Chelan and Douglas real estate market outpaces national trends

Brian Fair
Pioneer Title Company

The real estate market in Chelan and Douglas counties continues to buck national trends, posting significant gains in March even as sales across the United States declined.

On April 24, the National Association of Realtors announced that March’s single-family home sales dropped by 5.9% from February, marking the largest monthly decline since 2022. However, Chelan and Douglas counties reported a 36% increase in unit sales and a 40% rise in dollar volume during the same period.

Financing activity also strengthened in March, aided by a 0.3% drop in interest rates for most of the month. The lower rates contributed to 31 more financed deals compared to February. The Wenatchee market led the surge, with a 40% increase in unit sales and a 47% jump in dollar volume.

For the quarter ending March 31, all subregions of Chelan and Douglas counties reported gains over the previous year. Chelan County saw a 12% increase in unit volume. The Upper Valley recorded a 39% rise in unit sales, and the Wenatchee market posted a 7.5% gain.

The sales price per square foot for existing homes is now reflecting a steady increase. Market analysts noted that the “shock” of rising interest rates in 2022 appears to have been absorbed. Properties priced under $500,000 and over $700,000 showed both quarterly and annual increases.