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Chelan/Douglas counties' single-family home market had a robust Q1 in the affordable range of sales prices according to sources at the Wenatchee World. Pacific Appraisal Associates reported 17 more units sold for less than $500,000, while higher interest rates impacted the market, resulting in a $35 million decrease in financed sales volume. In 2022, 45% of sales were homes sold for less than $500,000, and in Q1 2023, 62% of sales were in this price range.

The average price per square foot for single-family homes sales per quarter dropped 11.5% since the beginning of the year in the less than $500,000 range, with a total of 54 units sold in this price range in March in Chelan/Douglas counties. This indicates that motivated buyers and sellers are driving an active market in the less than $500,000 price range. However, in the $700,000 to $1 million price range, there was a 50% decline in sales from last year, while inventory remained steady with 36 units listed under $700,000 to $1 million as of March 31. Experts say sellers may need to reconsider price reductions to address the decline in demand in this higher price range.

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