Real Estate Market

Our inventory of “homes for sale” remained essentially unchanged from the month of July 2010.  Our total sales experienced as slight decline from the previous month, but substantially less than a year ago where 342 sales were reported during August 2009 as compared to 223 sales for August 2010.  One reason for the discrepancy is that the federal stimulus funding caused buyers to buyer sooner than they had originally planned. It will take the market to adjust to this external influence.   Our total sales for the year so far have exceeded the sales for last year.    The growing economy and the federal stimulus are primary reasons for this growth.  

If we review the pending sales for the period May-Aug, we have indications that the market may be slowing.  For instance, last year during this period we had a total of 1655 pending sales as compared to 1167 pending sales for this year.  Our market continues to indicate higher average and median prices than one year ago.

Personally, I believe the upcoming election may have an influence on the Tri-City market.  If the federal government reduces its overall spending, this could have an impact upon local budgets.  Budgets impact upon jobs and jobs impact upon the housing market.

For updated Tri-Cities housing information go to http://www.Key2Homes.com

Kiplinger  E-News identified the ten best places to raise a family. The communities were rated for healthy economies, strong schools, low crime rates and an abundance of parks and more. The City of Kennewick was identified as being the third best location in the nation following Ann Arbor Michigan and College Station Texas.   The study cites the region as including Kennewick, Richland and Pasco.  The report states, “The Tri-City region is noted for its strong research-based economy.  It weathered the recession with an unemployment rate of just 6.2% and plenty of high-tech jobs pursuing nuclear and other forms of sustainable energy.  Overall, the schools are strong, especially in the Richland School District, and parks and playgrounds are plentiful.”  The low cost of living has always been an attraction in our community. 

A few years ago, our community was recognized as being among the “safest” places to live.  That study included crime statistics and the low probability of having a natural disaster.