WA home prices up over all, lower in Adams, steady in Grant
JOEL MARTIN | Hagadone News Network | UPDATED 2 years, 9 months AGO
A home for sale in Othello Wednesday. Home prices in Adams County, some of the lowest in the state, dropped 30% in the last year, according to data from the Northwest Multiple Listing Service,
GABRIEL DAVIS/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 8, 2023 1:30 AM
MOSES LAKE — Home prices are up slightly and inventory is down across the state compared to a year ago, but numbers in the Basin tell a slightly different story, according to data released Wednesday by the Northwest Multiple Listing Service.
Washington had 10,177 active listings in November 2023 compared to 12,245 in November 2022, according to the NMLS figures, a 20% decrease. Adams County listings went from 58 in 2022 to 45 in 2023, a drop of 29%, but Grant County barely shifted, going from 224 active listings a year ago to 226.
A slight decrease in interest rates has raised cautious optimism, the NMLS wrote; interest rates now sit at around 7.2%, in comparison to 7.8% in October 2023, and a continuation of that decrease would have a positive impact on the market in general. However, the decline in seasonal inventory continues to drive home prices upward, spurring an increase of 4.6% in prices from November 2022.
The number of homes sold decreased statewide by 16%, but seven counties, including Grant and Adams, saw a year-over-year increase. Ten homes were sold in Adams County in November 2023 compared to six in November 2023. Here again, Grant County held steady, going from 74 to 75 closed sales.
Adams County saw a substantial increase in months of inventory, or the amount of time it would take to sell all the homes on the market in a particular area, dropping from 9.7 months in November 2022 to 4.5 in November 2023. Grant County stayed the same year-over-year. Statewide months of inventory decreased by 1.1% from 2022 to 2023, comparatively stable after the 363% leap between November 2021 and November 2022.
The median sales price increased year-over-year in 21 of the 26 total counties included in the statistical report. Overall, the median price for homes sold in November 2023 was $601,341, up 4.6% when compared to November 2022 ($575,000). The three counties with the highest median-priced homes sold were San Juan ($975,000, down 21.5% from November 2022), King ($799,925, up 6.6%) and Snohomish ($703,635, up 3.9%). The three counties with the lowest median-priced homes sold were Grant ($327,999, up 6.6% from November 2022), Ferry ($313,750, up 4.5%) and Adams ($221,500, down 30%).
Although the number of sales transactions and housing inventory levels typically drop in the fall and winter months, the expected seasonal slow-down continues to be exacerbated by the high-interest-rate environment for buyers relying on mortgages, according to the NMLS report.
When it came to new listings, Adams County showed the same figures for November 2022 as 2023, Grant County rose slightly from 59 listings to 66 and Washington state dropped 17%, from 4,243 to 3,933.
“With the 30-year fixed mortgage rate currently just over 7.2%, the purchasing power of prospective buyers remains stunted relative to a few short years ago,” Mason Virant, associate director of the Washington Center for Real Estate Research at The University of Washington, wrote in the report. “Moreover, current owners with low-rate mortgages continue to be reluctant to sell. This has led to a continued decline in year-over-year transaction volume and the inventory levels in the market.”
Joel Martin may be reached at [email protected].
ARTICLES BY JOEL MARTIN
Quincy National Night Out scales down
QUINCY — Quincy’s National Night Out was more compact this year, which worked out well, said QPD Sgt. Joe Westby, who’s in charge of event planning for the Quincy Police Department. “National Night Out is a big event, and the fact that we’re able to shrink it up is like a breath of fresh air,” Westby said. “If you're always doing the same thing, it's kind of nice to switch things up and see how it works.” National Night Out took place Thursday on the block of C Street next to the police station, a shift from previous years when it was held at Lauzier Park. The smaller space meant fewer emergency vehicles for children to explore, but it also meant less walking for attendees. Grant County Fire District 5 brought a fire truck, and the Grant County Sheriff’s Office had a patrol boat. Renew, the Grant County behavioral health agency, had a booth and so did Quincy Partnership for Youth. Veterans Operation Creation sang the national anthem, and the Quincy Animal Shelter brought kittens that piled over each other making friends with passersby. As before, the QPD served grilled hot dogs.
Quincy Police retirements leave big shoes to fill
QUINCY — There are some big shoes to fill at the Quincy Police Department. “We’re losing 48 years of experience between them,” Quincy Police Chief Ryan Green said at the retirement party for Capt. Jorge Trujillo and Det. Damon Powell Thursday. Trujillo, who grew up in Sunnyside, has been with QPD for 19 years, he said, coming on as a patrol officer fresh out of the military. From there he served as a field training officer, a detective and finally captain. “I consider him my left-hand man,” Green said. “He runs the operations side of the house … He knows the agency very well, and he knows the community.” Trujillo has some projects around the house to tackle now that he’s retired, he said.
Big fun on a small scale
Wheat Land Communities’ Fair opens Thursday
RITZVILLE — The Wheat Land Communities’ Fair isn’t as big or as flashy as some of the county fairs around central Washington, but the folks who keep it going like it just the way it is. “It’s somewhere you can go and get an old-time traditional feeling, and you’re comfortable letting your kids roam the grounds and experience all that it has to offer,” said Board Member Lori Williams. “It’s more of a feeling than (one) specific thing,” The fair starts Thursday in Ritzville and runs through Sunday. Starting Friday, the 56th Ritzville Rodeo will take place alongside the fair at the rodeo grounds. This year the entertainment budget was expanded, Williams said, to be able to offer more fun that’s covered by the cost of admission. For the kids, there’s face painting, balloon art, Lego crafts, races, contests and games. Children can also ride on a little train towed around the fairgrounds behind a tractor.