Real Estate Market

I reviewed our market statistics for February 1995, to identify long term trends. Fifteen years ago we had 94 sales during the month as compared to 165 for February 2010.   The average market price increased from $116,100 to $179,900.  The average sales price for one year ago was $181,500.   We can draw the conclusion that the Tri-City area is experiencing slow consistent price increases.  This slow appreciation has contributed to our stable market. While many areas in the US were experiencing double digit appreciation our market was increasing at rate of 2-3 percent.   The same areas with rapid appreciation are those experiencing drastic declines today.

Our absorptions rates increased slightly for homes priced below $200,000 last month.  These homes are now in normal market situation.    Homes priced above $375,000 continue to be in an oversupply situation. 

The Tri-Cities rental market is very active.   It’s very difficult to find a three bedroom apartment and where they exist, waiting lists are present.

With interest rates at historically low rates, this is a perfect time for those eligible for tax credits to purchase.    First time and previous buyers, who qualify, must have a contract written by April 30, 2010 and close prior to July 1, 2010.