Planning on checking out homes for sale in Lake Chelan or selling your home in the area? Below are a few key takeaways about Chelan, WA real estate to help you take the right steps in your homebuying or selling journey.
As of the end of November 2022 in Chelan, WA:
- Current inventory: There are 53 homes listed in the market, majority of which are single-family homes. Ten of these properties are condos.
- Prices: As of writing, the median home price is $597,450 while the median sale price is $530,000. The median sale price is down by 18.3% compared to the same time last year.
- Number of homes sold: Chelan, WA real estate saw a total of 15 properties sold in October of this year, which represents a 15.4% year-on-year increase. On average, these homes spent about 34 days on the market— a longer period compared to last year
- Temperature of the market: Chelan’s real estate market has been very competitive in the past couple of months. It is common for many homes for sale to receive multiple offers, with properties entering the pending stage nine days after listing. Especially desirable homes on the market, however, can go pending in as less as four days. It is highly likely to sell a home for the original listing price, with the sales-to-list percentage in Chelan at 98.5%. About 20% of the homes sold were able to sell for far more.
- Who is coming to Chelan to buy homes: Many people from the Seattle area are looking to move to Chelan and nearby towns and cities because of the more relaxed pace of living here and out of the desire for more space and quiet. This has resulted in home price increases in Chelan and the rest of Central Washington.
- High demand for homes: Chelan’s housing stock could not keep up with the demand, resulting in multiple offers and contingencies waived in some cases. Naturally, this also contributed to rising home prices in the area.
- Market makeup: To date, Chelan has over 1,600 total housing units, including apartments and condos. About 55.7% of these are single-family homes. The second most common residential real estate in Chelan are apartment complexes (29.6%), followed by smaller apartment buildings (6.9%), and townhomes (4.5%).
More than half (54.%) of homes in Chelan were built between 1970 and 1999. Meanwhile, about 21.5% were built in the 2000s to date. It is possible to find older homes in Chelan; 16.2% date back to 1940-1969, while 8.3% were constructed in 1939 or earlier.
- Rent and ownership: In Chelan, as of date, 57.2% of the homes are owner-occupied while 42.8% are open for lease with rent prices averaging at $1,919.
Overall, properties in Chelan are currently going for a premium. Homes are selling at a brisk pace; a property that you may be interested in today may end up being purchased by someone else sooner than you expected. If you find a home that meets your preferences and falls within your budget, consult your Realtor to come up with an irresistible offer.
As for sellers, the outlook is bright if you choose to list your home in the next few months (winter, however, is a slow season for selling). Your Realtor can help you prepare your property to sell for the best price as quickly as possible.