Our sales, as expected, experienced a decline in July. As you may recall the federal tax credit program expired June 2010.  We dropped from a record high of 446 home sales in June to 224 sales in July. Even with this drop for the month our total sales exceed those of last year by 316 homes.   It appears that the lower priced homes have had a major impact upon the spring sales.  Our average and median sales prices reached new highs for the Tri-Cities with $219,400 and $202,100 respectively.

Our pending sales are substantially less than last year at 294 sales versus 414 for the previous year during this period.  Our late summer and fall sales may be projected to be less than those for the previous year, but our “total sales” may be similar.  

 Some buyers are having difficulties finding sufficient options to meet their needs.  Our market continues to be influenced indirectly by the national recession. Weekly I meet potential home buyers who have a home to sell elsewhere.

Our market overall seems to be a sellers’ market below $175,000 and a Buyers’ market above $475,000.  Overpriced properties continue to sit on the market while those in good condition and priced well, are selling.