Comments for Cory Bemis, Realtor

Comment on Yakima MLS Residential Sales Statistics 2011 by Janet Filcher

Janet Filcher — Fri, 10 Feb 2012 07:13:58 +0000

Hi Cory,
I’ve been reading your posts and news articles. I’d like to treat you to lunch or a cup of coffee. We met previously but it’s been a long time. I am a lender and I know you have other relationships but I’d like to talk and see if there would be mutual interest in a business realtionship. I know you’re a mover and a shaker and so am I. I think we could be beneficial for one another in the business world. Please let me know if you’re interested. All my best, Janet Filcher, 509-901-2006, fselah@charter.net

Comment on October 2011 Newsletter by Cory

Cory — Sat, 12 Nov 2011 00:31:14 +0000

Hi Leah,
You may be correct in considering the Yakima market to be overpriced. Thankfully, the banks are being regulated as to how many foreclosures they can release into the market simultaneously. This helps to avoid a shock in the market. Areas of Florida, Arizona, California and Nevada experienced significant shocks to their markets before these regulations were put into effect.
When looking at the numbers from the WSU reports (I looked at the Median Home Price Summary), their medians appear to be lower than what the Yakima MLS shows. One reason for this difference could be that WSU gathers all sold homes from the Yakima County GIS. This means they are including all homes sold in Yakima County for their Yakima numbers, where as my stats include all homes sold via the MLS of Yakima. Nearly all of the MLS sales are arm’s length transactions that represent fair market value sales. Many times there are sales that aren’t part of the Yakima MLS and are considered “for sale by owner” sales to relatives, friends, or others at below market value. This is sometimes common in the event there is a home held in an estate and a family member decides to purchase it from the estate. Those are a couple factors that could be creating variance in the statistics.
As far as comparing Yakima’s median sold prices compared to the statewide prices is concerned, here are some yearly statistics I have gathered for you:
MEDIAN HOME SALES PRICES – all homes sold via the Yakima MLS (including condos).
2004-$124,900
2005-$129,000
2006-$139,900
2007-$159,000
2008-$158,500
2009-$158,000
2010-$158,000
2011-$155,000 (year to date)

In comparing these numbers, take a look at the statistics for other counties on the WSU site: http://www.wcrer.wsu.edu/WSHM/2007%20Annual/Annual%20Prices%202007.pdf

Also, here are the King county annual median sales prices to use as a comparison to Yakima:
04-$324,000
05-$374,000
06-$425,000
07-$455,000
08-$430,000
09-$380,000
10-$375,000
11-$345,000

One other thing to take into consideration: Try to avoid using the asking prices for homes as a basis of comparison. A $30,000 price drop isn’t uncommon for a home owner who decides to get serious about selling. This is exactly what I was referring to in this month’s newsletter. Asking prices will often indicate how stubborn or desperate a market is. Sales prices ultimately determine the true value of a market.
Thanks,
Cory

Comment on October 2011 Newsletter by Leah Beth Ward

Leah Beth Ward — Fri, 11 Nov 2011 20:10:58 +0000

hi Cory,
While I don’t doubt your stats on the increase in sales price for Oct., it seems counterintuitive to me. Glenn Crellin of WSU reports statewide the sales price is down and I noticed in the Yakima Herald on Sunday some big price slashing going on, as high as $30,000 in some cases. I know everybody always says Yakima is different, more stable but I personally think our market is overpriced and hasn’t caught up with the very real and still slumping housing market.

Thanks, Leah Beth Ward, assistant city editor, Yakima Herald