Inventory of homes for sale down dramatically from last year

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There’s a serious housing shortage in the Wenatchee area and that’s creating a seller’s market with higher property prices.

The monthly real estate snapshot report issued by Pacific Appraisal Assoc. says the inventory of homes for sale in the Wenatchee Valley is down drastically from last year at this time.

The report shows a 40 percent drop since May 2016

The area has seen a steady decline since 2010 when there were 570 homes for sale. Today that number has dropped to 130 units. The average price of a home over the past year has increased from $280,400 to just over $295,200. The snapshot report covers real estate in Wenatchee, Malaga, East Wenatchee, Orondo and Rock Island.