Housing values: We're No. 31, and that's pretty good

Yakima County continues to buck state and national trends in the real estate industry.

Home values in Yakima County averaged $127,774 during the third quarter, a decline of 1 percent from the same period a year ago, according to figures from Zillow.com, a Seattle-based online real estate service.

That figure is the average for all homes in the county, not just those sold during the quarter, although sales figures are factored into Zillow.com's calculations. A decline or increase of less than 1 percent is considered flat.

Yakima County's real estate market is still doing better than most parts of the country, said Amy Bohutinsky, a spokeswoman for Zillow.com.

Home values nationwide during the third quarter were $202,966, falling 9.7 percent from the same period a year ago.

Meanwhile, home values during the third quarter in the Stockton, Calif., area, for instance, were $210,179, a decline of 35.5 percent from the same period a year ago.

Out of 163 metropolitan areas, Yakima ranked 31st.

"Yakima (County) is one of the best performing markets in the country right now," Bohutinsky said.

Local real estate agents generally agree that Yakima County's real estate market is still faring better than most.

But it's not a completely rosy picture.

"As more homes get on the market, we're seeing price reductions," said Mike Kokenge, an agent with Coldwell Banker Associated Realtors in Yakima.

And he's not expecting much change in the market, as the winter season is typically a slow time for the real estate industry.

But it's not the housing meltdown seen in other areas.

"We're holding steady," he said.

Some cities in Yakima County are thriving.

Sunnyside, for example, saw its home values in the third quarter increase 11.2 percent from the same period a year ago, according to
Zillow.com.

That figure seems a bit high for Ken Nelson, broker of DK Bain Real Estate Inc. in Sunnyside.

Nelson said a steady flow of first-time home buyers has kept Sunnyside and other areas in the Lower Valley strong.

As of last week, the average sale price for homes located between Zillah and Prosser was $142,559, compared with $132,000 a year ago, an increase of nearly 8 percent, according to Yakima Multiple Listing Service figures.

Those same figures also show that the number and dollar volume of home sales will be down from last year.

Last year, the area sold about 462 homes for $61 million. With a month and a half left in 2008, the area has seen 351 sales for $50 million.

It's unlikely that the 2008 figure will catch up to last year's, Nelson said.

He remains positive about the Yakima County real estate market.

"We're still down, but we're not hit as hard," Nelson said.

* Mai Hoang can be reached at 577-7685 or mhoang@yakimaherald.com.

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