Real Estate Information Archive

The conceptual plan for the downtown area along Columbia Drive has recently been unveiled. The port’s initial redevelopment vision includes amenities such as wine tasting rooms, performing arts or IMAX theater, a gondola, carousel, restaurants, pubic pathways, offices and condos.   The Port of Kennewick is seeking public input on this concept.  The schematic is shown above.

Master plans such as these add to the quality of life enjoyed by Tri-Citians.   I encouraged you to provide your input on this 28 acre riverfront property.  Tim Arntzen, the Executive Director, can be emailed at ta@portofkennewick.org

Our market showed significant improvement during May 2009.  It is difficult to compare active listings for sale for 2009 as compared to 2008 because the Tri-City Association of Realtors changed its accounting.  Actives for homes for sale no longer include homes pending contracts for contingencies such as home inspections and homes pending contracts with bump clauses.  A typical example where a bump clause might be used is when an offer has been accepted pending the sale of another property. When the bump clause is used, the original seller can accept another offer and serve termination notice to the first purchaser.

The absorption rate for May 2009 was 5.3 months of inventory as compared to 6.6 months for April 2009.  We presently have a shortage of homes for sale below $175,000.  Builders in this price range are taking reservations to satisfy the requirements of “first time home buyers” who need to close prior to December 1, 2009 to qualify for the federal $8,000 exception.

Homes priced above $375,000 continue to be in an oversupply situation. Our “sold prices” are very similar to a year ago.  The average price dropped slightly while the median price increased slightly.