Home prices up, sales down for November
JOEL MARTIN | Hagadone News Network | UPDATED 1 year, 11 months AGO
Home prices were up in Adams County but down in Grant County for November compared to a year ago, according to information from the Northwest Multiple Listing Service. The Royal City home pictured above was listed for sale in the 300 block of NE Widmer Drive as of Wednesday afternoon.
JOEL MARTIN/COLUMBIA BASIN HERALD
Joel Martin has been with the Columbia Basin Herald for more than 25 years in a variety of roles and is the most-tenured employee in the building. Martin is a married father of eight and enjoys spending time with his children and his wife, Christina. He is passionate about the paper’s mission of informing the people of the Columbia Basin because he knows it is important to record the history of the communities the publication serves. | December 9, 2022 1:25 AM
MOSES LAKE — Home sales were down across Washington compared to November 2021, according to a statement from the Northwest Multiple Listing Service, with rural East Side counties showing some of the heaviest declines. At the same time, median prices rose slightly, also with the exception of some rural counties.
“Determined buyers are purchasing homes, with pent-up demand driving the market,” said Dean Rebhuhn, owner of Village Homes and Properties in Woodinville, in the statement. “Sellers who price to the market are attracting showings and receiving good offers.”
Statewide closed sales were down by 40.43% from November to November, according to statistics supplied by the NMLS. Median home prices had increased by 0.88% during the same time.
In Adams County, median home prices rose by 8.6%, but Grant County prices fell by 6.61%. Both counties dropped dramatically in the number of closed sales, Grant by 47.06% and Adams by 60%. The only other county in Washington to drop by that much was San Juan County, which also had the highest median prices in both years.
Historically, November and December have been slow in the real estate market, the report said.
“December is traditionally the low point of new listings coming onto the market because of the holiday season,” wrote J. Lennox Scott, CEO of John L. Scott Realty.
Moses Lake real estate broker Ben Sellen agreed.
“I've shown houses in the rain and I've shown houses in the snow,” Sellen said in a November interview, “but generally people aren't out there looking at houses in the rain or the snow. That's why December is the best time to buy a house: sellers are already frustrated. Everybody's out shopping for presents, not for houses.”
“Our traditional seasonal slowdown around the holidays is happening earlier this year, with the alignment of climbing interest rates, economic news, local weather, and a volatile stock market,” wrote John Deely, executive vice president of operations at Coldwell Banker Bain, in the MLS report. “These conditions make it easier for consumers to place large purchases on hold, though we saw several notable sales in the luxury market over the last month, as real estate is still one of the best investments one can make.”
Sellen echoed Deely’s sentiments regarding investment.
“You might think a house is over-expensive right now, especially newer-built homes,” he said. “Get into one. Get into a newer-built home, and at least have it for rent. Investors that I've worked with, they tell me if you can't sell it right now, rent it, you'll have no problem.”
Joel Martin may be reached at jmartin@columbiabasinherald.com.