Saturday, May 14, 2005

Wenatchee Real Estate Frenzy

Dear Readers,
Sales of Wenatchee real estate (new & existing homes and vacant land) were amazingly brisk throughout 2004. This trend shows no sign of slowdown in 2005. This surge in sales activity has created a tremendous demand. This huge demand has resulted in a massive increase in new construction activity. Home values have increased substantially but, fortunately, the flurry of new construction activity should help supply keep pace with demand, so our prices don't get totally out of control. There are new neighborhoods, literally, springing up all over. The surge in subdivision development has helped keep vacant lot prices fairly stable.

The new home construction activity has contributed to a recent Wenatchee Labor Summary report: In February 2005, the unemployment rate in Chelan and Douglas counties was 6.9 percent, one full percentage point less than the February 2004 figure of 7.9 percent . Agricultural jobs have decreased, which stands to reason since many of the orchard trees are being cut down to "plant" houses. To read more about that and our very diverse local economy, you can check out my "Apple Blossom" buzz post from May 4, 2005. This will help explain why, despite a decrease in agriculture job, the local economy is quite healthy.

Have a great day!

Realtor, ABR, e-PRO, GRI, RECS, REI
Serving all of Washington State
Specializing in Wenatchee & Surrounding Areas
Phone: 509-670-7840 * Fax: 419-818-4009

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