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YAKIMA REAL ESTATE REPORT a comprehensive analysis of the residential real estate market in Yakima

O wning a home remains important to Americans, and consumers are more optimistic about the housing market in 2014 than they have been in many years. A recent survey conducted by Prudential Real Estat

Yakima Real Estate Market akimas real estate market followed national trends by continuing to improve, as measured by the quantity of residences sold in 2013. The number of homes and condos sold in th

Yakima Real Estate Market Continued... Interest Rates wield significant influence in buying patterns also. We entered the year with continued record low interest rates due to the Federal Reserves effo

I Homes Available for Sale stronger in these months, at the same time, a home seller will find themselves competing with more likeminded home owners who choose the same time of the year to list their

he average price of homes and condos sold in the Yakima Metro area actually decreased in 2013 from that in 2012. Last year the average price of all residential properties sold was 179,327 compared to

Price Trends When looking at changes in different neighborhoods, we find similar trends driving the resulting average price. In East Yakima, we saw the average price of residential properties sold dec

Luxury Homes S ales of Luxury Homes in Yakima continued their upward trend in 2013, posting another strong gain in the number of homes sold. Last year sales of homes priced 450,000 and above increas

Luxury Homes Prices of luxury homes appear to be stable. Overall the average price of homes sold in this category remained firm at 565,000 last year, as did the price per square foot of finished space

Mortgage Financing T he largest changes the housing market has seen in the last few years has been in the home loan arena. The housing boom and resulting bust was driven by the home lending system a

Mortgage Financing This last factor is likely the attribute that will impact the most people. Simply put, the lender is limited to making a loan with a monthly payment, when added to all the other deb

Condos and Coops S ales of Condominiums and Cooperative Apartments showed strong growth in 2013, increasing 24 over the prior year and outpacing the sales of all residential properties. Representing

Condos and Coops The vast majority of units sold were located in the West Yakima area, representing 73 of condominiums sold. The balance were mostly in Yakima itself at 21 of the total, with just a fe

New Home Construction M any home buyers consider purchasing a newly built home. There are many advantages to owning a new home, and those characteristics that only buying a new home offers often out

New Home Construction The size of newly built homes has not changed dramatically, where they have averaged just over 1800 square feet for the last two years. However those opting for larger four bedro

he Yakima Real Estate Market continues to improve, clearly demonstrating that the worst of the economic downturn is behind us. While prices in the region are not increasing dramatically, the increased