people still moved into new homes
As for the month of December. 191 homes sold last month. This is a decrease of 2.6% from the 196 homes sold in December 2020.
According to MortgageNewsDaily.com, 30-year fixed rate mortgages have an average interest rate of 3.5% right now. This is 0.64% more than a year ago.
The past two years have seen gains across the board in the local real estate market and there is no sign of the market slowing down for anything including COVID-19.
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