How much should I offer over asking price on a Wenatchee Condo in 2021?
With record low inventory in the Wenatchee condo market and extremely high demand, bidding wars are becoming commonplace. Many buyers are asking what they need to do to compete right now.
How much should I offer over asking price on a Wenatchee condo?
As of mid-April, 23 condominiums have sold in the Wenatchee and East Wenatchee metro area. Two of these homes were sold “off market” with zero days listed. We analyzed the remaining 21 homes to see how listing prices compared to the prices the homes eventually sold for.
The average condo in the Wenatchee area was listed for $ 307,228 while the average condo sold for $305,893. This means that the average buyer paid $1335 less than the asking price.
Six condos sold above the list price, which is surprisingly lower than we might have expected. For buyers in Wenatchee who had to pay above asking price, the average condo was listed at $326,799 and they had to pay $333,582.
For Wenatchee condo buyers who had to compete, the winning bid averaged $6783 above the list price or approximately 2% more.
Three condos sold for list price and twelve Wenatchee condos sold for below asking price in the beginning of 2021.
The market for single family homes in Wenatchee and East Wenatchee is more competitive. The average single family home is currently selling for 2% more than the list price and bidding wars are much more common.
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Required Disclaimer NOTE: This representation is based in whole or in part on data supplied by the North Central Washington Association of Realtors or its Multiple Listing Service. Neither the Association nor its MLS guarantees or are in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the Market.