Fewer Building Lots during 2012
Since about 1990, the Tri-Cities, WA has had a building boom. Approximately 20% of the total homes for sale have been new homes. This favorable situation has attracted builders from other areas. In order to build homes, builders must have building lots.
The graph below indicates that through June 2012, the Tri-City area had only 171 new platted residential lots. If this trend continues, the community will have 342 new lots which is the lowest number during the last twelve years. In fact, if the trend continues, only 33% of last year’s lots will be available.
One reason for this situation could be an oversupply of lots; therefore additional lots would not be necessary. This doe s not seemed to be the case.