March home sales were slightly higher than anticipated in the Yakima Real Estate Market. This is a good sign as home sales appear to be on the rise. When compared to last month, the average home sales price increased 5.2% and the total number of homes sold increased by 65.6%. When compared to March of 2010, the average home sales price decreased 1.9% and the total number of homes sold decreased by 15.9%. Although the totals are down from last March, this is the best spring transition Yakima has seen since 2007. Look forward to an outstanding summer in the Yakima real estate market!

In the month of March, there were 106 total homes sold with an average sales price of $160,496.

As expected, January home sales in the Yakima Area Real Estate Market declined when compared to the previous month as well as January 2010. The total number of homes sold decreased 22.6% from the previous month, while the average home sales price decreased 3.5%. In the month of January, there were 65 total homes sold with an average sales price of $150,932.

Traditionally, January home sales are the lowest of any month (as you can see from the monthly statistics chart below). This January isn’t any different. Although the total amount of homes sold was lower than the past few years, the average sales price dipped less than expected.

Happy Holidays!

November home sales in the Yakima Area Real Estate Market continue to exceed expectations. As the total number of homes sold monthly continues to decrease, the average home sales price remains strong. In the month of November, there were 78 total homes sold with an average sales price of $174,491.

While 78 total homes sold were nearly the lowest for any month in the past two years, $174,491 is close to the highest average sales price! What does this indicate for the future of our market? Considering the fact that markets naturally sustain themselves over time, we can expect the increasing gap between homes sold and average home sales price to decrease. This denotes that the Yakima Area Real Estate Market will soon experience one of the following scenarios: an increase in total homes sold, a decrease in the average home sales price, or a combination of both. Traditionally, December through February is the least active time period for home sales. However, we can generally expect total homes sold to increase in the spring.

September home sales in the Yakima Area Real Estate Market remained consistent with the previous month. While monthly home sales appear to be fluctuating more significantly in 2010 than 2009, the average sales price continues to remain steady. Steady sales prices generally indicate a healthy market as far as home values are concerned. 106 total homes sold in the Yakima area during the month of September. This is a 20.9% decrease when compared to September of last year and a 1.9% decrease from last month. The average home sales price in the Yakima area for September was $167,452. This is a 2.8% decrease when compared to September of last year and a 2.5% decrease from last month.

What’s the deal with the Foreclosure Freeze on the news?

Here is an overview of the situation according to mybanktracker.com:
“In the past few weeks there has been a lot of buzz about Bank of America, GMAC, Ally, Chase and PNC Bank needing to stop home foreclosures in order to reevaluate the system they used. Bank officials are required by law to read through affidavits carefully before signing off on them. Bank employees allegedly did not take enough care, meaning they have had to review their practices and halt the entire system.”

You can view the entire article at: http://www.mybanktracker.com/bank-news/2010/10/11/obama-involved-bank-foreclosure-mistakes/

July home sales in the Yakima Area Real Estate Market dipped significantly when compared to the last few months. Total homes sold dropped to the lowest monthly total since February of this year. 94 homes sold this July was the lowest total for any July dating back to before the turn of the millennium. The average home sales price was also down (5.2% compared to last month and 8.2% compared to last July).

You may have seen a commercial recently or heard someone say, “Now is a great time to buy!” Of course low interest rates and low home prices sound great to first time buyers, but what about current homeowners? While you may not be able to sell your current home for the price you’d like, you do have the opportunity to re-invest in the very same market. Whether you’re buying and selling in a seller’s market or a buyer’s market, you aren’t losing in your overall investment so long as you’re taking part in both transactions. How does this benefit the investor? If you are purchasing with a home loan, you have the ability to get more house for your money. For example, if you purchased your home in 2006 or 2007, it’s likely your interest rate is close to 7%. According to rates this morning, a 30 year fixed rate loan is available for only 4.25%. This means if you purchased a home for $150,000 in 2007, your monthly mortgage payment (before taxes and insurance) is close to $1,000 per month. Today you can invest in a home for $200,000 and your monthly payments will only be $984 per month. Not only are you lowering your monthly payment, you’re investing in a more valuable house!