The latest economic reports are out and here are some highlights from Mathew Gardner's monthly report. Here in the Methow Valley we are currently in a fierce sellers market driven by certain market factors Mathew discussed. Average home prices are at a record high around the country but the data is slightly skewed by the recent uptick in the luxury market. The average days on market before pending have also hit a record at just 20 days. The low inventory levels in Winthrop, WA, Mazama, and the Methow Valley are likely to continue in part because of the fast turnover rate. The slow new housing growth, specific to the Methow Valley’s building challenges, will contribute to low inventory as well especially if lumber and building material costs remain high. As the bond rates start to rise, mortgage rates are climbing along with them but this year rates are expected to hit the mid 3 percent range, which is still an appealing rate when compared to historic figures. |
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