Northeast Washington Real Estate Land Market 2005 2022
Northeast Washington Real Estate Land Market 2005 2022 Active & New Listings
We’re seeing a similar trend in the land market compared to what we saw in the residential market. From a peak number of active and new land listings in 2010 there has been a steady decline in land listings. From 1602 land listings in 2005 we were down to 665 land listings in 2022. With a slight upward bump in listings in 2009 and 2010 land listings have been in a fairly steady decline.
Northeast Washington Real Estate Land Market 2005 2022 Under Contract & Sold
From the top of the market in 2005 land sales declined to the lowest point in 2009 at 153 properties sold through the Northeast Washington Association of REALTORS®. Land sales remained under 200 sales until 2013 with 209 sales. Then a few years of a steady climb until a large jump upward in 2020. Sales leveled off at that point through 2021 at 547 sold, then took a serious dive in 2022 too.
Northeast Washington Real Estate Land Market 2005 2022 Average and Median Sold Price
As we saw in several Land listings that went under contract between 2014 and 2021 Buyer demand was increasing as the market supply was decreasing and not replenishing itself.
Prices started to rise to a record high for average and median sold prices were being broken. Even in 2022 when the Land Market took a sharp downturn the average and median prices were higher than they had ever been.
Northeast Washington Real Estate Land Market 2005 2022 Sold Dollar Volume Land
The total dollar volume of Land Listing sales follows the same line as the average and median sales prices, except for 2022. Even though the average and median prices were still high in 2022 the number of sales had dropped significantly, so the total dollar sales volume has dropped similarly.
We’ll be checking our January statics in a couple of weeks. We hope to see this January and our year starting like 2022. Unfortunately, it doesn’t feel like it’s going to be that way.
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